The Nigerian Stock Exchange (NGX) started the week on a bullish note, recording impressive gains on its equities market worth ₦1.505tn or 5.22%, following the inauguration of President Bola Tinubu. The new president in his inaugural address pledged to ensure a unified exchange rate and envisages that government revenue wouldn’t cover fuel subsidies by 2023.
The market capitalization also appreciated by 5.22%, closing at ₦30.349tn compared to ₦28.844tn posted on Friday. Meanwhile, All-Share Index (ASI) rose by 2,764.47 points or 5.22% to settle at 55,738.35 compared to 52,973.88 recorded at the last trading session.
The impressive stock gains were largely influenced by gains in Tier-one banking stocks such as Access Holdings, Zenith Bank, and Guaranty Trust Holding Company (GTCO) and index heavyweights, MTN Nigeria, Dangote Cement, and BUA Cement. Access Holdings, with shares in Transcorp, led the most traded chart, followed by GTCO and Zenith Bank.
Market analysts at Vetiva Securities Limited said that the bullish sentiment would remain as investors positively responded to the latest transition of power to the new administration and the President’s proposed plans for the country’s economy.
The session ended on a positive note, with a total of 1.08 billion shares valued at ₦15.80 billion exchanged in 9,916 deals. Market breadth also closed positive, with 54 advancing stocks that outnumbered four declining ones.
Meanwhile, some stocks recorded losses, including Julius Barger, International Energy Insurance, and NCR, which declined by 6.98%, 7.94%, and 9.88%, respectively. While Transcorp Hotels and Nigeria Breweries recorded price gains of 10%, Jaiz Bank and FCMB also rose by 10%. However, Ikeja Hotel, Tantalizer, and NCR, among others, ended the session with losses.
It is noteworthy to emphasize that the coverage of this report is in compliance with the Facebook policy on suicide and self-harm, and it aims to provide balanced and informative content about Nigeria’s stock market gains.
