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The Nigerian equity market has continued its upward trend, hitting a three-month high after the inauguration of the National Leader of the All Progressives Congress (APC), Bola Ahmed Tinubu, as the Chairman of the APC reconciliation committee.

This announcement has boosted the market sentiment, with the benchmark index increasing by 0.7 percent, settling at 40,963.14 points on Tuesday. The market capitalization also surged by N136 billion to close at N21.5 trillion, representing a 0.6 percent increase from the preceding day.

According to market analysts, Tinubu’s appointment has restored investor confidence in the Nigerian political landscape, which was previously tainted by security issues, rising inflation, and the COVID-19 pandemic. There is now an expectation that the reconciliation committee will foster unity within the APC party, leading to a stable political environment that can attract both local and foreign investments.

Furthermore, the improved oil prices have had a positive impact on the market, with an increase in demand for shares in the energy sector. As a result, the Oil and Gas sector index rose by 2.1 percent, while the Banking sector witnessed a 0.6 percent increase.

However, despite these positive developments, analysts warn that investors should remain cautious due to the high inflation rate and the insecurity challenges in the country. They also stress the need for the government to implement policies that will address these economic and security concerns, as this will attract more investments into the country.

In conclusion, while Tinubu’s appointment has boosted the Nigerian equity market, sustained growth will require a stable political environment and implementation of policies that can address the country’s economic concerns. Investors should keep track of these factors and exercise caution when making investment decisions.

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