In the past five weeks, the Nigerian equities have amassed N4.35 trillion in net capital gains.
The market report, now generally referred to as TinuBULL, followed a record-setting rally triggered by the investor-friendly stance of President Bola Tinubu’s administration.
Official trading reports and global stock market indices at the weekend showed that Nigeria has jumped several steps over the past five weeks to become one of the world’s three best-performing markets.
Nigeria’s benchmark equities index peaked at a 15-year high in a sustained bullish run driven by an upsurge in demand from both domestic and foreign investors.
There is a consensus that the performance of the Nigerian stock market is directly related to the policy stance of the Tinubu Administration.
The Nigerian Exchange (NGX) stated that the market performance came on the back of “audacious macroeconomic reforms under the 34-day old administration”, noting that market operators were of the view that “the policies of the new administration under President Tinubu” had “led to the rise in the fortunes of investors”.
In barely a month, the Tinubu Administration has given effect to the stoppage of the 46-year-old fuel subsidy, abolished the multiple forex rates and instituted probes into major issues of public finance.
The president also directly addressed investors’ concerns on multiple taxations, returns repatriation and foreign exchange (forex) among others.
“I have a message for our investors, local and foreign, our government shall review all their complaints about multiple taxations and various anti-investment inhibitions.
“We shall ensure that investors and foreign businesses repatriate their hard-earned dividends and profits home,” Tinubu said, directly addressing the global investing public.
Benchmark equities indices at the NGX indicated an average return of 15.09 per cent more than three-quarters of the equities market’s six-month return of 18.96 per cent for the first half of 2023.
The aggregate market value of all quoted equities has risen by N4.35 trillion over the past five weeks, accounting for about 82 per cent of total net capital gains of N5.33 trillion in the first half of 2023. These underlined that the global top chart performance of the stock market was largely driven by the Tinubu-triggered rally.
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