The Nigerian stock market witnessed its biggest gain in a day on Wednesday as investors scrambled to buy stocks following the declaration of Gen. Muhammadu Buhari of the All Progressive Congress as the winner of the presidential election.

Trading for the day closed with the market capitalisation of the listed equities rising by N904bn or 8.4 per cent from N10.717tn on Tuesday to N11.621tn, and the Nigerian Stock Exchange All-Share Index also rising by 8.4 per cent or 2,635.32 basis points to close at 34,380.14 basis points.

The gain is the biggest recorded by any Exchange all over the world so far this year, the closest being a five per cent gain by Chinese stocks earlier in the year.

According to market operators and experts, the peaceful conduct of the presidential election and, particularly, the acceptance of the result by Jonathan, which has set the stage for a peaceful transition, are responsible for the record performance of the stock market as it has greatly boosted investor confidence.

Wednesday’s gains were spread across all the sectors with all of the five NSE sectoral indices surging as well.

The NSE Industrial Index, for instance, soared by 9.8 per cent to 2,117.71 basis points; followed by the NSE Banking Index, which jumped by 8.9 per cent to 396.50 basis points.

The NSE Oil and Gas Index and the NSE Consumer Goods Index rose by 7.34 per cent and 7.24 per cent to close at 407.98 basis points and 862.81 basis points, respectively.

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