Dr. Yemi Cardoso’s Nomination Boosts Confidence as Stock Investors Gained N264 Billion

The bullish momentum in the Nigerian Exchange Limited continued on Tuesday as investors pocketed N264 billion in profit following Monday’s gains of N263 billion.

Both the market capitalization and the All-Share Index, which gauge the movement of share prices for all listed companies surged by 0.71 percent to N37.413 trillion and 68,359.22 points, respectively.

This optimistic trading trend emerges as investors increasingly show confidence in the local market and the broader economy, fueled in part by the news of Dr. Yemi Cardoso’s nomination as the Governor of the Central Bank of Nigeria.

As Tuesday’s session drew to a close, the volume of shares traded experienced a significant uptick of 31.33 percent to 676.74 million. However, the number of deals declined by 8.35 percent to 7,659 while the total trade value decreased by 33.97 percent to N5.89 billion.

Market sentiments also leaned towards the bullish side, with 36 gainers outpacing the 27 losers.

Among the top-performing stocks that caught the attention of investors were:

• Berger Paints Plc, which surged by 9.95 percent to conclude the trading day at N11.60.
• Oando Plc, which recently released its audited results for 2021, saw a 9.92 percent increase, closing at N13.30.
• BUA Foods, which gained 6.32 percent to close at N196.70.
• PZ’s shares appreciated by 1.45 percent per unit, ending at N20.
• GTCO Plc stock increased in value by 0.43 percent, closing at N35.40.

On the flip side, the top losers included:

• SCOA Plc, witnessing a 10 percent depreciation in its shares, closing at N1.24.
• Unilever’s shares recorded an 8.28 percent drop, concluding at N13.30.
• United Bank for Africa Plc, which lost 1.96 percent in share value, closing at N17.50.
• FBN Holdings Plc, suffering a 1.69 percent decline, closing at N17.40.
• Accesscorp’s shares depreciated by 0.29 percent, closing trading at N17.40.

The Nigerian Exchange continues to display its resilience and attractiveness to investors, making it an exciting space to watch for potential opportunities and market trends.