New government’s reforms have continued to spur unprecedented rally on the equities sector of the Nigerian Exchange Limited (NGX) as investors gain over N2.2 trillion in two trading sessions.

Specifically, the market capitalization, which stood at N30, 454 trillion as of last week Friday, rose by N2, 208 trillion or 6.8 per cent to N32, 662 trillion yesterday. Also, the All-Share Index (ASI), which measures the performance of quoted companies, appreciated by 4,054.13 from 55,930.97 points to 59,985.10.

The sustained confidence follows the decision by the Central Bank of Nigeria (CBN) to allow the naira to freely float at the I&E Window, in addition to the well-received suspension of the CBN Governor, Godwin Emefiele.

Yesterday, the ASI gained by 1,821.51 points, representing a growth of 3.13 per cent to close at 59,985.10 points. Also, market capitalisation gained N992 billion to close at N32.662 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Nigerian Breweries, Presco, Lafarge Africa, Nigerian Exchange Group and Cutix.

As measured by market breadth, market sentiment was positive as 70 stocks gained relative to 13 losers. Dangote Sugar Refinery, FBN Holdings (FBNH), International Breweries, Seplat Energy, Transcorp Hotel, MTN Nigeria Communications (MTNN) and Sterling Financial Holdings Company recorded the highest price gain of 10 per cent each to close at N25.30, N15.95, N5.50, N1, 320.00, N12.10, N284.90 and N2.75 respectively.

TotalEnergies Marketing Nigeria followed with a gain of 9.99 per cent to close at N306.10, while NASCON Allied Industries rose by 9.97 per cent to close at N18.75 kobo.

On the other hand, Pharma Deko led the losers’ chart by 9.65 per cent, to close at N2.06 kobo. CWG followed with a decline of 9.44 per cent to close at N1.63 kobo.

Northern Nigeria Flour Mills (NNFM) declined by 8.66 per cent to close at N12.65 kobo. BUA Cement depreciated by 6.52 per cent to close at N86 while Ardova Plc also declined by 5.06 per cent to close at N16.90 kobo.

The total volume traded advanced by 9.28 per cent to 1.297 billion units, valued at N21.080 billion, and exchanged in 11,947 deals. Transactions in the shares of United Bank for Africa (UBA) topped the activity chart with 230.764 million shares valued at N2.744 billion.

Guaranty Trust Holding Company (GTCO) followed with 125.470 million shares worth N4.205 billion, while Zenith Bank traded 119.144 million shares valued at N3.972 billion.

Access Holdings traded 92.792 million shares valued at N1.450 billion, while Fidelity Bank sold 75.621 million shares worth N494.144 million.