Gains recorded by almost all the blue-chip stocks, especially Seplat Energy and TotalEnergies and the Nigerian Exchange Limited (NGX), sustained a rising profile of the capital market, yesterday, as market capitalisation rose further by N421 billion.

Accordingly, the All Share Index (ASI) gained by 772.98 points, representing a growth of 1.3 per cent to close at 60,108.86 points.

Also, market capitalisation gained N421 billion to close at N32.73 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Seplat Energy, TotalEnergies Marketing Nigeria, MTN Nigeria Communications (MTNN), Transcorp Hotel and Conoil.

United Capital Plc said: ’The domestic equities market closed on a positive note, with investors leaning more to their risk-on nature in a bid to exploit a recovering and largely profitable market.

“The suppressed yield environment has continued to serve as an added incentive for investors to switch more toward listed corporates, in view of the potentially brighter mid-term outlook for the Nigerian economy.”

Vetiva Dealings and Brokerage said: “Sentiment held strong today, as seen in the positive market breadth of 3.92x. While we expect profit taking in some counters tomorrow, we believe the sentiment in the market to remain generally positive, as the new reforms are expected to positively impact the market in the long-term.”

As measured by market breadth, market sentiment was positive, as 51 stocks gained relative to 13 losers. Afromedia, Courteville Business Solutions, Ikeja Hotel and Omatek Ventures recorded the highest price gain of 10 per cent each to close at 22 kobo, 66 kobo, N3.63 and 33 kobo respectively.

Transcorp Hotel followed with a gain of 9.97 per cent to close at N21.29, while Ellah Lakes appreciated by 9.88 per cent to close at N3.56 kobo. Nigerian Aviation Handling Company (NAHCO) added 9.87 per cent to close at N17.25 kobo. Jaiz Bank increased by 9.87 per cent to close at N1.67 kobo. Eterna rose by 9.77 per cent to close at N19.10 kobo.

On the other hand, Red Star Express led the losers’ chart by 10 per cent to close at N3.15 kobo. C&I Leasing followed with a decline of 9.79 per cent to close at N3.50 kobo, while Morison Industries declined by 9.22 per cent to close at N1.97 kobo.

Sovereign Trust Insurance depreciated by 7.41 per cent to close at 50 kobo, while May & Baker Nigeria declined by 6.42 per cent to close at N5.10 kobo. Regency Assurance shed five per cent to close at 38 kobo.

Sunu Assurance depreciated by 4.17 per cent to close at 46 kobo. WAPIC lost 3.37 per cent to close at 86 kobo. PZ Cussons also declined by 3.15 per cent to close at N20.

The total volume traded increased by 38.18 per cent to 763.696 million units, valued at N12.534 billion, and exchanged in 9,463 deals. Transactions in the shares of Access Holdings topped the activity chart with 111.668 million shares valued at N1.741 billion.

Guaranty Trust Holding Company (GTCO) followed with 78.986 million shares worth N2.693 billion, while United Bank of Africa (UBA) traded 72.292 million shares valued at N878.219 million.

Sterling Financial Holdings Company traded 65.612 million shares valued at N195.575 million, while Zenith Bank sold 52.437 million shares worth N1.77 billion.