Trading on the equities sector of the Nigerian Exchange Limited (NGX) reopened upbeat yesterday as renewed bargain hunting in banking, industrial and consumer goods stocks lifted investors’ wealth by N1.76 trillion.

At the close of transactions yesterday, market capitalisation rose by N1.76 trillion, or 1.12 per cent to N158.81 trillion from N157.06 trillion recorded at the close of trading on Friday.

Similarly, the all-share index (ASI) appreciated by 2,721.83 basis points, representing a gain of 1.12 per cent, to close at 246,183.96 points from 243,462.13 points.

The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are BUA Cement, Guinness Nigeria, First Holdco, Nigerian Exchange Group and Custodian Investment.

On market outlook, Cowry Assets Management Limited said: “The market is expected to sustain its positive momentum, underpinned by strategic portfolio rebalancing, though profit-taking in recently appreciated counters could temper the pace of any recovery.”

Meanwhile, investor sentiment was broadly negative as 31 decliners narrowly outpaced 29 gainers.

Custodian Investment and NEM Insurance emerged the highest price gainer of 10 per cent each to close at N75.90 and N30.80 respectively, while BUA Cement followed with a gain of 9.98 per cent to close at N303.10.

First Holdco rose by 9.95 per cent to close at N105.50, while FTN Cocoa Processors appreciated by 9.94 per cent to close at N9.29.

On the other side, Sunu Assurance led others on the losers’ chart with 10 per cent to close at N3.60, per share. Tripple Gee & Company followed with a decline of 9.77 per cent to close at N3.51, while ABC Transport lost by 9.62 per cent to close at N7.05, per share.

Abbey Bank shed nine per cent to close at N9.10, while Wapic Insurance depreciated by 7.69 per cent to close at N2.40.

Also, the total volume traded rose by 24.17 per cent to 851.634 million units, valued at N49.595 billion and exchanged in 56,873 deals.

Transactions in the shares of First Holdco led the activity with 203.938 million shares worth N21.515 billion. Access Holdings followed with an account of 190.716 million shares valued at N4.824 billion, while United Bank for Africa (UBA) traded 29.186 million shares valued at N1.391 billion. Zenith Bank traded 24.709 million shares worth N2.869 billion, while Sterling Financial Holdings Company traded 23.604 million shares worth N187.385 million.

On the sectoral performance, the NGX banking index rose by 2,422.72 points from 2,348.99 points, the NGX while the NGX Insurance Index increased to 1,138.72 points from 1,135.86 points. Also posting gains were the NGX Consumer Goods Index, NGX Industrial Index.

Among the few decliners were the NGX oil and gas index, which dropped to 5,253.79 points from 5,249.44 points, while the NGX Sovereign Bond Index and NGX Commodity Index remain unchanged.