By Nkiruka Nnorom

Stock market investors gained N421 billion yesterday as the market rose to its highest level in 15 years.  

Activities in the stock market have been on a roller coaster since the inauguration of the new government on May 29, 2023 as investors continued to bet on the impact of the economic plans of the new administration on equities.

Specifically, data from the  Nigerian Exchange Limited (NGX) showed that  the market capitalization ( of all listed equities rose   to N32.730 trillion yesterday from N32.309 trillion in the previous day, indicating a 1.30 percent increase or N421 billion gain for investors.  

Similarly,    the benchmark index, All Share Index (ASI) rose by 1.30 percent to settle at 60,108.86 points, the highest point in over a decade (March 5 2008 when it was 66,381.20).

The rise in the ASI from from  59,335.88 points on Monday, was driven by gains in    MTN Communication Nigeria Plc (+2.77%), Zenith Bank Plc (+4.62%), and Guaranty Trust Holding Company (GTCO) (+5.20%).    

Thus, the market’s year-to-date (YTD) return rose to +17.28 per cent.  

Analysis of the sectoral activity showed that all the sectors appreciated, reflecting the overall market performance.

The banking sector led, rising by 3.5 percent, followed by oil and gas (+3.21%), consumer goods (+0.40 per cent), industrial goods (+0.17%), and insurance (+0.15%).

The total volume of stocks traded grew by 38.2 per cent to 763.69 million units, valued at N12.533 billion which exchanged hands in 9,463 deals as against 552.69 million units, valued at N13.06 billion and exchanged in 8,052 deals in the previous trading session.