The Chief Executive Officer, Nigerian Exchange Limited (NGX), Temi Popoola has expressed optimism around the recent policies by the Federal Government since the inauguration of President Bola Tinubu, saying that investors are responding positively with bullish sentiments in the market.
Popoola said this during a monitored programme (NewsDay) on BBC News recently, just as he remained hopeful that the current bullish sentiments in the domestic bourse will be sustained in the long run. Equity investors have endured long periods of bearish sentiments on the floor of NGX but that has changed considerably since President Tinubu’s policy statements on May 29, 2023.
Transactions on the exchange concluded the first half of the year on a positive note, with the NGX All-Share Index (ASI) gaining 18.9 per cent and closing at 60,968.27 points, marking a significant milestone for the index as it reached its highest level in 15 years since March 5, 2008 when it stood at 66,381.20 points.
Investors have also had cause to smile as their wealth rose by N5.3 trillion in the first half of 2023.. This impressive performance, according to the CEO, came amid audacious macroeconomic reforms under the new administration after a 5-year bearish cycle.
He said, “In the past one month, there has been a change in administration and I would say a couple of things have happened. There has been a material change in policy management. We have gone from an unorthodox approach to something more orthodox, more traditional. This has engendered a lot of hope and I think the financial markets responded in a very positive fashion.”
