The equities market, yesterday, sustained rising trend as bargain hunting in BUA Cement Plc and 51 stocks lifted the overall capitalisation up by N458 billion.

The all share index (ASI) gained by 724.59 points, representing a growth of 0.5 per cent to close at 144,796.37 points. Also, market capitalisation rose by N458 billion to close at N91.61 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are BUA Cement, Aradel Holdings, Unilever Nigeria, UACN and Oando.

On market outlook, Afrinvest Limited said: “We expect market to remain upbeat on the back of positive sentiment.”Vetiva Dealings and Brokerage said: “Continued buy-side appetite for large-caps looks likely, given the market’s upbeat tone, and should spill over into mid-tier names. The banking sector, however, is likely to stay mixed as investors maintain a cautious stance until earnings are released.”

Consequently, investor sentiment remained positive, as market breadth closed positive, 52 stocks gained while 22 declined. AIICO Insurance, SUNU Assurance, Mutual Benefits Assurance, Neimeth International Pharmaceuticals, Nigerian Enamelware and BUA Cement recorded the highest price gain of 10 per cent each to close at N2.64 kobo, N4.84 kobo, N2.20 kobo, N7.70 kobo, N29.70 kobo and N170.50 kobo respectively.

Sterling Financial Holdings Company followed with a gain of 9.93 per cent to close at N7.42 per cent, while Veritas Kapital Assurance and Abbey Mortgage Bank appreciated by 9.87 per cent each to close at N1.67 kobocand N5.79 kobo respectively. On the other hand, Living Trust Mortgage Bank led the losers’ chart by 9.86 per cent to close at N5.94 kobo.

Academy Press followed with a decline of 9.6 per cent to close at N8.95 kobo, while MeCure Industries declined by 9.2 per cent to close at N15.80 kobo.

Cadbury Nigeria depreciated by 7.35 per cent to close at N63, while Eterna declined by 4.88 per cent to close at N38. Also, the total volume advanced by 26.7 per cent to 1.028 billion units, valued at N22.836 billion, and exchanged in 38,932 deals.

Transactions in the shares of AIICO Insurance topped the activity chart with 97.103 million shares valued at N255.285 million. Universal Insurance followed with 87.253 million shares worth N71.016 million, while Linkage Assurance traded 64.033 million shares valued at N101.339 million.

Fidelity Bank traded 59.214 million shares valued at N1.247 billion, while Veritas Kapital Assurance sold 50.176 million shares worth N83.169 million.