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Stock Market Gains N116b As Buhari Presents 2017 Budget

By Modupe Gbadeyanka 

Activities on the Nigerian Stock Exchange (NSE) on Wednesday finished on a strong note with the all-share index rising by 336.48 points or 1.29 percent to end at 26,407.64 points.

Likewise, the market capitalisation improved by N115.8 billion to close at N9.086 trillion. It is important to note that this is the first time the market capitalisation is ending around N9 trillion after it slumped below N9 trillion some weeks ago.

A financial analyst in Lagos, Mr Mayowa Shode, informed Business Post that with 2017 budget presented by President Muhammadu Buhari to the National Assembly, there was hope for the Nigerian capital market to thrive.

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Business Post correspondent reports that the equities market was very busy today, which also reflected in the amount spent on stocks by investors despite a drop in the volume of equities transacted at the market.

Our correspondent reports that a total of 205.4 million shares were traded in 3,275 deal valued at N4.3 billion on Wednesday compared to N2.4 billion invested on 377 million shares in 2,885 deals on Tuesday.

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Market breath further closed positive as Seplat led 32 gainers against 11 losers topped by Nigerian Breweries at the end of the trading.

While Seplat went up by N25.15k to close at N400 per share, Forte Oil followed by adding N11.99k to finish at N129.10k per share.

Also, Dangote Cement chalked up N3.2k to end at N165.2k per share, GlaxoSmithKline improved by N1 to finish at N15 per share and International Breweries rose by 89k to close at N18.94k per share.

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Conversely, Nigerian Breweries lost N1.96k to finish at N143.5k per share, Unilever fell by N1.14k to end at N43.84k per share, Mobil slumped by N1 to close at N299 per share, Beta Glass sank by 99k to finish at N32 per share, while Champion Breweries declined by 11k to end at N2.50k per share.

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Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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