May 31, (THEWILL) – Nigeria Equities Market recorded an unusually bullish trend at the close of trading on Tuesday, May 30, after the public holiday to mark the inauguration of the Bola Ahmed Tinubu administration on Monday, May 29.
In what appeared a meteoric return to the height that earned Nigeria the best global performing bourse in 2020, equities market hit N30.34 trillion as All-Share Index also climbed 55,745.74 points on Tuesday.
Key performance was recorded in Nigerian Breweries (+10%), Transcorp (+10%), Jaiz Bank (+10%) and Eterna (+10%).
However, bargain-hunting activities in MTNN (+7.5%) and DANGCEM (+7.4%) drove the benchmark index 5.2% higher – the most significant single-day gain since 12 November 2020 (+6.2%). Thus, the NGX ASI closed at 55,745.74 points.
Accordingly, the Month-to-Date and Year-to-Date gains advanced to +6.4% and +8.8%, respectively.
The total volume traded increased by 133.5% to 1.08 billion units, valued at NGN15.80 billion, and exchanged in 9,916 deals. ACCESSCORP was the most traded stock by volume and value at 199.62 million units and NGN2.45 billion, respectively.
From a sectoral perspective, gains in the Banking (+8.2%), Consumer Goods (+6.5%), Industrial Goods (+6.1%), Oil & Gas (+4.0%), and Insurance (+2.3%) indices reflected the overall market performance.
As measured by market breadth, market sentiment was positive (5.3x), as 64 tickers gained relative to 12 losers. JAIZBANK (+10.0%) and NB (+10.0%) recorded the highest gains of the day, while IKEJAHOTEL (-10.0%) and NCR (-9.8%) topped the losers’ list.
Analysts have attributed the bullish trend to investors’ positive reaction to Tinubu’s pro-market stance as reflected in his inauguration speech on Monday.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
