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 market recorded 23 gainers and 16 losers led by Nestle Nigeria, MTN Nigeria, Ecobank Trans International (ETI), Dangote Sugar and CI Leasing. Total volume of shares traded grew by 73.6% with 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 mn shares valued N3.24 bn exchanged in 3,743 deals on Tuesday.

Banking equities drove the activity chart, with United Bank for Africa (UBA) emerging the most active with 64.73 mn shares worth N381.92 mn.

The bourse had previously been on a bearish trend since January, with few days of upward movement.

SOURCE: https://www.thecable.ng/nse-smiles-on-ministerial-inauguration-records-biggest-gain-in-two-months