Anticipation of yuletide rally spurred transactions yesterday, as equities market reversed previous losses, causing the market capitalisation to rise by N60 billion.

At the close of transactions, market capitalisation of listed equities appreciated by 0.1 per cent to N59.531 trillion from N59.471 trillion it closed on Monday.

The all share index (ASI), which measures the performance of listed equities increased by 99.45 basis points to 98206.97 points from 98107.52 points traded the previous day.

Yesterday’s improved performance was driven by price appreciation in large and medium capitalised stocks amongst which are Conoil, Nestle Nigeria, MTN Nigeria Communications (MTNN), Northern Nigeria Flour Mills (NNFM) and Africa Prudential and Golden Breweries.

On what will shape the market in the next trading session, analysts at Vetiva Dealings and Brokerage said: “MTNN’s buy-side interest lifted the market despite profit-taking in WAPCO. Investors also targeted low- to mid-cap stocks, seeking value across the market, a trend likely to continue tomorrow.”

Market breadth closed negative as 37 stocks gained relative to 21 losers. Golden Guinea Breweries emerged the highest price gainer of 9.93 per cent to close at N6.53. Guinea Insurance followed with a gain of 9.8 per cent to close at 56 kobo, while Tantalizer rose by 9.77 per cent to close at N1.46 kobo.

Africa Prudential increased by 9.7 per cent to close at N13, while ABC Transport added 9.65 per cent to close at N1.25 kobo. On the other side, John Holt led the losers’ chart with 9.96 per cent to close at N7.23 kobo. Haldane McCall followed with a decline of 9.91 per cent to close at N5.27, while Morison Industries shed 9.89 per cent to close at N4.01 kobo.

Lafarge Africa depreciated by 7.8 per cent to close at N65, while UPDC Real Estate Investment Trust down by 5.83 per cent to close at N4.85 kobo.

The total volume traded increased by 115.4 per cent to 939.409 million units, valued at N12.814 billion, and exchanged in 9,098 deals.

Transactions in the shares of Wapic Insurance led the activity with 457.64 million shares worth N503.806 million. Sterling Financial Holdings Company followed with account of 138.432 million shares valued at N677.466 million, while Japaul Gold & Ventures traded 30.345 million shares valued at N962.568 million.

United Bank for Africa (UBA) traded 28.724 million shares worth N962.568 million, while MTNN traded 24.682 million shares worth N4.321 billion.