The Nigerian equities market reopened yesterday in an upbeat as investors gained N262 billion amid positive sentiment in Transcorp Power and 40 stocks.

Precisely, the all-share index (ASI) was up by 227.68 points, representing a gain of 0.24 per cent to close at 96,205.85 points. Also, market capitalisation appreciated by N262 billion to close at N88.199 trillion.

The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; Transcorp Power, NASCON Allied Industries, Dangote Sugar Refinery, PZ Cussons Nigeria and Cadbury Nigeria.

Looking ahead, Coronation Asset Management said: “We expect market sentiment to remain cautious, pressured by continued profit-taking. Nonetheless, bargain-hunting in fundamentally sound counters, particularly ahead of Q3 earnings and most Tier-1 banking H1 2025 releases, could provide intermittent support to the ASI.”

Analysts at Vetiva Dealings and Brokerage said: “Looking ahead to tomorrow’s session, the direction will likely be determined by whether the profit-taking in the high-volume banking space subsides or the positive momentum from the insurance and consumer goods sectors can spread across the broader market.

“Given the considerable turnover, liquidity remains high, but sentiment is clearly mixed. We can expect this stock-picker’s environment to persist, with the market’s overall direction hinging on the resolution of these opposing sectoral forces.”

As measured by market breadth, market sentiment was positive, as 41 stocks gained relative to 18 losers. PZ Cussons Nigeria and University Press emerged as the highest price gainer of 10 per cent each to close at N35.20 and N5.50 respectively, while Ellah Lakes followed with a gain of 9.94 per cent to close at N14.27 kobo.

Legeng Internet rose by 9.9 per cent to close at N5.44 kobo, while NCR Nigeria advanced by 9.84 per cent to close at N13.95 kobo.

On the other side, Industrial & Medical Gases Nigeria, Nigerian Enamelware, Thomas Wyatt Nigeria and Union Dicon Salt led others on the losers’ chart with 10 per cent each to close at N33.30 kobo, N35.10 kobo, N2.70 kobo and N10.80 kobo respectively.

Academy Press followed with a decline of 9.95 per cent each to close at N8.60 kobo, while Eterna declined by 9.36 per cent to close at N31.

The total volume of trade decreased by 47.5 per cent to 947.871 million units, valued at N17.972 billion and exchanged in 36,036 deals.