Investors Rush To Buy N15.79bn Nigerian Stocks After Tinubu’s Promise

Equity investors’ confidence in the Nigerian stock market was up on Tuesday, a day after Bola Tinubu was sworn-in as the President of Nigeria.

Recall that Tinubu had promised that access to foreign exchange will increase to ensure foreign investors are able to repatriate their funds.

He also promised local and foreign investors that his administration will end multiple taxation in Nigeria. His message seems to have been well received in the capital market, as the value of the Nigerian bourse rose by 5.21 per cent or N1.50 trillion. 

The stock market capitalisation appreciated from N28.84 trillion reported last week Friday to N30.34 trillion on Tuesday.

Note that the bourse didn’t open on Monday due to the public holiday for Tinubu’s inauguration. 

Similarly, the All-Share Index increased from 52,973.88 ASI to 55,738.35 ASI, as it mopped 2,764.47 basis points, following high demand for Eterna, Sterling Bank, Transcorp Hotels and more equities. 

Investors exchanged N15.79 billion in 9,916 deals for 1.07 billion shares at the end of trading today. 

This surpassed the N7.66 billion investors parted with last week Friday for 461.78 million shares in 6,520 deals. 

Top five gainers

• Eterna’s share appreciated by N0.70kobo to rise from N7 to N7.70kobo per share.
• Sterling Bank grew by N0.18kobo, up from N1.80kobo to N1.98kobo per share.
• Transcohot ended trading with N8.25kobo from N7.50kobo per share, rising by N0.75kobo.
• Deap Cap gained 10 per cent to end trading at N0.22kobo, having opened with N0.20kobo per share.
• FCMB’s stock was up by N0.42kobo, closing at N4.62kobo from N4.20kobo per share.

Top five losers

• Ikeja Hotel depreciated by N0.24kobo, dwindling from N2.40kobo to N2.16kobo per share.
• NCR also fell by N0.30kobo to end trading at N2.76kobo, after opening at N3.06kobo per share.
• Tantalizer followed the same path, losing 8 per cent after trading hours, to sell at N0.23kobo from N0.25kobo per share.
• International Energy Insurance reported a decline of 6.98 per cent from the previous day’s share price of N1.29kobo to end trading at N1.20kobo per share.
• Consolidated Hallmark Insurance’s share depreciated to N0.57kobo from N0.61kobo, after losing 6.56 per cent during trading hours.

Top five trading equities in the stock exchange

• Access Corp reported 199.62 million shares, valued at N2.44 billion, were traded on its floor.
• First Bank recorded 127.93 million shares valued at N1.74 billion. 
• Transcorp saw investors trade 95.68 million of its shares valued at N309.24 million. 
• UBA recorded 81.99 million shares exchanged on its floor, worth N831.47 million.
• GTCO reported 76.38 million shares, valued at N2.18 billion, exchanged investors’ hands.