Last week, the market opened for four trading days as the Federal Government of Nigeria declared Monday 29th May 2023 as Public Holidays to commemorate the inauguration of the newly elected President of the Federal Republic of Nigeria, Bola Ahmed Tinubu.

The Nigerian stock market ended the week in the green as a result of the All-Share Index rising by 5.37% in the week ending June 2nd, 2023.

The benchmark index, ASI, increased this week from 52,973.88 points to 55,820.50 points, while the market capitalisation was N30.395 trillion at the end of the week. This has led to a positive month-to-date performance for the Nigerian stock market of 0.09% and a positive year-to-date gain of 8.92%.

With the exception of NGX Growth which depreciated by 0.18% while the NGX ASeM and NGX Sovereign Bond indices closed flat, all other indices finished higher.

Investors traded a total of 2.586 billion shares worth N46.643 billion in 35,122 transactions this week, compared to 1.963 billion shares worth N33.899 billion that changed hands in 30,827 transactions the previous week.

The Financial Services Industry led the activity chart with 1.890 billion shares valued at N23.041 billion traded in 17,806 deals; thus contributing 73.10% and 49.40% to the total equity turnover volume and value respectively. The Conglomerates Industry followed with 170.218 million shares worth N638.188 million in 1,830 deals. The third place was the Consumer Goods Industry, with a turnover of 132.432 million shares worth N3.837 billion in 4,938 deals.

Trading in the top three equities namely Access Holdings Plc, United Bank for Africa Plc and FBN Holding (measured by volume) accounted for 915.908 million shares worth N10.916 billion in 6,575 deals, contributing 35.42% and 23.40% to the total equity turnover volume and value respectively.

During the week, Sixty equities appreciated in price higher than forty-four equities in the previous week. Twenty-one equities depreciated in price lower than twenty-seven in the previous week, while seventy-five equities remained unchanged, lower than eighty-five recorded in the previous week.

A total of 44,858 bonds worth N44.174 million were traded this week in 24 deals as opposed to 12,837 bonds worth N12.608 million that were traded in 16 deals previous week.

The Nigerian Equities Market closed positive as bulls raised the market’s overall value by 6 basis points on Wednesday to sustain positive sentiment across the Exchange following the inauguration of Bola Ahmed Tinubu.

The new president of Nigeria had promised to rejig the economy and force tough changes across the length and breadth of the nation.

Being the final trading day of the month, the All-share Index (ASI) rose by 0.06% to close at 55,769.29 points, showing gains of 5.98% over the previous week, 6.64% over the previous four weeks, and 8.82% over the entire year.

A total of 117 NGX listed securities participated in trading on the market, with 29 gainers and 39 losers at the close. With a share price increase of 10%, McNichols led the gainers, finishing at N0.77 per share. Veritas Kapital Assurance was up by 10%, Jaiz Bank was up by 10%, and Conoil was up by 9.96%.

On the losing side, National Salt Company finished last with a 9.79% price decline at the day’s conclusion to close at N15.20 per share. RT Briscoe was next with a 9.76% decline while Glaxo Smithkline Consumer ended the day with a 9.58% decline, and Caverton Offshore Support Group followed with a 9.35% decline.

With a total of 98.7 million shares traded, Access Holdings had the most activity, followed by United Bank for Africa (90.2 million), Zenith Bank (44.5 million), and Guaranty Trust Holding (39.6 million).

NGX Banking, NGX Consumer Goods, NGX Oil and Gas, NGX Insurance and NGX Industrial indexes posted -2.46%, +2.08%, +1.63%, -2.52% and -0.19%, respectively. Other remarkable indices that performed were the NGX Top 30 Index (-0.07% Day Change; +6.34% One Week; +9.69% Year To Date), NGX Top 50 Index (-1.23% Day Change; +6.31% One Week; +16.46% Year To Date) and NGX Main Board Index (+0.36% Day Change; +4.43% One Week; +3.91% Year To Date).

A total of 661,509,042 shares were exchanged in 10,024 transactions for a market value of N18,998,227,156.83. Data reveals a 39% reduction in volume, a 20% improvement in turnover, and a 1% improvement in deals when compared to the prior NGX trading day. The Nigerian Stock Exchange now has a market value of N 30.4 trillion.

Nigerian investors seem excited about the Presidency of Bola Ahmed Tinubu as the Nigerian Exchange Group (NGX) grew by 5.22% on Tinubu’s promises.

The new president had promised to put an end to subsidies and channel the over N50 billion spent on oil subsidy on infrastructure and other developmental projects.

Tinubu, who also promised to ensure a friendly business environment, said he would rejig the nation’s economy to ensure at least a 6% minimum economic growth rate, converge the foreign exchange rates, improve electricity supply, and address multiple taxes, among others.

Nigerian investors that have been looking for a lifeline following eight years of vague economic policies and sluggish growth jump on stocks, one of the key indicators of an economy.

The volume of stocks traded jumped 133.49% while the value traded grew by 106.07% to $33.99 million in the very first trading session under Tinubu’s led administration.

The NGX All-Share Index gained 5.23% to close the day at 55,745.74 index points as a total of 65 stocks gained, against 12 that lost points. The market value of listed equities also grew by 5.23% to N30.353 trillion.

This positive movement is the largest seen in the last 30 months and the second largest in the last 7 years.

Bullish trends were most conspicuous in the banking sector with the index appreciating by 8.20% on the back of a positive run in First Bank of Nigeria Holdings to N13.50, United Bank for Africa to N10.20, Airtel to N1125, Stanbic to N40.00 and Nestle closed at N1,125.