Major stock market indices reacted to the stock market trend in 2023, as the reforms impacted across key sectors on the Exchange
Specifically, the NGX Banking Index gained 114.90 per cent to 897.20basis points, NGX Oil & Gas Index rose by 125.54 per cent to 1,043.06 basis points as the NGX Industrial Goods Index added 12.86 per cent to 2,712.27 basis points.
Speaking on the 2023 stock market performance, the Chief Executive Officer, Wyoming Capital and Partners, Mr. Tajudeen Olayinka, said, “Market in 2023 was quite eventful and bullish.”
According to him, “We saw a market that picked its 2023 position way back in November 2022, when it was obvious that the three leading presidential candidates, namely: Asiwaju Bola Tinubu, Peter Obi and Alhaji Atiku Abubakar, that could succeed former President Muhammadu Buhari, were pro-market.
“And so, the build-up to the bullish run in 2023, that started in November 2022, was a demonstration of market confidence in a private sector-centric president.
“The inaugural speech of President Tinubu, with respect to fuel subsidy removal and exchange rate unification, eventually activated the market-wide pent-up confidence that had always been there but eluded the market ever since. This market-wide confidence remained throughout the year.”
