- This news spreading viral as ‘Nigeria reported to have made highest stock gains in 50 years’
Stock market gains N1.418trn in 2 days
Nigerian stock market maintained its buoyant status in its equity segment yesterday with a gain of N514billion, hitting N1.418 trillion profits in just two days.
Analysts believe that the unexpected surge witnessing in the market is a sign of confidence in president elect, Gen. Muhammadu Buhari by investors.
Equities value which appreciated by N904 billion on Wednesday when Gen. Buhari emerged as winner of the last weekend’s election added another N514 billion yesterday.
The local bourse continued to record strong bullish trading on the back of a smooth presidential election as buying momentum heightened in the market.
The market recorded further gains as the All Share Index gained 3.92 per cent to close at 35,728.12 points, which pegged the year to date return at 3.1 per cent.
Gains in the market cut across all sectors as Oil and Gas sector posted 5.9 per cent daily return. The Financial Services sector was also supported by gains in the highly capitalised banking stocks such as Guaranty Trust Bank Plc, UBA Plc and Zenith Bank Plc as it returned 5.2 per cent. The Consumer Goods and Industrial Goods sectors posted 3.6 per cent and 2.9 per cent daily returns respectively. Read full on DailyTrust
Nigerian Stocks Gain Most in World as Buhari Win Triggers Rally
BLOOMBERG; April 1: Nigerian stocks surged the most since March 2010, leading gains among world equity markets, after former military ruler Muhammadu Buhari won a vote marking the first peaceful shift in power since the end of colonial rule in 1960.
The Nigerian Stock Exchange All Share Index rose for a ninth day to extend its longest streak of gains since December 2012. The West African nation’s $500 million of Eurobonds due July 2023 advanced for the 11th day, pushing the yield down to the lowest since Dec. 8, as President Goodluck Jonathan conceded defeat, reducing the threat of post-election violence that marred previous votes.