Increased repositioning ahead of the release of the half-year (H1) results, including interim dividend announcements, particularly by major banks and other blue-chip companies, has continued to stimulate investors’ appetite for stocks with market capitalisation rising by N1.86 trillion yesterday.

At the close of transactions, market capitalization rose from N150.271 trillion recorded on Monday to N152.135 trillion, representing an increase of N1.864 trillion.

Similarly, the NGX All-Share Index (ASI) advanced by 2,905.05 basis points or 1.24 per cent, to close at 237,083.28 points from 234,178.23 points recorded in the previous session.

The rally is an indication of renewed investor confidence across major sectors, with the Banking, Premium Board, Consumer Goods, Industrial Goods and Oil and Gas Indexes closing higher.

The NGX Premium Index appreciated to 26,036.65 points from 25,239.96 points, while the NGX 30 Index climbed to 8,612.81 points from 8,508.82 points.

The Banking Index edged higher to 2,115.04 points from 2,113.54 points, while the Consumer Goods Index advanced to 4,599.19 points from 4,576.56 points.

The Industrial Goods Index increased to 10,513.91 points from 10,172.11 points, just as the Oil and Gas Index rose to 5,096.51 points from 5,066.24 points.

Market breadth closed positive as 54 equities appreciated in price while 17 others constituted the losers chart, underscoring widespread buying across the market.

Cadbury Nigeria Plc and Zichis topped the gainers’ chart appreciating by 10.00 per cent each to close at N61.60 kobo and N26.62 kobo.

NAHCO followed with a 9.99 per cent gain to close at N147, while Daar Communications appreciated by 9.94 per cent to N1.99. Ikeja Hotel and Caverton Offshore Support Group each advanced 9.9 per cent to close at N47.20 kobo and N5.55 kobo respectively.

Dangote Cement added 4.40 kobo to close at N1,015, while MTN Nigeria gained 2.62 kobo to close at N780. Aradel Holdings appreciated by 1.62 kobo to close at N1,426, and WAPCO rose 4.83 kobo to N328.

On the losers’ table, Consolidated Hallmark Holdings (CMFC) and FTN General Insurance led the decline after shedding 10 per cent each to close at N3.33 and N2.61 respectively.

Transcorp Express also fell by 10 per cent to N2.70, while ETI declined by 9.98 per cent to N85.70. Mecure Industries lost 9.96 per cent to close at N85.45.

Other laggards included McNichols, Learn Africa, Computer Warehouse Group (CWG), Sovereign Trust Insurance, Lasaco Assurance, Guinea Insurance, Oando, Unilever Nigeria, Fidelity Bank, Nigerian Breweries and Linkage Assurance.

Market analysts said the strong rebound is an indication of renewed bargain hunting following recent market weakness, with investors taking positions in fundamentally sound stocks across the banking, industrial, consumer goods and telecommunications sectors.

They noted that sustained corporate earnings expectations and attractive valuations could continue to support positive market sentiment in the near term, although profit-taking may emerge after the sharp rally.