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Stock market gains N1.5tr on Tinubu’s policy direction

The Nigerian Stock Market, on Tuesday, gave a rousing welcome to President Bola Ahmed Tinubu’s policy direction.
Intense bargain-hunting for Nigerian equities rallied the market to a net capital gain of N1.51 trillion, its highest gain in a day in two and half years.
The Naira also recorded a marginal gain in response to the Presidential policy enunciation.
The benchmark index for the Nigerian stock market, the All Share Index (ASI), posted an average return of 5.23 per cent, its highest gain since November 12, 2020.

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The gain by ASI, a value-based index that tracks all quoted shares at the Nigerian Exchange (NGX), was equivalent to N1.51 trillion.
The rally, on the first trading day after Tinubu’s Monday Inauguration Day address, pushed the average year-to-date return for Nigerian equities to 8.77 per cent, putting Nigeria back on the world’s chart of top stock market returns.