Market Reacts As Stocks Post 5.2% Gain After Tinubu’s Inauguration Speech

Nigerian stock market switched to a bullish lane as it recorded a 5.2% gain on Tuesday after investors reacted positively to the inauguration of President Bola Ahmed Tinubu.

Gatekeepers News reports that Tinubu, in his inaugural speech on Monday,  said Nigeria’s monetary policy needed thorough housecleaning, adding that the Central Bank on Nigeria (CBN) must work towards a unified exchange rate and reduction of interest rate.

Following his speech, stocks effectively gained N1.5 trillion in one day, a significant increase and the highest 1-day gain in a long time.

All the indices posted positive gains with NGX30, NGX Banking, and NGX Industrial all posting 5.58%, 8.2%, and 6%, respectively.

That total number of deals recorded was 9,916, up 56.38%, suggesting that investors were in a bullish mode. Total volumes traded were also up 133.5%, even as market turnover rose 10%.

The market capitalization of the All Share Index also crossed the N30 trillion mark to N30.35 trillion.

The All Share Index is now up 8.77% year to date. Out of the top 10 gainers, 8 of the stock gained 10% with Zenith Bank, FCMB, Transcorp Hotel, and NB among stocks that gained 10%.

The FUGAZ was also among the top traded stocks by Value with Access Bank leading with N2.4 billion in trade.