Overview

Investors in the NGX All-Share Index enjoyed a 35.3% return in January, an exceptional return even by the standards of January rallies in Nigeria (which have happened 80% of the time over the past 15 years with an average return of 8.1%). Much of the gain was concentrated in three industrial stocks and, if these had not rallied, the market’s return would have been a smaller (but still impressive) 15.4%.

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