Stock market gains N1.51trn After Tinubu’s Inauguration

Date:

May 31, 2023.

Thank you for reading this post, don't forget to subscribe!

Azonuchechi Chukwu.

The equities market of the Nigerian Exchange Ltd. (NGX) 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.

Specifically, the market capitalisation recorded a gain of N1.505 trillion or 5.22 per cent to close at N30.349 trillion from N28.844 trillion posted on Friday.

Also, the All-Share Index (ASI) 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.

Accordingly, the Year-to-Date gain moderated to 8.76 per cent.

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 (GTCO), Access Holdings, United Bank for Africa (UBA) and Zenith Bank.

Access Holdings in the shares of Transcorp topped the most traded chart with 199.62million shares valued at N2.45 billion.

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

UBA traded 81.99 million shares valued at N831.47 million, while Transcorp transacted 95.68 million shares worth N309.24 million.

Analysts at Vetiva Securities Ltd., said that “The market exhibited a favorable response to President Tinubu’s inauguration speech and his proposed plans for the country’s economy.

“This positive sentiment is anticipated to endure in the upcoming session, as investors responded positively to the latest transition of power to the new administration.”

Market breadth closed positive at with 54 advancing stocks that outnumbered four declining ones.

Zenith Bank recorded the highest price gain of 10 per cent to close at N29.70, per share.

Transcorp Hotels and Nigeria Breweries followed with a gain 10 per cent each to close at N8.25 and N42.35, per share respectively.

Jaiz Bank and First City Monument Bank (FCMB) alao went up by 10 per cent each to close at N1.10 and N4.62 per share respectively.

On the other hand, Ikeja Hotel led the losers’ chart by 10 per cent loss to close at N2.16, per share.

NCR followed with a 9.88 per cent decrease to close N2 .76, while Tantalizer dropped by eight per cent to close 23k, per share.

Julius Barger followed with a decline of 7.94 per cent to close at N29, while International Energy Insurance was down by 6.98 per cent to close N1.20 per share.

Analysis of today’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 106.07 per cent.

A total of 1.08 billion shares valued at N15.80 billion were exchanged in 9,916 deals.(www.naija247news.com).

Azonuchechi Chukwu
Azonuchechi Chukwuhttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

Share post:

Subscribe

Popular

More like this
Related

Expert calls for relaxed dressing codes for workers

February 21, 2024. Azonuchechi Chukwu. Dr Biodun Adewumi of Life Healings...

NBS: 11.94 billion litres of petrol imported in first half 2023

February 21, 2024. Azonuchechi Chukwu. The National Bureau of Statistics says...

Lagos Police arrest three suspected cable thieves

February 21, 2024. Azonuchechi Chukwu. Police in Lagos State have arrested...

Poultry association blames rising cost of egg on forex, greed

February 21, 2024. Azonuchechi Chukwu. The Poultry Association of Nigeria (PAN),...
WP to LinkedIn Auto Publish Powered By : XYZScripts.com