Investors gained N1.93 trillion in two consecutive trading days as the stock market rose to the highest level since 2008, driven by positive responses to policy measures of the new administration led by Bola Tunubu.
The impressive performance of the stock market started on Monday, when investors recorded N1.35 trillion gains as the market capitalization, value of all listed stocks of the Nigerian Exchange Limited, NGX rose to N35.18 trillion from N34.33 trillion on Friday.
This trend persisted yesterday (Tuesday) with investors making an additional gain of N580.23 billion as the market capitalisation moved higher to close at N35.76 trillion.
Another major market indicator, NGX All Share Index, ASI, yesterday, rose 1.65% to 65,669.29 points, representing the highest level in 15 years since 2008.
Notably, investors locked in more funds into cement major Dangote Cement which rose 9.27% amid the commencement of its share buy-back program. Also, ETERNA gained 9.94%, BUA Cement 6.59% , TRANSCORP 4.44%, Okomu Oil 2.16% and Dangote Sugar 0.55% were among the gainers. Hence, the year-to-date gain of the stock market rose to 28.13% even as the number of gainers stood at 38 against that of losers at 33.
Despite the positive market sentiment, three of the five indexes tracked closed in red: the NGX Banking, NGX Insurance, and NGX Consumer Goods Indexes, which fell by 3.10%, 2.41%, and 0.43%, respectively. However, the NGX Oil/Gas and the NGX Industrial indices rose by 0.73% and 7.48%, respectively.
Meanwhile, market activity nosedived, with total deals, volume, and value decreasing by 38.82%, 54.07%, and 57.28%, respectively, to 8,922 trades, N844.72 million units, and N9.41 billion. In terms of volume, CHAMS emerged as the most actively traded stock, with 91.71 million shares worth N117.15 million changing hands in 412 deals.
