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Stock prices rise to 2-month high

By Peter Egwuatu

Following the inauguration and allocation of portfolios to federal cabinet members by President Muhammadu Buhari, the Nigerian Stock Exchange, NSE, yesterday, recorded its highest rally in two months. The benchmark index, All-Share Index, went up by 1.01 percent.

Nigerian Stock Exchange
Nigerian Stock Exchange

Specifically, the NSE Index gained 276.72 points to close at 27,352.94 points from 27,629.66 points the previous day.

Similarly, another major stock market gauge, market capitalization, rose by N135 billion to close at N13.44 trillion, representing 1.01 percent also.

Contrary to some speculations the market had sustained downward trend since after the general election in the first quarter of the year, with just a few bullish trading days.

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.

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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 led the activity chart with United Bank for Africa (UBA) Plc becoming the most active stock with 64.73 million shares traded worth N381.92 million.

Meanwhile, NSE officially delisted two banks from its daily official list yesterday. The banks are Skye Bank Plc and Fortis Microfinance Bank.

In a notice released by the Exchange, it said: “The delisting of the afore-listed companies was approved by the National Council on May 30, in line with its regulatory delisting process.”

NSE said that the companies were delisted as a result of the revocation of their operating licenses by their primary regulator, Central Bank of Nigeria (CBN).

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