Stock Market Gains N70b Amid 2017 Budget Crisis

By Modupe Gbadeyanka

Stock market in Nigeria finished in the green territory on Thursday despite the controversy trailing who might sign the 2017 budget recently passed by the National Assembly.

There have talks on who will assent to the 2017 appropriation bill when finally approved by the executive.

President Muhammadu Buhari is presently away in London for a medical follow-up, but he transmitted power to his Vice, Mr Yemi Osinbajo.

Some hours ago, the Acting President said he would sign the budget when satisfied with it, but an aide to the President claimed the budget would be sent to London for Mr Buhari to sign after the Acting President must have scrutinised it.

However, amid this controversy, the Nigerian Stock Exchange (NSE) continued its rally, extending the bullish trend to three consecutive days.

At the close transactions on Thursday, Business Post correspondent reports that the market went up by 0.72 percent.

The All-Share Index (ASI) rose by 201.19 points to finish at 28,101.63 points, while the market capitalisation increased by N70 billion to end at N9.715 trillion.

Also, the market breadth closed positive today with 22 equities appreciating compared with 14 stocks that depreciated, while the year-to-date (YTD) return ended at 4.57 percent.

At the close of trading activities, investors transacted a total of 353 million shares valued at N9.2 billion executed in 4,034 deals.

On the price movement log, Nestle gained N9.95k to close at N835 per share and Total Plc added N5 to finish at N270 per share.

Seplat progressed by N4.20k to end at N350 per share, GTBank appreciated by 90k to close at N31.60k per share, while Zenith Bank advanced by 87k to finish at N17.97k per share.

At the other end, Mobil fell by N16.60k to close at N315.40k per share, while Nigerian Breweries slumped by N2.76k to end at N145.24k per share.

CCNN depreciated by 22k to finish at N4.78k per share, Flour Mill declined by 15k to close at N19.30k per share and NASCON went down by 11k to end at N8.39k per share.