Tinubu’s promise to investors propels Nigeria’s capital market to N1.5tr gain

Buoyed by President Bola Tinubu’s promise to investors in his inaugural address, the Nigerian capital market on Tuesday recorded the biggest growth in the value of investments this year.

The president had in his address at Eagle Square, Abuja, on Monday promised to review the investors’ complaint about multiple taxations and other investment constraints in the country.

He said: “I have a message for our investors, local and foreign: our government shall review all their complaints about multiple taxations and various anti-investment inhibitions.

“We shall ensure that investors and foreign businesses repatriate their hard-earned dividends and profits home.”

The president’s assurance pushed the investors to renew their interests in the capital market with the rush for companies’ shares lifting the bourse by 5.21 percent on Tuesday.

Prior to today’s trading, the biggest growth in the value of investments in the capital market between January and May 26, the last day of trading before the inauguration day, was 2.67 percent – indicating the influence of Tinubu’s statement on investors.

Tuesday’s figure represented a N1.50 trillion growth in equity capitalization from N28.84 trillion to N30.34 trillion.

Similarly, the All-Share Index rose by 2,764.47 basis points to close at 55,738.35, up from 52,973.88 achieved by the bourse last Friday.

Investors traded 1.07 billion shares valued at N15.79 billion in 9,916 deals today.

This surpassed the 461.78 million shares worth N7.66 billion traded by shareholders in 6,520 deals last Friday.

Eterna led the gainers’ list with a N0.70kobo rise in share price moving from N7 to N7.70kobo per share.

Sterling Bank’s share value was up by N0.18kobo to end trading at N1.98kobo from N1.80kobo per share.

Transcorp Hotels gained N0.75kobo to move from N7.50kobo to N8.25kobo per share.

READ ALSO: Conoil, Unilever among top losers as Nigeria’s stock market sheds N57.7bn

Deap Capital Management gained 10 percent to close at N4.62kobo, above its opening price of N4.20kobo per share.

FCMB’s share price was up by N0.42 kobo, moving from N4.20 kobo to N4.62 kobo per share.

Ikeja Hotel topped the losers’ table after shedding N0.24kobo to drop from N2.40kobo to N2.16kobo per share.

NCR’s share price dropped by N0.30kobo to end trading at N2.76kobo from N3.06 per share.

Tantalizer lost 8 percent to end trading with N0.23kobo from N0.25kobo per share.

International Energy Insurance’s share dropped from N1.29kobo to N1.20kobo per share after losing 6.98 percent during trading.

Consolidated Hallmark Insurance lost 6.56 percent dropping from N0.61kobo to N0.57kobo per share.

Access Corp led the day’s trading with 199.62 million shares valued at N2.44 billion.

First Bank followed with 127.93 million shares worth N1.74 billion.

Transcorp sold 95.68 million shares worth N309.24 million.

UBA traded 81.99 million shares valued at N831.47 million, while GTCO sold 76.38 million shares valued at N2.18 billion.

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