October 3, 2023

Investors on the Nigerian Exchange Limited gained N1.5tn on the first day of trading after the inauguration of  Bola Tinubu as Nigeria’s president, marking a three-month high for the market.

The Market Capitalisation climbed to N30.349tn at the close of trading on Tuesday, a high it last reached on February 27, the first trading day after the last presidential election.

Similarly, the NGX All-Share Index surged by 2,764.47 base points or 5.22 per cent to settle at 55,738.35. The Year-To-Date returns also appreciated from 3.36 per cent on Friday to 8.76 per cent on Tuesday.

The NGX had closed the past week on a positive note as it recovered losses from the previous session, bringing the All-Share Index up by 0.29 per cent to close at 52,973.88 points. The market’s performance was bolstered by renewed investor interest in MTNN (+0.56  per cent), Zenith Bank (+0.93 per cent) and Geregu (+1.64 per cent).

On the first trading session with Tinubu as Nigeria’s president, a total of 1,078,230,806 billion shares worth N15.799bn were traded in 9,916 deals on the NGX floor.

The shares of Access Holdings dominated both the value and volume charts as 199,620,670 million shares of the HoldCo, valued at N 2.445bn were traded.  GTCO followed in terms of value as N2.180bn worth of shares were traded. 127,937,125 million shares of FBN Holdings worth N1.748bn were also traded. Recall that the financial institution had yet to submit its 2022 annual reports.

Investors’ sentiment as measured by market breadth improved as seen in 64 companies recording gains while equities of 12 companies depreciated in price.

Performance across tracked indices was upbeat as the Banking, Consumer and Industrial Goods indices led the gainers’ chart by  8.20  per cent, 6.48  per cent and 6.08  per cent respectively, due to rallies in Zenith Bank (+10.00  per cent), NB (+10.00  per cent) and Dangote Cement (+7.41  per cent). Similarly, the Oil & Gas and Insurance indices gained 4.04 per cent and 2.29  per cent respectively, owing to buy interest in Eterna (+10.00  per cent) and Lasaco (+9.52  per cent).

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