A day after new President Bola Tinubu made a commitment to revive an economy hampered by poor growth and high inflation at his inauguration, Nigerian stocks reached a two-month high on Tuesday.
Stocks increased by 3.06% in noon trading to a level last reached on March 30 as investors reacted favorably to news of currency market changes, the elimination of a gasoline subsidy, and other actions that could be positive for the economy.
Director of research at investment company Chapel Hill Denham Tajudeen Ibrahim stated that “the market is positive about the new president and the reform plans.”
“These initiatives mostly speak well of the economy. If the bulk of these agenda items are carried out, they are a sign of economic recovery.