Stock market hits ₦1.51 trillion gain in response to Tinubu's inauguration
The market exhibited a favourable response to Tinubu’s inauguration speech and his proposed plans for the country’s economy.
President Bola Tinubu at his inauguration ceremony [NPF]
Recommended articles
Tinubu, in his inaugural speech, said on Monday that the former administration did not capture fuel subsidy in the 2023 budget and he would ensure a unified exchange rate as part of measures to boost the Nigerian economy.
Specifically, the market capitalisation recorded a gain of ₦1.505 trillion or 5.22% to close at ₦30.349 trillion from ₦28.844 trillion posted on Friday.
Also, the All-Share Index (ASI) rose by 2,764.47 points or 5.22% to settle at 55,738.35 compared with 52,973.88 recorded at the previous trading. Accordingly, the Year-to-Date gain moderated to 8.76%.
ADVERTISEMENT
Index heavyweights, MTN Nigeria, Dangote Cement and BUA Cement drove the market’s strong performance, alongside 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 the shares of Transcorp topped the most traded chart with 199.62 million shares valued at N2.45 billion.
GTCO followed with 76.38 million shares worth ₦2.18 billion, while Zenith Bank traded 66.13 million shares valued at ₦1.92 billion.
UBA traded 81.99 million shares valued at ₦831.47 million, while Transcorp transacted 95.68 million shares worth ₦309.24 million.
Analysts at Vetiva Securities Ltd., said, "The market exhibited a favourable response to President Tinubu’s inauguration speech and his proposed plans for the country’s economy.
ADVERTISEMENT
"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 closed positive at with 54 advancing stocks that outnumbered four declining ones.
Zenith Bank recorded the highest price gain of 10% to close at ₦29.70, per share.
Transcorp Hotels and Nigeria Breweries followed with a gain 10% each to close at ₦8.25 and ₦42.35, per share respectively.
Jaiz Bank and First City Monument Bank (FCMB) also went up by 10% each to close at ₦1.10 and ₦4.62 per share respectively.
ADVERTISEMENT
Analysis of today’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 106.07%.
A total of 1.08 billion shares valued at ₦15.80 billion were exchanged in 9,916 deals.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
Recommended articles
CBN postpones September MPC meeting indefinitely as Cardoso waits in the wings
World Bank pledges to reposition Nigeria’s irrigation farming
Ukraine plans to fight hunger in Africa despite the dangerous transport routes
FBRA, Lagos Govt host 'Trash Talk’ summit to treat packaging waste pollution
Moniepoint records $12bn monthly transaction value, expands services
The World Bank has warned that Nigeria may bear some of the brunt of the Niger coup
Top 10 African cities with the least affordable housing
Marketing Edge rewards Infinix with excellence in mobile gaming awards
Foreign airlines' trapped funds in Nigeria now $783 million - IATA
Pulse Sports
Super Falcons' Michelle Alozie drops football hot take
Kane defends Harry ‘One of the best defenders in history’ Maguire, calls for end to scapegoating
Provedel: 4 goalkeepers who have scored in the Champions League including Vincent Enyeama
Andre Onana: Critics of the Manchester United goalkeeper are missing the bigger picture
100 not out: Lewandowski moves closer to Messi and Ronaldo with century of European goals
Is Victor Osimhen in for a troubled season under Rudi Garcia?
Pep Guardiola laughs off Man Utd’s title challenge
Braga vs Napoli: Victor Osimhen aiming to break Obafemi Martins’ 13-year-old UCL record
Victor Boniface girlfriend: 8 Interesting things to know about Rikke Hermine
ADVERTISEMENT
