• Sunday, December 10, 2023
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Nigeria stocks gain N1.4trn in election month

Nigeria’s equities market gained about N1.403trillion in February, the nation’s presidential election month.

The equities market had opened February this year with its key indicators – the All-Share Index (ASI) and equities capitalisation at 53,238.67 points and N28.997trillion.

At the close of trading session on Tuesday February 28, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities Market Capitalisation increased to 55,806.26 points and N30.400trillion.

In the just ended month of February, the market defied analysts expectations, rising by 4.82 percent in the election month.

Read also: Seplat grows full year 2022 pre-tax profit to N86.7bn

The market strengthened its gains on Tuesday by 0.86percent or N260billion as investors continued to position themselves for dividend income amid full year 2022 results releases by companies on the Nigerian Exchange Limited (NGX).

Year-to-date (YtD), the market has increased by 8.89percent. The market has progressed remarkably despite caution session due to uncertainties around Nigeria’s general election.

“General elections typically bring about uncertainty and markets do not like uncertainty,” said analysts at Coronation Research in a recent note to investors.

Stocks like MRS, Stanbic IBTC, Oando and C&I Leasing helped push the market further high. MRS increased from N33.50 to N36.85, adding N3.35 or 10percent.

Stanbic IBTC rose from N37.95 to N41.70, up by N3.75 or 9.88percent. C& I Leasing went up from N3.63 to N3.98, adding 35kobo or 9.64 percent, while Oando rose from N4.40 to N4.80, up 40kobo or 9.09percent.

In 4,435 deals, investors exchanged
237,174,411 shares valued at N4.392billion. Fidelity Bank, Zenith Bank, Oando, Transcorp and GTCO were top-5 traded stocks.