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.

The All-Share Index appreciated by 1.51% in the week ending May 26th, 2023 as the Nigerian stock market ended the week in the green.

This is in accordance with the data available on the Nigerian Exchange Group’s weekly stock market report.

The benchmark index, ASI, dropped from 52,187.93 points at the end of the previous week to 52,973.88 points this week, while the market capitalization was N28.845 trillion at the end of the week. As a result, the Nigerian stock market has had a positive month-to-date performance of 1.09% and a positive year-to-date gain of 3.36%.

The NGX Industrial Goods and NGX Growth indexes depreciated by 0.70% and 1.33%, respectively, while the NGX ASeM and NGX Sovereign Bond indices were flat. All other indices ended higher.

Investors traded 1.963 billion shares worth N33.899 billion in a total of 30,827 trades this week, compared to 3.029 billion shares worth N33.626 billion that changed hands in a total of 29,505 deals the previous week.

With 1.463 billion shares worth N18.028 billion moved in 15,593 deals, the Financial Services Industry dominated the activity chart in terms of volume, contributing 74.51% and 53.18%, respectively, to the overall stock turnover volume and value. The Conglomerates Industry came in second with 1,590 deals totaling 111.180 million shares for N371.360 million. With 4,641 transactions totaling 106.594 million shares worth N2.544 billion, the consumer goods industry came in third.

Trading volume in the top three stocks, United Bank for Africa Plc, Access Holdings Plc, and Zenith Bank Plc, totaled 800.611 million shares worth N11.751 billion in 7,351 deals, accounting for 40.78% and 34.66%, respectively, of the total equity turnover volume and value.

During the week, Sixty (60) equities appreciated in price during the week higher than forty-four (44) equities in the previous week. Twenty-one (21) equities depreciated in price lower than twenty-seven (27) in the previous week, while seventy-five (75) equities remained unchanged, lower than eighty-five (85) recorded in the previous week.

The Bond market saw a total of 12,837 units valued at N12.608 million traded during the week in 16 deals compared with a total of 126,110 units valued at N130.953 million transacted in previous week in 18 deals.