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Stock market gains N1.51trn day after inauguration

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The equities market of the Nigerian Exchange opened trading for the week on a bullish note driven by investors’ confidence, following the inauguration of President Bola Tinubu.

Tinubu, in his inaugural speech, said on Monday that the former administration did not capture fuel subsidy in the 2023 budget and he would ensure a unified exchange rate as part of measures to boost the Nigerian economy.

Also, the All-Share Index rose by 2,764.47 points or 5.22 per cent to settle at 55,738.35 compared with 52,973.88 recorded at the previous trading.Index heavyweights, MTN Nigeria, Dangote Cement and BUA Cement drove the market’s strong performance, alongside gains in Tier- one banking stocks such as Guaranty Trust Holding Company, Access Holdings, United Bank for Africa and Zenith Bank.

GTCO followed with 76.38 million shares worth N2.18 billion, while Zenith Bank traded 66.13 million shares valued at N1.92 billion.

 

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Stock market hits N1.51trn day after inaugurationThe equities market of the Nigerian Exchange opened trading for the week on a bullish note driven by investors’ confidence, following the inauguration of President Bola Tinubu.
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