By Peter Egwuatu

The 13th President and Chairman of Council, Chartered Institute of Stockbrokers (CIS), Oluropo Dada, has stated that the stock market surpassed expectation in 2024 despite the headwinds.

He stated this at the close of trading on the floor of the Nigerian Exchnage Limited, NGX, last Tuesday.

He said: “The market is evolving and growing in leaps in bounds, having surpassed expectations in terms of resilience, reliability and of course, profitability.

“The year-to date returns on stock market investment, in excess of 36%, outperforming inflation rate, is possibly the only market that gave positive returns in Nigeria in 2024.

“The market capitalization significantly went up as a result of new listings. In the Primary market, close to 2 trillion Naira has been raised by banks, confirming  strong liquidity  and strength.”

“On the outlook for 2025, he said: “Going by the  Federal Government of Nigeria’s budget that pegged inflation rate  at 15 %, it is almost certain that capital market, especially stock market will be the best investments destination. With the market being dominated by local investors, stability of prices can be quaranteed. By and large, I expect a bullish market.”

Meanwhile, the 2nd Vice Chairman, Association of Securities Dealing Houses of Nigeria (ASHON), Ify Ifejezie, closed trading for 2024 by ringing the bell on the NGX.

Addressing the securities dealers at the close of trading, Ejezie, who represented the ASHON Chairman, Sam Onukwue, explained that the Association was a registered trade group and umbrella body for all securities dealing firms that trade on NGX.

“It is a great honour to be here today to close the market on behalf of ASHON. Such honour does not come every time. Our market has performed well in all the growth indicators such as All-Share Index and Market Capitalization.    It is good to say that we have now taken control of our market.

“Our regulators are largely dominated by renowned stockbrokers. They understand the market. ASHON as a trade group represents the market in totality. We liase with the regulators and government on behalf of stockbrokers. We discuss issues that are beneficial to the market” Ejezie said.

The Head, Trading and Products, NGX, Abimbola Babalola, in his welcome comments stated that there was general improvement in the market performance across all asset classes in 2024, including equities , fixed income and Exchange -Traded Fund (ETF).