Investors in the Nigerian stock market made N421 billion on Tuesday, reaching its highest point in 15 years.
According to Vanguard, since the new government took office on May 29, 2023, stock market activity has been unstable as investors have continued to wager on how the new administration’s economic objectives will affect the value of stocks.
The data from the Nigerian Exchange Limited revealed that the market capitalization (of all listed shares) grew to N32.730 trillion yesterday from N32.309 trillion the day before, representing a 1.30 percent increase or N421 billion gain for investors.
Similar to this, the benchmark All Share Index increased by 1.30 percent to close at 60,108.86 points, which is its highest level since March 5, 2008, when it reached 66,381.20 points.
The advances in MTN Communication Nigeria Plc (+2.77%), Zenith Bank Plc (+4.62%), and Guaranty Trust Holding Company (GTCO) (+5.20%) were the main drivers of the ASI’s increase from 59,335.88 points on Monday.
As a result, the market’s YTD return increased to +17.28%.
Analysis of the sectoral activities revealed that all of them grew, reflecting the performance of the market as a whole.
Leading the way with a growth of 3.5 percent was the banking sector, which was followed by the oil and gas sector (+3.21%), consumer goods (+0.40%), industrial goods (+0.17%), and insurance (+0.15%).
The total number of shares traded increased by 38.2% to 763.69 million units, worth N12.533 billion, which changed hands in 9,463 deals as compared to 552.69 million units, worth N13.06 billion, which changed hands in 8,052 deals in the previous trading session.
