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NGX All-Share Index crosses 60,000 points for the first time since 2008 

President Bola Tinubu during a campaign rally


Equity trading on the Nigerian Exchange Limited (NGX) closed trading on Tuesday, June 27th, 2023, in the green territory as the NGX All-Share Index appreciated by 1.3% to cross 60,000 index points. 

 This is the highest point the ASI has reached in over 15 years. 

Investors sentiment has remained positive as the market cheered some of the economic decisions of President Bola Tinubu especially the changes to Nigeria’s foreign exchange operational framework.   

President Bola Tinubu’s economic policies (which Nairametrics dubs Tinubunomics) appear to be having a ripple effect on Nigeria’s economy and it is no surprise that the capital market which is the barometer of the economy is having a positive outing.  

Market performance: According to available statistics obtained by Nairametrics, the equities market on Tuesday closed with capital gains of N421 billion.  

Analysis of today’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 4.01%. 

A total of 763.70 million shares valued at N12.53 billion were exchanged in 9,463 deals. Access Holdings (+3.61%) led the volume chart with 111.67 million units traded while GTCO (+5.20%) led the value chart in deals worth N2.69 billion. 

What operators said: Former President of the Chartered Institute of Brokers (CIS) and the Managing Director of Arthur Steven Asset Management Limited, Mr. Olatunde Amolegbe said the main driver was the beginning of the cleanup programme by the president at the CBN. 

He noted that market operators now expect that the reforms in the monetary and forex policy will lead to an inflow of foreign portfolio investment in the market. 

Group Executive Director, Investment Banking, Cordros Capital, Mr. Femi Ademola, said the markets appeared to have suffered significantly from the regulatory flip flops of the CBN in the past few years.  

 Stocks snap 4-year losing streak: Nigerian stocks seem on track to snap a 4-year losing streak for the month of June.

 

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