A positive sentiment on ongoing economic reforms and corporate earnings drove the pricing gauge for the Nigerian market to a new threshold.
The ASI, a value-based common index that tracks all share prices at the Nigerian Exchange , is widely regarded as Nigeria’s sovereign equities index, a barometer of pricing trend and investors’ return at the nation’s stock market. “The market has been on an upward trajectory since the entry of the new administration led by President Bola Tinubu, due to proactiveness in implementing necessary reforms such as the removal of petrol subsidy and the liberalization of the foreign exchange market,” the NGX stated yesterday, explaining the exceedingly bullish market.The NGX noted that “the remarkable milestone has stirred a frenzy of excitement among investors and ignited fervent discussions about the nation’s economic future”.
Afrinvest Securities described the market performance as “historic”, although it expected the capital gains to lead to profit-taking and intermittent negative closing.SCM Capital stated that “buy interest persists” at the stock market, underlining investors’ perception and prospects for the equities market.
According to him, the overall market performance is driven majorly by sentiment arising from the smooth handover and President Bola Tinubu’s bold economic policy on foreign exchange.
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