BREAKING: Nigerian equities market rebounds by N2.35trn after days of profit-taking

The Nigerian equities market gained N2.35 trillion after eight days of profit-taking by investors in listed blue-chip companies.

WESTERNPOST gathered that the market capitalisation that closed for trading at N89.885 trillion on Tuesday, gained N2.35 trillion or 2.6per cent to close on Wednesday at N92.234 trillion.

Consequently, the Nigerian Exchange Limited All-Share Index (NGX ASI) closed on Wednesday at 145,021.19basis points, about 3,693.89basis points or 2.6per cent from 141,327.30basis points the equities market closed for trading on Tuesday.

Nigeria’s equities market, on Tuesday  suffered one of its heavy in 15 years, dropping by N4.6trillion on investors’ profit-taking in highly capitalised listed companies on the Exchange.

Highly capitalised listed companies such as Dangote Cement Plc, MTN Nigerian Communications Plc,  and BUA Cement Plc all dropped by 10 per cent to close at N594.00, N162.00 and N429.30 per share, respectively.

Analysts stated that the comment by Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun on Capital Gains Tax revived the equities market on Wednesday.

Edun on the floor of the Exchange had assured stakeholders that the Federal Government has noted the concerns around Capital Gains Tax and remains committed to ongoing consultation with the market.

“We have noted the concerns around Capital Gains Tax and will continue to engage with the capital market to ensure any decisions deliver optimal outcomes for both Nigerians and the market,” he said.

Group Managing Director/Chief Executive Officer, NGX Group, Temi Popoola  reaffirmed the capital market’s role as a catalyst for inclusive growth and called on the Federal Government to ensure balanced outcomes in the implementation of the Capital Gains Tax.

He added that, “The capital market is not only a platform for attracting investment but also a tool for creating wealth for Nigerians. Policies such as the capital gains tax must be carefully designed to balance government revenue objectives with investor confidence and market growth. NGX Group remains committed to supporting the Renewed Hope Agenda by channeling private capital into initiatives that deliver sustainable, long-term impact.”