Nigerian equities rose 5.2% on Tuesday as investors reacted positively to President Bola Ahmed Tinubu’s inauguration speech. Stocks soared from the opening sessions in what experts dubbed a “TinuBULL,” posting one of the biggest one-day returns ever.
All of the indices gained, with the NGX30, NGX Banking, and NGX Industrial all gaining 5.58%, 8.2%, and 6%, respectively.
The total number of transactions reported was 9,916, an increase of 56.38%, indicating that investors were bullish. Total volumes traded increased by 133.5%, despite a 10% increase in market turnover.
The All Share Index’s market capitalisation also surpassed N30 trillion, reaching N30.35 trillion.
Year to date, the All Share Index is up 8.77%. Eight of the top ten gainers gained 10% or more, including Zenith Bank, FCMB, Transcorp Hotel, and NB.
FUGAX was also among the most traded equities in terms of value, with Access Bank leading the pack with N2.4 billion in transaction.
Mr David Adonri, Executive Vice Chairman of Hicap Securities Limited, commented on the development, saying that the smooth turnover of government produced strong market confidence.
“Some of the policy statements regarding some new policies, such as the discontinuation of fuel subsidies, unification of exchange rates, stern measures against insecurity, and interest rate policy, among others, resonated well with investors and boosted market sentiment,” Adonri said.
