• As FG approves N2.6bn for NAHCON corporate hqtrs

Activities resumed for the week on the Nigerian Stock Exchange  (NSE) on Wednesday on an upward trend after the long holidays to mark Eid-el-Fitr.

The All-Share Index rose by 535.16 points or 1.66 per cent to close at 32,657.30 compared to 32,122.14 posted on Friday due to price gains by major blue chips.

Also, the market capitalisation which opened at N11.107 trillion inched N185 billion or 1.67 per cent to close at N11.292 trillion.

A breakdown of the price movement table showed that Nestle led the gainers’ table with a gain of N9.99 to close at N910 per share.

Dangote Cement followed with a gain of N4.40 to close at N200 and Nigerian Breweries appreciated by N2.63 to close at N154.53 per share.

Forte Oil increased by N2.50 to close at N52.54, while Guaranty Trust Bank advanced by N1.50 to close at N36 per share.

Conversely, Okomuoil Palm topped the losers’ chart for the day, dropping by N3.07 to close at N58.49  per share.

Unilever trailed with a loss of N2.14 to close at N40.85 and Julius Berger was down by N2.07 to close at N39.45 per share.

NASCON declined by 46k to close at N8.87, while May and Baker depreciated by 23k to close at N4.51 per share.

The volume of shares traded closed lower as investors bought and sold 386.24 million shares valued at N3.30 billion exchanged in 4,372 deals.

This was against a turnover of 417.57 million shares worth N3.25 billion transacted in 5,456 deals on Friday.

United Bank for Africa emerged the most active accounting for 87.11 million shares worth N762.08 million.

It was followed by Wema Bank with an exchange of 51.89 million shares valued at N28.54 million, while Transcorp traded 37.41 million shares worth N54.43 million.

Guaranty Trust Bank sold 26.63 million shares valued at N953.94 million and FCMB Group accounted for 25 06 million shares worth N30.51 million.

In the meantime, the Federal Executive Council (FEC) has approved N2.4 billion for the purchase of Abuja Metro Plaza to serve as the Corporate Headquarters of the National Hajj Commission of Nigeria (NAHCON).

The chairman of NAHCON, Malam Abdullahi Mukhtar, confirmed the approval in a statement he issued in Abuja on Wednesday.

According to him, the approval was given at the weekly FEC meeting chaired by the Acting President, Prof. Yemi Osinbajo at the State House, Abuja, on Wednesday.

“The approval was granted consequent upon the commission’s ability to raise the sum of N2 billion out of the N2.4 billion of the agreed price.

“The balance of about N500 million which is about 20 per cent is to be funded from the commission’s 2017 budget appropriated capital expenditure.

“The main building of the property after renovation will serve as NAHCON’s Corporate Headquarters complete with conference halls, board rooms, training centre etc.

The two annexes are to be rented out for the commission to generate revenue in its strive to achieve financial autonomy from the government,“ he said.