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The Nigerian equities market staged a strong recovery yesterday, rebounding with a N2.6 trillion gain in market capitalisation, just a day after suffering a record N4.6 trillion loss.
The rally came on the heels of assurances from the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, who clarified that the government would take a cautious and consultative approach in implementing the recently enacted tax reforms, especially the contentious capital gains tax (CGT) on securities transactions.
Investors responded positively, lifting the market capitalisation by 2.9% to close at N93.5 trillion, up from N90.833 trillion the previous day. Similarly, the benchmark All Share Index rose 2.9%, ending at 145,405.39 points compared with 141,327.30 points on Tuesday.
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Analysts say the recovery reflects renewed investor confidence following the government’s reassurance on measured tax policy implementation.
Experts note that the market remains sensitive to policy shifts, but measured government communication is helping stabilise trading sentiment.
