The Nigerian equities market yesterday commenced February trading activities on a positive note, with market capitalisation rising by N9 billion amid gains in 29 stocks.

The all-share index (ASI) gained 14.24 points, representing a growth of 0.01 per cent to close at 165,384.64 points.

Also, market capitalisation rose by N9 billion to close at N106.162 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst, which are Aradel Holdings, Julius Berger Nigeria, Stanbic IBTC Holdings, Custodian Investment and May & Baker Nigeria.

On market outlook, United Capital Plc said: “Nigerian equities are likely to trade sideways with sector rotation, as liquidity remains supportive, but investors stay selective, favouring oil and gas and insurance stocks amid profit taking in banking sector stocks.”

Meanwhile, market breadth was bearish, with 44 declining stocks overshadowing 29 advancing stocks. Premier Paints and Universal Insurance recorded the highest price gain of 10 per cent each to close at N11 and N1.32 respectively, while Daar Communications followed with 9.93 per cent gain to close at N1.55 kobo.

R.T. Briscoe (Nigeria) up by 9.92 per cent to close at N8.64 kobo, while Morison Industries rose by 9.91 per cent to close at N10.98 kobo.

On the other hand, Omatek Ventures led the losers’ chart by 10 per cent to close at N2.70 kobo. AXA Mansard followed with a decline of 9.94 per cent to close at N14.31 kobo, while DEAP Capital Management & Trust declined by 9.9 per cent to close at N8.46 kobo.

C & I Leasing depreciated by 9.80 per cent to close at N6.90 kobo while Royal Exchange declined by 9.63 per cent to close at N1.97 kobo.

On sectoral performance, the oil and gas sector topped gains with a two per cent surge, followed by the commodity sector, which rose by 1.11 per cent.

Conversely, Insurance led decliners with a 1.99 per cent drop, followed by the banking, which declined by 0.64 per cent. The consumer goods segment dropped 0.37 per cent, while the industrial sector also plunged by 0.08 per cent.

Also, the total volume traded increased by 10.96 per cent to 762.751 million units, valued at N18.409 billion, and exchanged in 55,374 deals.

Transactions in the shares of Tantalizer topped the activity chart with 88.489 million shares valued at N329.387 million.

Zenith Bank followed with 40.188 million shares worth N2.873 billion, while Veritas Kapital Assurance traded 39.211 million shares valued at N92.11 million.

Universal Insurance traded 29.298 million shares valued at N38.074 million, while First HoldCo sold 27.635 million shares worth N1.134 billion.