and other macroeconomic challenges, investors gained N15.64 trillion in the first half of 2024.
The market capitalisation gained N15.64 trillion from N40.91 trillion at the beginning of the year to close at N56.60 trillion at the end of June 28, 2024. Capital market analysts stated that the stock market’s improved performance in H1 2024 is on the backdrop of mixed corporate earnings by listed companies and federal government’s reforms in the foreign exchange market.
The Managing Director of Arthur Steven Asset Management Limited, Olatunde Amolegbe, said the expectation that the government policies would encourage the inflow of foreign investment was the primary trigger that propelled the stock market rally in Q1. Also, an investment banker and stockbroker, Tajudeen Olayinka, stated that the N15.6 trillion market capitalisation gained in H1 2024 is an indication of the presence of huge liquid funds in the hands of institutional investors who currently dominate activities in the stock market.
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