The Nigerian equities market yesterday sustained rising profile to a four consecutive upward trend as market capitalisation increased by N1.3 trillion amid gains in 55 stocks.

The all-share index (ASI) gained 1,975.18 points, representing a growth of 1.18 per cent to close at 170,005.36 points. Accordingly, market capitalisation rose by N1.3 trillion to close at N109.129 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Seplat Energy, MTN Nigeria Communications (MTNN), Dangote Cement, Julius Berger Nigeria and Vitafoam Nigeria.

On market outlook, Imperial Asset Managers Limited stated: “The market is expected to sustain the ongoing positive momentum in the next session. While we expect some volatility as short-term traders look to harvest gains from the previous days, the strong institutional demand in bellwether stocks ahead of dividend announcement season provides a solid floor for the market heading into the last trading day of the week.”

Market breadth was strongly bullish, with 55 advancing stocks surpassing 19 declining counters. Guinea Insurance and Seplat Energy recorded the highest price gain of 10 per cent each to close at N1.43 and N7,370 respectively, while R.T. Briscoe followed with a gain of 9.95 per cent to close at N11.49 kobo.

Neimeth International Pharmaceuticals rose by 9.90 per cent to close at N11.10, while Zichis Agro-Allied Industries appreciated by 9.89 per cent to close at N6.11 kobo.

On the other hand, DEAP Capital Management & Trust led the losers’ chart by 9.62 per cent to close at N6.20 kobo. Universal Insurance followed with a decline of 9.43 per cent to close at N1.44, while Haldane McCall declined by 9.09 per cent to close at N4.

Red Star Express depreciated by 9.04 per cent to close at N15.60 and UPDC declined by 7.02 per cent to close at N5.30 kobo.

Sectoral performance closed on a mixed note, with the oil and gas index leading the advancers after jumping 3.88 per cent. The commodity index followed with a 2.75 per cent increase, while insurance gained 1.08 per cent. Industrial stocks rose by 0.5 per cent and consumer goods added 0.48 per cent. In contrast, the banking sector ended the session in negative territory, slipping by 0.98 per cent.

The total volume traded advanced by 2.62 per cent to 712.981 million units, valued at N22.262 billion, and exchanged in 46,104 deals. Transactions in the shares of Access Holdings topped the activity chart with 106.630 million shares valued at N2.452 billion.

Chams Holding Company followed with 44.503 million shares worth N201.309 million, while Champion Breweries traded 44.465 million shares valued at N774.312 million.
Universal Insurance traded 34.821 million shares valued at N53.644 million, while DEAP Capital Management & Trust sold 22.74 million shares worth N141.908 million.