The Nigerian All Share Index closed the first half of 2022 with a gain of about 21.17% year to date (YTD) making it one of the best-performing stock markets in the world.

Global equities markets have had to stomach a rout as investors react to higher interest rates as central banks prioritize combating inflation over easy money.

In the United States, the S&P Index which measures the broader stock market has fallen by as much as 20% this year. Over in Europe, the London FTSE is down by about 3% while the German DAX is also down by a whopping 19.3%. In Africa, the Johannesburg Stock Exchange is down by 11%, and Ghana is down by about 8%. Kenya is down 16.9% and Egypt of 10% as of June 29, 2022.

Only very few countries have done better than Nigeria according to data from our source.

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As stated, Year to date June 30th, 2022, NGX All Share Index is up 21.17% as of June 30th, 2022, slightly down from 21.51% as of May 31st YTD.

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This is also the first time since 2018 that stocks have posted a positive return in the first half of the year. Despite snapping a half-year losing streak, stocks still posted a loss Month to date in June losing, 0.28%.

According to data from Nairametrics research, about 64 stocks posted gains in the first half of this year out of a total of 158 stocks on the NMRSIndex (Nairametrics Relevant Stock Index). Another 54 posted gains and the rest remained flat at 0% returns year to date.

In terms of sector performance (looking at the stock exchange data for July 1, 2022), the Oil and Gas Index has been the best performing with a gain of 57.44% this year.

Nigeria’s Consumer Good Index is also up 5.88% while the Industrial Good Index gained 7.21% in the first half of the year.

The Banking and Insurance Index, often a bellwether for the economy both lost 1.69% and 8.88% respectively.