Following President Bola Tinubu’s inauguration speech, which suggested that economic changes are on the way in Africa’s largest economy by gross domestic product, the Nigerian Exchange (NGX) soared.
The market-sensitive speech improved investor mood in shares on the first trading day following the transfer, leading to a gain of more than N1.5 trillion. According to Tinubu, the era of fuel subsidies has ended and a market clearing exchange rate would be adopted.
The local stock exchange increased for five straight trading days. The powerful buy increased market performance metrics by 5.38% from the prior week. Year-to-date (YTD) returns climbed up to 8.92%, according to market statistics from the local exchange, as investors’ wealth increased by 1.55 trillion in the four trading sessions that concluded on Friday.
According to stock brokers at Atlass Portfolios Limited, the market index, or All-Share Index, increased by 14.57 basis points, or a rise of +0.03%, to close at 55,822.82 points. The total volume and total value exchanged on Friday surged dramatically, up by +16.80% and +6.81%, respectively, according to trading statistics, indicating an increase in stock market activity.
According to stockbrokers’ records, 7,457 transactions totaling about 455.76 million units worth $6,117.55 million took place on the domestic exchange. With 22.57% of the total amount of transactions, FBNH was the stock that was most actively traded. The top 5 on the volume chart were made up of the financial services group, ACCESSCORP (12.23%), UBA (10.72%), ZENITH BANK (4.81%), and FIDELITYBK (4.00%).
According to market statistics, Ticker: FBNH, which accounted for 22.89% of all trades on the exchange, was the stock that was most often traded in value terms.
With a price increase of 10.00 percent on Friday, STANBIC headed the list of advancers, followed by MRS (9.92%), CONOIL (+9.73%), ETERNA (+9.47%), PZ (+8.82%), and twenty-four other stocks. According to Atlass Portfolios Limited, 26 equities decreased in value, with FTNCOCOA being the worst performer with a price decline of -9.59% to finish at $0.66.
UPDC declined by 8.93%, CHAMS slumped by 8.89%, MBENEFIT dipped by 7.69%, and STERLINGNG lost 7.56% of its market valuation. Amidst rallies, the market breadth closed positive, recording 29 gainers and 26 losers.
The Nigerian Exchange indices or sector performance closed positive, as three of the five major market sectors were up, led by the Oil & Gas sector which gained 2.15%.
The index was followed by the Insurance sector, up by 0.38%, and the consumer goods sector which rose by +0.09%, while the Banking and Industrial sectors dropped by -1.55% and -0.05% respectively.
Overall, equities market capitalization surged on Friday by ₦7.94 billion, representing a slight growth of +0.03% to close at ₦30,395.87 trillion. #NGX Gains N1.55trn as Tinubu Pro-Market Agenda Boosts Sentiment.