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Buhari's victory: Stock market gets a boost

02 April 2015, 13:22

Abuja - The Nigerian stock market recorded its biggest rise in a day on Wednesday as investors scrambled to buy stocks following the declaration of Gen. Muhammadu Buhari of the All Progressive Congress as the winner of the presidential election, Thisday reports.

At the close of trading, the market capitalisation of the listed equities surged by N904bn or 8.4 per cent from N10.717tn on Tuesday to N11.621tn, with the Nigerian Stock Exchange All-Share Index also rising by 8.4 per cent or 2 635.32 basis points to close at 34 380.14 basis points.

Also read: NSE market indices record further depreciation

It was the biggest gain recorded by any Exchange all over the world so far this year, the closest being a five per cent gain by Chinese stocks earlier in the year.

According to market operators and experts, the peaceful conduct of the presidential election and, particularly, the acceptance of the result by Jonathan, which has set the stage for a peaceful transition, are responsible for the record performance of the stock market as it has greatly boosted investor confidence.

Wednesday’s gains were spread across all the sectors with all of the five NSE sectoral indices surging as well.

Read more at Thisday

- News 24

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