Following the recent removal of the Governor of the Central Bank of Nigeria (CBN), the Nigerian stock market has witnessed significant gains as investors poured billions into various stocks, particularly in the banking sector.
On Wednesday, the trend continued as stock traders conducted transactions worth N21.080 billion, exchanging 1.297 billion shares through 11,947 transactions. Unsurprisingly, banking stocks were the most sought after, with United Bank for Africa (UBA) leading the pack. Traders transacted 230.764 million shares of UBA, valued at N2.744 billion.
GTCo followed closely with 125.469 million shares worth N4.205 billion, while Zenith Bank, Access Bank, and Fidelity trailed behind with 119.144 million shares, 92.792 million shares, and 75.620 million shares, estimated at N3.972 billion, N1.449 billion, and N494.144 million, respectively.
International Breweries emerged as the top gainer with a 10% increase, closing at N5.50 per share. Sterling Bank secured the second position, experiencing a 10% rise or a 25 kobo increase, settling at N2.75 per share.
Transcorp Hotels Plc, Dangote Sugar, and Seplat also enjoyed a 10% increase each.
Conversely, Pharma-Deko Plc suffered the most significant loss, declining by 22 kobo or 9.65%. CWG Plc followed suit, shedding 17 kobo or 9.44%, while NNFM dipped by N1.20 or 8.66%. BUA Cement experienced a decline of N6 or 6.52%, and Ardova lost 0.90 or 5.06%.
The Nigerian Exchange Limited (NGX) All-Share Index appreciated to 59,985.1 index points, with the total value of all listed equities exceeding N32.662 trillion.
President Bola Ahmed Tinubu implemented several key changes immediately after assuming office. These changes included the removal of petrol subsidy, the suspension of the central bank governor, and the unification of foreign exchange rates.
Investors King understands that both local and foreign investors, who had been calling for adjustments in Nigeria’s outdated economic policies, enthusiastically invested in Nigerian assets, both domestically and internationally, as they anticipated a prosperous future.
