Following gains in many highly capitalised stocks, the bulls resurfaced on the Nigerian Exchange Limited (NGX) as market capitalisation appreciated by N305.56 billion.

Market capitalisation of listed equities increased from N154.14 trillion at the close of trading on Wednesday to N154.44 trillion yesterday, representing a N305.56 billion gain.

Similarly, the NGX All-Share Index (ASI) appreciated by 473.17 points, rising from 238,682.92 points to 239,156.09 points. This represents a 0.2 per cent increase, bringing the benchmark index closer to the 240,000-point threshold.

On the price movement chart, 20 equities appreciated during the session, while 39 recorded price declines.

Omatek Ventures Plc emerged as the best-performing stock, appreciating by 9.6 per cent to close at N1.37 kobo.

Cornerstone Insurance Plc followed with a 9.18 per cent gain to close at N5.35 kobo, while Mansard Insurance Plc advanced by 9.09 per cent to close at N12.

Abbey Mortgage Bank Plc gained 6.25 per cent, closing at N8.50 from N8, while First HoldCo Plc rose by 4.65 per cent, or N6, to N135 from N129.

Access Corporation Plc also recorded a strong performance, appreciating by 4.36 per cent from N27.55 to N28.75.

Guinea Insurance Plc gained 4.05 per cent to close at N0.77, while United Bank for Africa Plc (UBA) rose by 3.74 per cent from N44.15 to N45.80.

On the losing side, Fidson Healthcare Plc emerged as the worst-performing equity, declining by 9.98 per cent to close at N75.80 kobo.

Daar Communications Plc declined by 8.61 per cent to close at N1.38 kobo while Legend Internet Technologies Plc lost 8.43 per cent to close at N3.80 kobo.

Ikeja Hotel Plc fell by 7.86 per cent to close at N38.70 kobo, while Zichis Industries Plc declined by 7.35 per cent to close at N14.50 kobo.

NEM Insurance Plc also.shed 7.19 per cent to close at N29.70 kobo.

The banking sector was one of the major drivers of the market’s positive performance, with the NGX Banking Index rising from 2,447.97 points to 2,486.66 points, representing an increase of about 1.58 per cent.

The sector’s performance was supported by gains in major banking stocks, particularly First HoldCo, Access Corporation, UBA and Zenith Bank.

Other indices that recorded gains included the NGX Pension Index, which rose from 4,790.79 points to 4,801.90 points, and the NGX Sovereign Bond Index, which increased from 668.35 points to 669.89 points.

The NGX Insurance Index also edged higher, rising from 1,070.51 points to 1,070.79 points.

However, the NGX Consumer Goods Index declined from 4,028.23 points to 4,020.36 points, while the NGX Oil/Gas Index fell from 4,954.75 points to 4,951.06 points.