Investors on the Nigerian Stock
Exchange (NSE) on Wednesday reacted positively to the inauguration and
assignment of ministers to various portfolios by President Muhammadu Buhari.
The All-Share Index rallied by
294.32 points to close at 27,352.94 against 27,058.62 on Tuesday.
Market capitalisation was also up
by N120 billion to close at N13.3 trillion, this is the biggest gain recorded
in two months.
The bourse had been on a bearish
trend since January with a few days of upward movement.
The market recorded 23 gainers
and 16 losers led by Nestle Nigeria, MTN Nigeria, Ecobank Trans International
(ETI), Dangote Sugar and CI Leasing.
The total volume of shares traded
grew by 73.6 per cent with an exchange of 363.97 million shares worth N4.52
billion traded in 3,451 deals.
This was in contrast with a total
of 209.62 million shares valued at N3.24 billion exchanged in 3,743 deals on
Tuesday.
The banking equities drove the
activity chart with United Bank for Africa (UBA) emerging at the most active
with 64.73 million shares worth N381.92 million.
SKYE BANK, FORTIS MICROFINANCE
DELISTED
In a notice released on Tuesday,
the exchange notified traders and dealing members of the delisting of shares
belonging to Skye Bank and Fortis Microfinance Bank.
NSE said the delisting of the
afore-listed companies was approved by the National Council on May 30, in line
with its regulatory delisting process.
It said that the companies were
delisted as a result of the revocation of their operating licenses by their
primary regulator, the Central Bank of Nigeria.
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