Stock Exchange Gains as President Buhari Eases Restrictions

• Stock Exchange Gains as President Buhari Eases Restrictions

The Nigerian Stock Exchange closed in the green on Monday as president Muhammadu Buhari eased restrictions on domestic flights and places of worship.

The market capitalisation of listed equities rose by N25 billion from N13.168 trillion it closed on Friday to settle at N13.193 trillion on Monday

NSE-All Share Index expanded by 0.19 percent or 48.33 basis points to 25,316.15 bps, up from 25,267.82 it closed on Friday.

A total of 28 stocks closed in the green on Monday against 10 stocks that closed in the red.

Japaul Oil and the Nigerian Aviation Handling Company plc led gainers with 10 percent each to settle at 22 kobo and N2.75 per share, respectively.

Dangote Sugar followed with 9.69 percent profit to settle at N14.15 a unit share. Cornerstone Insurance added 9.9 percent to close at 60 kobo a share.

President Muhammadu Buhari had announced that local airlines will be allowed to commence operations on June 21 to further increase economic activities and protect jobs in the aviation industry. However, with the main national airport in Lagos, the federal government would have to ease interstate travel to enhance patronage.

Still, investors seem happy with the announcement and series of funding supports announced by the central bank to revamp the economy.