Due to favourable reactions to the policy measures of the new administration headed by the president, Bola Ahmed Tinubu, investors made N1.93 trillion in two consecutive trading days, bringing the stock market to its highest level since 2008.
According to Vanguard, the outstanding stock market performance began on Monday when investors realized gains of N1.35 trillion as the market capitalization increased to N35.18 trillion from N34.33 trillion on Friday.
Continuing the trend, the market capitalization increased to close at N35.76 trillion on Tuesday, and investors saw an additional gain of N580.23 billion.
Notably, investors committed more money to Dangote Cement, the world’s largest cement producer, whose stock price increased 9.27% as its share buy-back program got underway.
Additionally, ETERNA increased by 9.94%, BUA Cement by 6.59%, TRANSCORP by 4.44%, Okomu Oil by 2.16%, and Dangote Sugar by 0.55%. As a result, the stock market has gained 28.13% so far this year, despite the fact that there were 38 gainers compared to 33 losers.
Despite the upbeat market tone, three of the five tracked indices – NGX Banking, NGX Insurance, and NGX Consumer Goods, closed in the red. These three indexes had declines of 3.10%, 2.41%, and 0.43%, respectively.
The NGX Oil/Gas and NGX Industrial indices, on the other hand, both experienced gains of 0.73% and 7.48%.
Market activity, however, plummeted, falling by 38.82%, 54.07%, and 57.28%, respectively, to 8,922 trades, N844.72 million units, and N9.41 billion in total deals, volume, and value.
With 412 transactions totaling 91.71 million shares worth N117.15 million, CHAMS was the most actively traded stock in terms of volume.
