After two days of downtrend, positive sentiments resurfaced on the trading floor of the Nigerian Exchange Limited (NGX), with gains in 38 stocks lifting market capitalisation by N1.2 trillion, amid clarifications by major banks on their forbearances,single obligor limit exposures and steps taken to abide by the apex bank prudential guidelines.

Market capitalisation of listed equities appreciated by N1.18 trillion or 1.63 per cent to N73.681 trillion from N72.497 trillion it closed on Tuesday.

The all share index also appreciated by 1876.71 basis points to 116786.87 points from 114910.16 points reported the previous day. The upturn was impacted by gains recorded in medium and large capitalised stocks amongst which are Seplat, Presco, Aradel, Transcorp power, Betaglas, MTN, Oando, NASCON and GTCO.

On market outlook, analysts at Afrinvest said: “Investor sentiment, as measured by market breadth, improved to 0.11x (previously: -0.09x) as 37 stocks gained, 30 lost while 63 were unchanged. We expect the market to close positive tomorrow (today), driven by improved investor sentiment and renewed bargain hunting in key sectors.”

On the price movement chart, 36 stocks appreciated in price while 32 others constituted the losers chart. NEM insurance led gainers chart in percentage terms, adding 10 per cent to close at N16.50 kobo while Betaglass followed with a gain of 9.99 per cent to close at N250.95 kobo. Seplat Energy gained 9.78 per cent to close at N5450.

Thomas Way garnered 9.73 per cent to close at N2.03 kobo. Linkage Assurance also added 9.56 per cent to close at N1.49 kobo. On the contrary, Eterna Plc topped losers chart, dropping by 10 per cent to close at N38.70 kobo, NSLTech trailed with a loss of 9.68 per cent to close at 56 kobo.

Legend Internet fell by 9.66 per cent to N6.55 kobo, FTNCocoa dipped by 9.66 per cent to close at N6.55 kobo. Guinea Insurance sheds five per cent to close at 76 kobo.

Volume of trading during the day went down by 147.223 million , representing 18.70 per cent as investors traded 640.082 million shares valued at N26.011 billion in 19727 deals against 787.305 million shares valued at N72.497 billion in 23170 deals.

Transactions in the shares of Zenith Bank led market activities with 149.923 million Access Holdings company followed with account of 48.638 million, United Bank for Africa exchanged 42.992 million.shares worth N1.46 billion, Nigerian Breweries traded 37.716 million shares cost N2.187 billion , Fidelity Bank exchanged 30.842 million shares worth N568.535 million.