Despite the rising inflationary pressures and interest rate hike, the nation’s equities market finished the year 2022 on a bullish note as the NGX All-Share Index appreciated by 19.98% to close the final trading day of the year on 30 December 2022, crossing the rubicon with 51.251.06 index points.
Consequently, the Nigerian stock market ended the year 2022 on an impressive note, as investors increased their buying pressure, especially on blue-chip stocks.
After getting to a record low in October, having suffered a massive price correction on Airtel in the month of October, positive sentiments had returned to the local bourse as investors rebalance their portfolio ahead of the year’s end.
Not even the hike in the Monetary Policy Rate (MPR) to 15.5% could create permanent impression even as investors in the stock market initially reacted negatively which led to the aggressive movement of investors to the fixed-income market.
Foreign investors had during the period also sold off Nigerian stocks with fear created by the build–up to 2023 general election tensions.
Further analysis revealed that activities on the Nigerian Exchange Limited (NGX) which opened the trading year at N22.296 trillion in market capitalisation at the beginning of trading on January 4, 2022, closed on December 3oth 2022 at N27.915 trillion, earning the year to date gain of about N5.619 trillion.
A total of 18 billion ordinary shares of BUA Foods were listed at N40.00 per share under the Consumer Goods sector of NGX, with the trading symbol, BUAFOODS at the beginning of the year.
The listing of the shares added N720,000,000,000 to the market capitalization of NGX, further boosting liquidity in the Nigerian capital market and providing opportunities for wealth creation.