The Nigerian stock market yesterday maintained its positive momentum, propelled by investors bargain-hunting activities in financial stocks, as the market capitalisation advanced by N1.003 trillion.
The Nigerian Exchange Limited All-Share Index (NGX ASI) gained 1,577.34basi points or 1.08 per cent to close at 146,981.17 basis points.
Also, market capitalisation rose by N1.003 billion to close at N 93.481 trillion.
The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; Nigerian Aviation Handling Company (NAHCO), Zenith Bank, Stanbic IBTC Holdings, Nigerian Breweries and Oando.
Market sentiment was overwhelmingly bullish, with 55 advancing stocks significantly outnumbering 10 decliners. Custodian Investment and Linkage Assurance emerged the highest price gainer of 10 per cent each to close at N38.50 and N1.76 respectively, per share.
Oando followed with a gain of 9.97 per cent to close at N43.55, while NAHCO and Legend Internet advanced by 9.96 per cent each to close at N106.55 and N5.74 respectively, per share.
On the other side, Austin Laz & Company led others on the losers’ chart with 9.96 per cent to close at N2.35, per share. Union Dicon Salt followed with a decline of 9.68 per cent to close at N7.00, while Sterling Financial Holdings Company shed 5.81 per cent to close at N7.30, per share.
Nigerian Exchange Group declined by 5.31 per cent to close at N52.60, while Guinness Nigeria down by 5.14 per cent to close at N166.00, per share.
The total volume traded decreased by 28.15 per cent to 599.711 million units, valued at N22.696 billion, and exchanged in 23,675 deals. Transactions in the shares of Wema Bank led the activity with 98.435 million shares worth N1.949 billion. United Bank for Africa (UBA) followed with account of 52.971 million shares valued at N2.213 billion, while Access Holdings traded 50.887 million shares valued at N1.175 billion.
Fidelity Bank traded 41.199 million shares worth N783.969 million, while Zenith Bank traded 40.769 million shares worth N2.631 billion.
On market outlook, analysts at Afrinvest Limited said, “we expect the bullish momentum to persist as investors gain market confidence following better clarity on capital gains tax (CGT) policy reform.
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