Following President Bola Ahmed Tinubu’s inauguration, Aliko Dangote and other investors in the Nigerian stock exchange (NSE) market made a profit of over N1.51 trillion.
President Tinubu stated in his inaugural speech on Monday that a unified exchange rate would be implemented as part of measures to boost the Nigerian economy.
In particular, the market capitalisation increased by N1.505 trillion (5.22%) to N30.349 trillion, up from N28.844 trillion on Friday.
In addition, the All-Share Index (ASI) rose by 2,764.47 points, or 5.22 percent, to settle at 55,738.35, up from 52,973.88 in the previous trading session.
As a result, the year-to-date gain has been reduced to 8.76 percent.
The market’s strong performance was driven by index heavyweights MTN Nigeria, Dangote Cement, and BUA Cement, as well as gains in Tier-one banking stocks such as Guaranty Trust Holding Company (GTCO), Access Holdings, United Bank for Africa (UBA), and Zenith Bank.
Access Holdings in Transcorp shares topped the most traded chart with 199.62 million shares worth N2.45 billion.
GTCO came in second with 76.38 million shares valued at N2.18 billion, while Zenith Bank traded 66.13 million shares worth N1.92 billion.
Transcorp traded 95.68 million shares worth N309.24 million, while UBA traded 81.99 million shares worth N831.47 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.
“This positive sentiment is anticipated to endure in the upcoming session, as investors responded positively to the latest transition of power to the new administration.”
Market breadth was positive at the close, with 54 advancing stocks outnumbering four declining ones.
Zenith Bank had the highest price gain of 10%, closing at N29.70 per share.
Transcorp Hotels and Nigeria Breweries both gained 10% to close at N8.25 and N42.35 per share, respectively.
Jaiz Bank and First City Monument Bank (FCMB) both gained 10% to close at N1.10 and N4.62 per share, respectively.
Ikeja Hotel, on the other hand, led the losers’ chart with a 10% loss to close at N2.16, per share.
NCR followed with a 9.88% drop to close at N2.76, while Tantalizer fell by 8% to close at 23k per share.
Julius Barger followed with a 7.94% drop to close at N29, while International Energy Insurance fell 6.98% to close at N1.20 per share.
Analysis of today’s market activities revealed that trade turnover settled higher than the previous session, with the value of transactions increasing by 106.77%.
In 9,916 transactions, 1.08 billion shares worth N15.80 billion were exchanged.
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