The market kicked off the week on a positive note, with an impressive gain of N1.215 trillion. The All Share Index (ASI) experienced a growth of 3.99 percent, equivalent to 2,232.58 points, and closed at 58,163.55 points. The market capitalization also soared, adding N1.215 trillion to close at N31.670 trillion.
The suspension of the CBN governor by the administration of President Bola Ahmed Tinubu on Friday did not deter investor confidence as the NGX rebounded strongly after Nigeria's Democracy Day holiday.
During the trading session, 61 stocks recorded gains, while 12 others experienced varying degrees of losses.
Among the gainers were Guaranty Trust Holding Company, Access Holdings Plc, Zenith Bank Plc, Ecobank Transnational Incorporated, Jaiz Bank, Unity Bank, United Bank for Africa, and Wema Bank, which all saw increases of at least 9 percent. Stanbic IBTC Holdings, FCMB Group, and FBN Holdings also recorded significant gains.
In the telecommunications sector, MTN Nigeria and Airtel Africa both performed well, with MTN Nigeria closing 3.6 percent higher and Airtel Africa gaining 7.78 percent. Lafarge Africa, Okomu Oil Palm, and Presco in the agricultural sector also experienced positive growth.
Food products makers, including NASCON Allied Industries, Dangote Sugar Refinery, Flour Mills, BUA Foods, and Cadbury Nigeria, also saw gains. Nigerian Breweries led the alcoholic beverage makers, followed by International Breweries.
The surge in capitalization and the benchmark index on Tuesday marked the second significant market growth since President Tinubu's inauguration on May 29, 2023. Investors are optimistic about the future of the Nigerian Exchange and the stability of the market, despite recent developments.