NGX jumps to 15-year high, gains N1.215trn

Amid the suspension of Godwin Emefiele as Governor of the Central Bank of Nigeria, Investors of the Nigerian Exchange Limited (NGX) on Tuesday reacted positively, recording its highest gain since July 2008.

In perspective, the All Share In­dex (ASI) gained by 2,232.58 points, representing a growth of 3.99 per cent to close at 58,163.55 points.

Also, market capitalisation gained N1.215 trillion to close at N31.670 tril­lion.

The President Bola Ahmed Tinubu’s administration suspended the CBN governor last Friday.

Returning from Nigeria’s Democracy Day’s holiday, the NGX on Tuesday kick-started on an impressive note.

In all, trading on the ex­change ended with 61 stocks gaining, while 12 others suf­fered various degrees of losses.

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Guaranty Trust Holding Company and Access Hold­ings Plc, like Zenith Bank Plc got the maximum 10 per cent ahead of Ecobank Transnational Incorporated, which gained 9.92; Jaiz Bank, 9.77 per cent; Unity Bank, 9.72 per cent; United Bank for Af­rica, 9.55 per cent; and Wema Bank, 9.27 per cent.

Stanbic IBTC Holdings gained 9.33 per cent; FCMB Group, 8.93 per cent; while FBN Holdings’ price rose 2.84 per cent.

Other gainers on Tuesday included telecommunications giant, MTN Nigeria; its shares closed 3.6 per cent better, far be­hind its major competitor, Air­tel Africa’s 7.78 per cent gain; just as Lafarge Africa gained 8.91 per cent. Agricultural sec­tor rivals, Okomu Oil Palm and Presco, garnered 8.04 percent and 6.83 percent, respectively.

Food products makers were not left out in the gain­ing spree, as NASCON Allied Industries grabbed 10 per cent gains; Dangote Sugar Refin­ery closed 9.52 per cent up; fol­lowed by Flour Mills with 4.98 per cent; and BUA Foods, 4.5 percent. Food beverage mak­er Cadbury Nigeria gained 7.8 per cent.