Nigerian investors recorded a remarkable gain of N1.086 trillion in a single trading day at the Nigerian Exchange Limited (NGX), in what a prominent financial analyst has described as "the Tinubu boom."
David Adonri, Vice Chairman of Highcap Securities Limited, made this observation following Tuesday's record-breaking performance at the NGX, where market capitalization rose by 1.57 percent to close at N70.38 trillion, up from Monday's N69.291 trillion.
The All-Share Index (ASI) also climbed significantly, gaining 1,721.29 points or 1.57 percent to settle at 111,606.22, compared to the previous close of 109,884.93.
Market data revealed that the bullish trend was driven by strong buying interest in medium and large-capitalized stocks, with telecom giant Airtel Africa leading the gainers.
Market Performance Breakdown
The market breadth closed positive with 36 gainers outpacing 21 losers. Airtel Africa topped the gainers' chart with a 10 percent increase, closing at N2,372.50 per share. Other notable gainers included Omatek (9.23 percent), Cornerstone Insurance (8.63 percent), Nigerian Aviation Handling Company (8.39 percent), and University Press (6.47 percent).
On the losing side, McNicholas led with a 9.80 percent drop, closing at N2.21, followed by Computer Warehouse Group (-9.50 percent), Champion (-7.38 percent), Red Star Express (-4.62 percent), and Jaiz Bank (-4.46 percent).
Trading activity remained robust with 409.57 million shares worth N9.87 billion exchanged across 15,992 transactions, slightly down from the previous session's 414.51 million shares valued at N11.094 billion traded in 19,775 deals.
Volume Leaders
Custodian Investment dominated the activity chart with 37.59 million shares worth N752.12 million changing hands. Fidelity Bank followed with 36.99 million shares valued at N676.32 million, while Veritas Kapital Assurance, Zenith Bank, and Access Corporation rounded out the top five most active stocks by volume.
Commenting on the exceptional market performance, Adonri emphasized the historic nature of Tuesday's rally.
"This is indeed a record-breaking performance; this is the first time we are witnessing a surge of that magnitude that impacts the market capitalisation and the ASI," he stated.
Adonri attributed the positive trend to market forces of demand and supply, particularly noting the appreciation of major stocks like Airtel Africa, and coined the term "The Tinubu Boom" to describe the current market phenomenon.
