Transactions on the floor of the Nigerian Stock Exchange, NSE, on Wednesday, June 28, halted a three-day downward trajectory as the bourse resumed activities after the two-day long muslim holiday.
As such, the All Share Index of the bourse appreciated by 1.67 percent, as investors stormed the market ahead of upcoming half-year financial results.
Last week, investors sentiment turned bearish on the possibility that MSCI could downgrade Nigeria later in the year.However, traders said expectations of improved results from some quoted firms have boosted demand.
Meanwhile, the index of Nigeria’s top 10 banks, the most liquid sector, jumped by 3.16 percent to boost the index .
United Bank for Africa rose 8.17 percent, Diamond Bank climbed 6.19 percent, while Dangote Cement , which accounts for a third of the market’s capitalization, rose 2.25 percent to lift the index.
