On Tuesday, the market capitalization of the Nigerian stock market increased significantly by 4% (N1.22 trillion) to N31.6 trillion. When investors learned that President Bola Tinubu had suspended CBN Governor Godwin Emefiele, the Nigerian stock market strongly recovered.
The benchmark all-share index increased by 4%, or 2,232.58 points, on Tuesday’s trading day to close at 58,163.55 points. According to reports, the CBN Governor’s suspension led to a surge in the banking industry because investors believed it would improve the banks’ liquidity and profitability.
The NSE Banking Index increased by 6.7% to top the sector performance. The NSE Insurance Index increased by 5.4%.