Tinubunomics: Stock Market Gains N1.67trn in Four Days 

The Nigerian equities market has recorded a cumulative gain of N1.67 trillion in market capitalisation in the last 4 days.

The market closed the week positively with the NGX All-Share Index ending the week up 5.49% despite the profit takings witnessed on the NGX on Thursday and Friday that led to the reduction in market value.

Investors’ sentiment has remained positive as the market cheered the suspension and arrest of the Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, and the changes to Nigeria foreign exchange operational framework.

“Tinubunomics” acronym for President Bola Tinubu’s economic policies 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.

Also Read: How Floating The Naira Benefits You By Reno Omokri

Acording to available statistics obtained by Nairametrics, the equities market had on Tuesday following Emefiele’s suspension rallied to an all-time high, closing with capital gains of N1.215 trillion.

The All-Share Index (ASI)- the barometer that measures all share prices at the Nigerian Exchange (NGX), rose by 4.0% from its opening index of 55,930.97 points to close at 58,163.55 points.

Consequently, the aggregate market value of all quoted equities at the NGX crossed another threshold from its opening value of N30.455 trillion to close at N31.670 trillion

Turnover at the NGX doubled by 106.4% with the exchange of 1.19 billion shares valued at N19.23 billion in 10,269 deals

Also, on Wednesday, the benchmark ASI further rose, gaining 3.13% to reach 59,985.1 points