Day after Tinubu’s inauguration, Nigeria’s stock market hits N1.51trn gain

Day after Tinubu’s inauguration, Nigeria’s stock market hits N1.51trn gain

The equities market of the Nigerian Exchange Ltd., NGX, opened trading for the week on a bullish note driven by investors’ confidence, following the inauguration of President Bola Tinubu.

Mr Tinubu, in his inaugural speech, said on Monday that the former administration did not capture fuel subsidy in the 2023 budget and he would ensure a unified exchange rate as part of measures to boost the Nigerian economy.

Specifically, the market capitalisation recorded a gain of N1.505 trillion or 5.22 per cent to close at N30.349 trillion from N28.844 trillion posted on Friday.

Also, the All-Share Index, ASI, rose by 2,764.47 points or 5.22 per cent to settle at 55,738.35 compared with 52,973.88 recorded at the previous trading.

Accordingly, the Year-to-Date gain moderated to 8.76 per cent.

Index heavyweights, MTN Nigeria, Dangote Cement and BUA Cement drove the market’s strong performance, alongside gains in Tier- one banking stocks such as Guaranty Trust Holding Company, GTCO, Access Holdings, United Bank for Africa, UBA, and Zenith Bank.

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Access Holdings in the shares of Transcorp topped the most traded chart with 199.62million shares valued at N2.45 billion.

GTCO followed with 76.38 million shares worth N2.18 billion, while Zenith Bank traded 66.13 million shares valued at N1.92 billion.

UBA traded 81.99 million shares valued at N831.47 million, while Transcorp transacted 95.68 million shares worth N309.24 million.

Analysts at Vetiva Securities Ltd., said that “The market exhibited a favorable response to President Tinubu’s inauguration speech and his proposed plans for the country’s economy.