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Stock market halts two-day losing streak

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Stock market halts two-day losing streak

…as National Assembly passes 2018 budget

 

Local equities rebounded on resumed bargain hunting activities as overall performance measures, NSE ASI and market capitalisation, grew by 0.92 per cent each halting two days losing streak.

 

Analysts believed the bullish activities were driven by news of budget passage by the National Assembly. The National Assembly yesterday passed N9.12 trillion budget for 2018 aimed at boosting growth in the country nine months before the general election.

 

The Nigerian stock market had tumbled for the second day as investors retreated to take profits after recording appreciable gains. At the close of business 15  stocks appreciated while 30 other stocks declined.

 

Consequently, the All- Share Index gained 377.55 basis points or 0.92 per cent to close at 40.992.97 index points as against 40,615.42 recorded the previous day while the market capitalisation of equities appreciated by N136 billion or 0.92 per cent to close at N14.848 trillion from N14.712 trillion as market sentiment returned on green zone. Meanwhile, a turnover of 259.5 million shares exchanged in 4,000 deals was recorded in the day’s trading.

 

Banking sub-sector of the financial services sector was the most active during the day (measured by turnover volume); with 122.4 million shares exchanged by investors in 958 deals. Volume in the subsector was largely driven by activi ties in the shares of Diamond Bank Plc and GTB Plc.

 

Premium sub-sector of the financial services sector boosted by activities in the shares of Zenith Bank Plc and UBA Plc followed with a turnover of 57.5 million shares in 1,047 deals

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