The local stock market enjoyed over a decade-long gain since the inauguration of President Bola Ahmed Tinubu swearing in as Nigeria’s president.
A day after President Bola Tinubu’s assumption of office, the stock market posted a gain of N1.5 trillion, a rare occurrence.
On Monday, following a leadership change at the CBN that brought in Folashodun Shonubi, the capitalisation spiked again by approximately four per cent or N1.2 trillion.
The confidence level was further fueled by Wednesday’s bold decision by the apex bank to activate the long-awaited rates harmonisation around the Investors’ and Exporters’ (I&E) window, a policy that promises to restore sanity to the market.
Last week, reforms of the new administration continued to spur buying interest across all sectors of the equities market as Year To Date (YTD) return rose by 15.1 per cent from 9.1per cent recorded in the preceding week, following price upticks in Total (+21.0 per cent), Seplat (+10.0 per cent), Wapic Insurance (+40.4 per cent), and Sovereign (+27.5 per cent). MTN Nigeria (+9.6 per cent), Airtel Africa (+7.8 per cent), Guinness (+9.9 per cent), and Dangote Sugar (+9.5 per cent).
Precisely, the Nigerian Exchange Limited (NGX) All-share index, which measures the performance of quoted companies, and market capitalisation of listed equities appreciated by 5.4 per cent to close the week at 59,000.96 and N32.126 trillion respectively.
Similarly, all other indices finished higher except NGX Industrial Goods and NGX Growth, which depreciated by 1.63 per cent and 1.07 per cent respectively while the NGX ASeM index closed flat.
The volume of shares traded was higher than a total of 2.2 billion units, valued at N45.9 billion which changed hands in 31,655 deals on June 9, 2023.
The top three equities accounted for 1.5 billion shares worth N27.6 billion in 8,875 deals, contributing 34.5 per cent to the total equity volume.
On the sectoral activity chart, the financial services industry (measured by volume) led the chart with 3.3 billion shares valued at N45.2 billion traded in 23,490 deals.
The sector contributed 77.2 percent to the total equity turnover volume. The oil and gas industry followed with 247.3 million shares worth N2.3 billion in 3,561 deals.
The consumer goods industry ranked third with a turnover of 223.3 million shares worth N4.6 billion in 5,982 deals.
