The Nigerian stock market has witnessed an unprecedented rally, spurred by the new government’s reforms, resulting in investors gaining over N2.2 trillion in just two trading sessions.

The market capitalization, which was at N30.454 trillion the previous week, experienced a significant increase of N2.208 trillion or 6.8%, reaching N32.662 trillion.

Similarly, the All-Share Index (ASI), a measure of quoted companies’ performance, rose by 4,054.13 points, climbing from 55,930.97 to 59,985.10 points.

This sustained market confidence is attributed to the Central Bank of Nigeria’s decision to allow the naira to freely float at the Investors and Exporters Window, as well as the well-received suspension of the CBN Governor, Godwin Emefiele.

Medium and large-cap stocks such as Nigerian Breweries, Presco, Lafarge Africa, Nigerian Exchange Group, and Cutix contributed to the market’s upturn.

The market sentiment remained positive, with 70 stocks recording gains compared to 13 losers.

Dangote Sugar Refinery, FBN Holdings, International Breweries, Seplat Energy, Transcorp Hotel, MTN Nigeria Communications, and Sterling Financial Holdings Company were among the stocks that saw the highest price gains.

Trading volume also saw an increase of 9.28%, with 1.297 billion units valued at N21.080 billion exchanged in 11,947 deals.

UBA, Guaranty Trust Holding Company (GTCO), and Zenith Bank were the most actively traded stocks during the period.