Dangote and others leave with more than N1.51 trillion as President Tinubu takes office.
Following the inauguration of President Bola Ahmed Tinubu, Aliko Dangote and other investors in the Nigerian stock exchange (NSE) market have profited by more than N1.51 trillion.
In his inaugural address on Monday, President Tinubu pledged to ensure a single currency rate as one of the steps he would take to strengthen the Nigerian economy.
To be more precise, the market capitalization increased by N1.505 trillion (5.22%), or N30.349 trillion, from the N28.844 trillion posted on Friday.
Additionally, the All-Share Index (ASI), which had previously closed at 52,973.88 points, increased by 2,764.47 points, or 5.22 percent, to end the day at 55,738.35.
In light of this, the Year-to-Date gain slowed to 8.76 percent.
The market's robust performance was driven by index heavyweights MTN Nigeria, Dangote Cement, and BUA Cement, as well as rises in Tier-one banking stocks such Guaranty Trust Holding Company (GTCO), Access Holdings, United Bank for Africa (UBA), and Zenith Bank.
The most actively traded company was Access Holdings, which had 199.62 million Transcorp shares valued at N2.45 billion.
Zenith Bank traded 66.13 million shares worth N1.92 billion, followed by GTCO with 76.38 million shares worth N2.18 billion.
Transcorp traded 95.68 million shares for N309.24 million, while UBA traded 81.99 million shares worth N831.47 million.
The market reacted favourably to President Tinubu's inauguration speech and his suggested intentions for the nation's economy, according to analysts at Vetiva Securities Ltd.
Investors reacted favourably to the most recent transfer of power to the new administration, and it is anticipated that this bullish feeling will continue in the forthcoming session.
With 54 advancing equities outnumbering four dropping ones, market breadth ended up being positive.
The largest price increase, 10%, was recorded by Zenith Bank, which closed at N29.70 per share.
Following with 10% gains each, Transcorp Hotels and Nigeria Breweries closed at N8.25 and N42.35 per share, respectively.
Additionally rising by 10% apiece, Jaiz Bank and First City Monument Bank (FCMB) closed at N1.10 and N4.62 per share, respectively.
Ikeja Hotel, on the other hand, lead the losers' chart with a 10% loss to settle at N2.16, per share.
Tantalizer fell by 8% to settle at 23k per share, while NCR followed with a 9.88% decline to close at N2.76.
Following Julius Barger, which had a decline of 7.94% to close at N29, International Energy Insurance saw a decline of 6.98% to conclude at N1.20 per share.
According to an analysis of today's market activity, trade turnover settled higher than it had the previous session, with the value of transactions rising by 106.07%.
In total, 9,916 transactions involved 1.08 billion shares worth N15.80 billion.