Budget passage: NSE indicators rebound by 0.93%

After dropping for two consecutive days, trading at the Nigerian Stock Exchange (NSE) on Wednesday reacted positively to the April inflation and 2018 budget passage by the Senate.

Our correspondent reports that the All-Share Index rebounded by 377.55 points or 0.93 per cent to close at 40,992.97 against 40,615.42 on Tuesday.

In the same vein, the market capitalisation inched N136 billion or 0.92 per cent to close at N14.848 billion in contrast with N14.712 trillion achieved on Tuesday.

Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., attributed the growth to low price attraction amid positive economic data released by the National Bureau of Statistics which supported recovery and growth.

Omordion said that expected approval of the 2018 budget, first quarter Gross Domestic Product and news of government plans to settle contractors debt contributed to the growth.

Our correspondent reports that major blue chips posted price growth led by Nestle with N27 to close at N1,600 per share.

Dangote Cement came second with a gain of N6.50 to close at N250, while Nigerian Breweries appreciated by N2.90 to close at N127.70 per share.

Unilever added N2.45 to close at N52.35, while Dangote Sugar Refinery advanced by 45k to close at N19 per share.

On the other hand, Okomu Oil Palm recorded the highest loss, dropping by N4.10 to close at N78.40 per share.

Cement Company of Northern Nigeria trailed with a loss of N1.45 to close at N27.55, while Forte Oil was down by N1.25 to close at N38.70 per share.

GlaxosmithKline depreciated by N1.15 to close at N22.35, while Union Bank of Nigeria shed 35k to close at N6.40 per share.

Diamond Bank was investors delight in volume terms, accounting for 68.56 million shares worth N102.23 million.

Zenith International Bank followed with an account of 33.82 million shares valued at N943.14 million, while Guaranty Trust Bank traded 31.42 million shares worth N1.38 billion.

FCMB Group sold 16.89 million shares valued at N43.36 million, while Trans Nation wide Express exchanged 10.08 million shares worth N8.27 million.

In all, investors sold 259.49 million shares valued at N4.36 billion in 4,000 deals against 203.36 million shares worth N4.43 billion achieved in 4,090 deals on Tuesday.