- Nigerian stock market experiencing a significant boost in the wake of President Bola Tinubu's assumption of office
- Data shows that after 8 hours of trading, Over N1.51trn was made from the stock market on Tuesday
- The early indications of a pro-market stance have created an atmosphere of optimism and enthusiasm
In a remarkable display of investor confidence, the Nigerian stock market experienced a significant surge, with investors raking in over N1.51 trillion after trading on Tuesday, May 30, 2023.
In his inauguration statement, President Tinubu emphasized the importance of a unified exchange rate and a reduction in interest rates to stimulate investment in the country.
This was received well by investors, both local and foreign.
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How the market recorded a remarkable performance
Legit.ng analysis of the market data obtained from NGX showed that the key performance indicators of the Nigerian stock market, the All-Share Index (ASI), and the equities Market Capitalisation, witnessed a remarkable increase of 5.23 percent.
The ASI soared from the preceding trading day's low of 52,973.88 points to an impressive 55,745.74 points.
Also the market capitalization rose from N28.845 trillion to N30.353 trillion, indicating a N1.5 trillion increase.
Furthermore, Trading activity was vibrant, with investors engaging in 9,916 deals and exchanging 1,078,230,806 shares valued at N15.799 billion.
The positive year-to-date (YtD) return of the stock market also climbed to 8.77 percent.
Most traded stocks and value
Access Corporation, FBN Holdings, Transcorp, UBA, and GTCO were among the most traded stocks.
- Access: N2.45bn
- GTCO: N2.18bn
- Zenith: N1.92bn
- FBNH: N1.75bn
- MTNN: N883m
- UBA: N831m
- Dangote Cement: N756m
- Stanbic: N515m
- Presco: N514m
- Lafarge: N405m
Which shares gain the most
Several stocks showed substantial gains during the trading session. Nigerian Breweries, Jaiz Bank, FCMB Group, and Eterna emerged as the top performers. Nigerian Breweries saw its share price rise from N38.50 to N42.35, reflecting a 10 percent increase.
Eterna experienced a significant surge from N7 to N7.70, representing a 10 percent rise, while FCMB Group rallied from N4.20 to N4.62, adding 42 kobo or 10 percent to its share price.
The question now that will be in the minds of investors is how long will the market rally continue.
Expert speaks stock market improvement
Reacting to the stock market movement, financial analyst, Jude Ekeh said:
"Serious bullish run today. Market experienced a growth of 5.22%. My portfolio grew by 7.77%. Hope this positive sentiment continues."
Also, Mr Gilbert Ayoola, a Capital Market expert noted that the market responded to new government policies which trying to regularise the economy and moderate the multiple fx windows through uniform exchange rates and so on.
Access Bank, GTCo, Zenith, and UBA pay shareholders highest dividends for 2022
Meanwhile, in another report, Legit.ng reported that Nigeria's Stock market investors had bumper harvests from their investments.
United Bank for Africa (UBA), Guarantee Trust Holdings, Zenith Bank, and Access Bank Holdings paid N236.43 billion dividend payout in 2022.
While Zenith Bank and GTCo recorded the most attractive dividend-paying stocks in the banking industry.