Bullish trading as NGX rallies N323bn in May

The Nigerian Exchange Limited (NGX) recorded N322.92 billion as its total transaction value in May.

The growth represents 68.88 per cent as against N191.21 billion attained in the previous trading month.

This is according to the Domestic and Foreign Portfolio Investment Report of the Nigerian Exchange Limited for May 2023.

The securities market hit the biggest single-day gain in two years, rising by 5.23 per cent on May 29 as investors reacted positively to President Bola Tinubu’s removal of fuel subsidy and immediate unification of exchange rates’ comments.

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The development has resulted in a huge bounce as the analysis of the total transactions executed between the current and prior month, April, revealed that total domestic transactions increased by 56.37 per cent from N182.74 billion in April to N285.76 billion in May 2023.

Similarly, total foreign transactions increased significantly by 338.72 per cent from N8.47 billion (about $18.31 million) to N37.16 billion (about $79.88 million) between April 2023 and May 2023.