NSE smiles on ministerial inauguration — records biggest gain in two months

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.