The Nigerian stock market increased its gains by 3.92 per cent yesterday, the second trading day after announcement of General Muhammadu Buhari as winner of the presidential election, bringing total gains to 12.2 per cent in two days.
The peaceful conduct of the presidential election has spurred investors into aggressive investing as the fear of violence which had eroded investors’ confidence gradually ebbs, leading to the stock market completely wiping off the year-to-date loss and turning positive within two days.
The All-Share Index rose by 1,347.98 points or 3.92 per cent to close at 35,728.12, from the 34,380.14 achieved on Wednesday, returning the year-to-date increase to 3.09 per cent. Also, the market capitalisation which opened at N11.621 trillion, appreciated N514 billion, to close at N11.621 trillion.
Nestle led the gainers’ chart by N44.60, to close at N936.60 per share. Forte Oil gained N19.78 to close at N215, while Seplat grew by N14.49 to close at N443.99 per share.
Nigerian Breweries appreciated by N7.91 to close at N166.25, while Mobil went up by N7.06 to close at N175 per share.
On the other hand, Okomu Oil recorded the highest price loss of N1.46, to close at N28.29 per share. Presco trailed with a loss of 67 kobo to close at N28.50, while Stanbic IBTC dipped by 61 kobo to close at N31 per share.
Unilever lost 35 kobo to close at N44.45, while Fidson depreciated by 17 kobo to close at N3.41 per share.
In all, the volume of shares traded increased by 33.21 per cent as investors exchanged a total of 1.174 billion shares worth N18.75 billion in 9,006 deals as against the 881.585 million shares valued at N10.94 billion traded in 4,611 deals on Wednesday.