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2016 Budget: Nigerian Shares React Positively To Signing

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Activities on the Nigerian Stock Exchange (NSE) on Friday reacted positively to 2016 Budget signing by President Muhammadu Buhari with the market indices growing by 0.54 per cent after declining for two consecutive days.

Reports say that the All-Share Index improved by 137.81 points or 0.54 per cent to close at 25,701.60 against 25,563.79 achieved on Thursday.

Similarly, the market capitalisation rose by N47 billion, closing at N8.84 trillion compared with N8.79 trillion recorded on Thursday.

Mallam Garba Kurfi, Managing Director, APT Securities and Funds Ltd., attributed the growth to investors reaction to the signing of the budget.

Kurfi said that signing of the budget had ended the impasse between the presidency and the lawmakers for over four weeks, adding that the uncertainty surrounding the budget had ended with the signing.

A breakdown of the price movement chart indicated that Forte Oil led the gainers’ chart, growing by N20.44 to close at N219.92 per share.

Mobil Nigeria followed with a gain of N7.29 to close at N155.09, while Flour Mills Nigeria gained N1.83 to close at N22.34 per share.

Guinness appreciated by N1 to close at N95, while Cadbury increased by 78k to close at N16.46 per share.

On the other hand, PZ topped the losers’ chart, dropping 68k to close at N20.62 per share.

Nigerian Breweries trailed with a loss of 24k to close at N115.08, while Ecobank Transnational Incorporated lost 20k to close at N14.50 per share.

Dangote Sugar Refinery shed 11k to close at N5.79 and Portland Paint also declined by 11k to close at N2.17 per share.

FBN Holdings remained the most active, accounting for 30.73 million shares worth N107.99 million.

Transcorp followed with an exchange of 20.07 million shares valued at N20.66 million, while Zenith Bank sold 14.22 million shares worth N185.69 million.

Guaranty Trust Bank traded 11.19 million shares valued at N194.04 million and Access Bank traded 9.69 million shares worth N40.61 million.

In all, investors traded a total of 181.11 million shares valued at N1.17 billion as against 178.87 million shares worth N1.48 billion exchanged on Thursday.




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Sydney Chesterfield

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