The barometers of equities listed on the Nigerian Stock Exchange (NSE) appreciated further on the presentation of 2016 budget by President Muhammadu Buhari to National Assembly yesterday.

The duo indicators show additional 0.71 per cent to market capitalization and All Share Index.
The market which has been trending downward for over eight months that dragged equities return to negative of 22.33 per cent year to date added N131 billion in the last two trading days.

At the end of yesterday treading market capitalization which resumed at N9.189 trillion closed higher at N9.255 trillion.
The All Share Index also grew by 189.58 points yesterday to close at 26,918.22 points from 26,728.64 basis points it opened.
Market breath closed positive as Forte Oil Plc led 20 gainers against 17 losers topped by Transnational Corporation of Nigeria at the end of the trading which was an improved performance when compared with previous outlook.
Market turnover also closed positive as volume surged by 102.70 per cent against 59.20 per cent decline recorded on Monday. Wema Bank, Fidelity Bank, Guaranty Trust Bank were the most active to boost market turnover. Nestle Nigeria and Guaranty Trust Bank top the market value list.

Analysts at APT Securities and Fund Limited expect a gradual recovery in current depressed price levels on the backdrop of government’s budgetary plans aimed at ensuring macroeconomic stability and economy growth.
Managing Director and Chief Executive Officer of APT Securities and Fund Limited, Mallam Kasimu Kurfi said with 2016 budget presented to the National Assembly there is hope for Nigerian capital market to thrive.
Although, Kurfi expressed worry on the condition of exchange rate that kept foreign investors away from the market.
According to him, the exchange rate fluctuation is the problem of the market, saying foreign investors are staying away from Nigeria capital market due to unfavorable condition of forex.
He noted that the budget would help Nigeria economy as a result of focus on employment by government.
“If 2016 budget can provide more jobs, capital market will benefit from it and economy will be on better position.”
Another issue that will help economy according to Kurfi is block of leakages, saying if government can truly block the leakages and spend the money on necessary projects it will reflect on our economy for good.
“There is more capital expenditure which may help Nigeria capital market and economy at large, he stressed. There is hope, if projects are properly implemented, it will boost capital market.”
Another stockbroker who also spoke on 2016 budget presentation, Mr. Aruna Kebira believed that if government channelled the proposed budget to appropriate projects it will expand economy.
He said government need ed to stabilize Naira against Dollar so that investors come in to participate in developing Nigeria economy.
Dr Fassy Adetokunbo Yusuf, a legal practitioner said: “This is the first budget of the administration and it appears to be modest one. I observed a borrowing we show we will have a deficit budget, that should not be a problem as long as the borrowed fund will be deployed to critical infrastructure.
He expressed the need for the National Assembly to properly scrutinize the budget with regards to some of the fears expressed by the public on the proposed fuel benchmark of 38‎ dollers and exchange rate of N197.
“I expect a speedy passage latest by January ending to enable this administration finally hit the ground running and leave no room for unnecessary excuse‎,” he added.
Top on gainers’ log was Forte Oil Plc with a gain of N18.90 kobo to close at N273.00 kobo. Others include Mobil Nigeria Plc with N10.20 kobo to close at N130.20 kobo, Lafarge Africa Plc with N1.75 kobo to close at N94.00 kobo per share and Dangote Cement Plc with N0.95 kobo to close at N153.00 kobo.

On the other hand Guaranty Trust Bank Plc topped losers chart with N1.00 kobo to close at N19.00 kobo. Others include PZ Plc with N0.67 kobo to close at N28.31 kobo, Portland Paints Plc with N0.16 kobo to close at N3.42 kobo per share and Zenith Bank Plc with N0.3 kobo to close at N13.70 kobo.

source:http://dailytrust.com.ng/news/business/stock-market-gains-as-buhari-presents-2016-budget/125727.html

Hmmmmm....