Stocks Experienced Growth in July With the NGX-ASI Gaining 5.53%

In July 2023, the Nigerian Stock Exchange (NSE) saw a month of growth, with the Nigerian Stock Exchange All-Share Index (NGX-ASI) gaining 5.53%.  

However, at the close of the stock market on July 31, 2023, the NGX-ASI had fallen 1.10% to a value of 64,337.52 points.  

Despite the drop on the month's final trading day, the overall market trend remained favourable. By the end of July 2023, the NGX-ASI had gained an astounding 25.53% year to date (YTD). 

The YTD gain evaluates the stock market's overall performance from the beginning of the year through the stated date, suggesting that, despite swings, the market had fared well and had witnessed significant growth from the beginning of the year. 

Overview of How Some Market Indices Performed in the Month of July 2023

• NGX-ASI: 64,337.52 points +5.53% MoM, +25.53% YtD 

• NGX Oil and Gas: 931.42 points +20.05% MoM, +101.40% YtD 

• NGX Insurance: 260.74 points +14.83% MoM, +49.54% YtD 

• NGX Industrial: 2,844.36 points +14.17% MoM, +18.36% YtD 

• NGX 50: 2,449.88 points +8.08% MoM, +40.93% YtD 

• NGX 30: 2,311.01 points +6.49% MoM, +27.22% YtD 

• NGX Banking: 670.22 points +3.84% MoM, +60.53% YtD 

• NGX CG: 1,850.71 points +3.49% MoM, +44.98% YtD 

• NGX Consumer Goods: 853.75 points -4.58% MoM, 44.97% YtD 

The NGX-ASI showed extraordinary strength during July 2023, boosted by solid optimism among investors and strong performance in several industries. 

Most market indicators rose in general, showing a rising trend in the Nigerian stock market. Several sectors did particularly well, resulting in the stock exchange's overall good result.  

The NGX Oil and Gas Index was the best performer among the sector-specific indexes, posting a phenomenal 20.05% MoM gain and 101.40% YtD. 

The Insurance sector also distinguished out throughout the month, with the NGX Insurance Index gaining 14.83% month on month. 

The Insurance sector also distinguished out throughout the month, with the NGX Insurance Index gaining 14.83% month on month. 

The Industrial sector, which includes the top ten most capitalized and liquid businesses in the industry such as Dangote Cement, BUA Cement, Notore, Cutix, Berger, WAPCO, and others, increased by 14.17% month on month. 

The NGX 50 Index and NGX 30 Index, which reflect the top 50 and top 30 firms listed on the market, both increased significantly throughout the month. Both indexes gained 8.08% and 6.49% MoM, respectively, showing the market's overall favourable mood.  

Despite a small drop during the month, the Consumer Goods sector has maintained strong growth since the beginning of the year.