The equity market of the Nigerian Stock Exchange (NGX) posted 4% gain on the first trading day after the suspension of the governor of the Central Bank of Nigeria, Godwin Emefiele.

Benchmark of the All-Share index rose by 4% or 2,232.58 points to close at 58,163.55 points, the market capitalisation increased by ₦1.22 trillion or 4% to settle at ₦31.670 trillion.


Read Also: NGX: Market Cap Rose By 0.63% As Transcorp, Access, Gain

The NGX ASI year-to-date return was at 13.49%.

Market turnover was up by about 216% while market activities measured by volume traded increased by 106.44%.

Investors poured into the market, as the value of deals transacted rose by 55%.


Top Gainers And Losers

Performance in the various sectors was led by the NSE Banking Index which rose by 6.7%, followed by the NSE Insurance Index which gained 5.4%.

The NSE Consumer Goods Index and the NSE Oil and Gas Index also soared by 4.3% and 3.9% respectively.

Top gainers for the day were Access Holdings (10.00%), Guaranty Trust Holding Co (10.00%) and NASCON Allied Industries (10.00%).

Stocks that led the losers log were Ellah Lakes (-10.00%), John Holt (-10.00%), and Caverton Offshore Support Group (-4.62%).


Read Also: More French Companies To List On NGX

While the suspended CBN governor Godwin Emefiele, remains in custody of the Department of State Services (DSS), the deputy governor, Adebisi Shonubi, has taken over in acting capacity.


There are different allegations against Mr Emefiele, bordering on financial misconduct.

One of his policies that really affected Nigerians negatively was the cashless policy that led to withdrawal of 200, 500 and 1,000 Naira notes.

Here is a woman whose business turned south as a result of that cash crunch.


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