Stock Market Gains N303.2b on Budget Passage

By Modupe Gbadeyanka

Stock market in Nigeria reacted positively to the passage of the 2017 appropriation bill on Thursday by the National Assembly (NASS), increasing by 3.18 percent to extend the market rally to 10 straight days.

The lawmakers finally passed the 2017 budget after over four months it was presented to them by President Muhammadu Buhari, who is presently out of the country undergoing a medical check-up in London, United Kingdom.

The major market indices recorded a huge leap today to settle in the green territory after trading activities on the Nigerian Stock Exchange (NSE) finished for the day.

The All-Share Index (ASI), which is the main market indicator, progressed by 877.02 absolute points to close at 28,423.70 absolute points, while the market capitalisation advanced by N303.2 billion to end at N9.826 trillion.

Business Post reports that the market was very busy today, reflecting on the volume of shares that exchanged hands among investors.

A total of 801 million shares were bought and sold by investors at the close trading on Thursday, which were executed in 6,481 deals worth N7.8 billion, in contrast to 584 million shares traded the previous day in 5,121 deals valued at N5.7 billion.

A total of 42 stocks appreciated in price today against 13 stocks that declined, leaving the market breadth to close strong, while the year-to-date return closed at 5.76 percent.

An analysis of the price movement chart showed Total Plc advancing by N8 to close at N263 per share, while Dangote Cement improved by N7.29k to end at N173.30k per share.

Nigerian Breweries increased by N6.80k to finish at N142.81k per share, Forte Oil grew by N4.68k to end at N50.41k per share and Lafarge gained N2.30k to close at N48.38k per share.

On the other hand, Seplat lost N41.43k to close at N383.57k per share and BOC Gas depreciated by 17k to finish at N3.35k per share.

NAHCO shed 7k to end at N3.25k per share, Continental Reinsurance declined by 6k to close at N1.24k per share, while Air Service dropped 4k to finish at N4.69k per share.

FCMB emerged investors’ delight as it traded a total 133 million shares valued at N155.6 million, while First Bank followed after exchanging 72.5 million worth N305 million.

Fidelity Bank transacted a total of 69 million shares at N73.2 million, Transcorp exchanged 60 million shares valued at N74 million, while UBA transacted 57.8 million shares worth N416 million.