The Nigerian Exchange Limited (NGX) reversed losses yesterday, as bargain hunting in the shares of Ardova Plc and 32 stocks lifted the market capitalisation by N45 billion.

At the close of transactions yesterday, the All-Share Index (ASI) gained 82.98 points, representing a gain of 0.16 per cent to close at 52, 290.75 points. Also, market capitalisation rose by N45 billion to close at N28.472 trillion.

The upturn was driven by price depreciation in large and medium capitalised stocks amongst which are; Ardova Plc (AP), Guaranty Trust Holding Company (GTCO), UAC of Nigeria (UACN), MTN Nigeria Communications (MTNN) and NEM Insurance.

Analysts at Afrinvest Limited, said: “We expect the bourse to close the final trading session on a positive note as investors cherry-pick stocks with sound fundamentals.”

Vetiva Dealings and Brokerage, said: “In the absence of any significant gain in any of the large-cap counters, we expect the market close the week in the red, while sectors continue to trade mixed as we expect the positive sentiment in the bank sector to continue.

As measured by market breadth, market sentiment was positive, as 33 stocks gained relative to 18 losers. Mutual Benefit emerged the highest price gainer of 10 per cent to close at 33 kobo. NEM Insurance followed with a gain of 9.64 per cent to close at NN4.55, while CWG Plc advanced by 9.09 per cent to close at N1.20 kobo.

Ardova increased by 8.47 per cent to close at N19.85, while Prestige Assurance added 8.33 per cent to close at 39 kobo. Academy press gained 8.18 per cent to close at N1.72 kobo. UACN appreciated by N8.13 kobo to close at N8.65 kobo. SCOA added 8.08 per cent to close at N1.07 kobo.

Jaiz Bank also added 5.56 percent to close at N95 kobo. Honeywell Flourmills increased by 5.26 per cent to close at N3. Veritas Kapital also garnered five per centt to close at 21 kobo.

On the other hand, Linkage Assurance led others on the losers’ chart with 9.43 per cent to close at 48 kobo. McNichols Plc followed with a decline of 8.86 per cent to close at 72 kobo, while Red Star Express shed 8.73 per cent to close at N2.30 kobo.

University Press lost 8.29 per cent to close at N1.66, while Champion Breweries depreciated by 7.62 per cent to close at N4. Transcorp depreciated by 6.11 per cent to close at N2.15 kobo.

RT Briscoe dropped 3.85 per cent to close at 25 kobo. Caverton decreased by 3.67 per cent to close at N1.05 kobo. ABC Transport declined by 2.86 per cent to close at 34 kobo. PZ Cussons also dropped 2.76 per cent to close at N12.35 kobo.

The total volume of trades increased by 89.55 per cent to 1.270 billion units, valued at N7.008 billion, and exchanged in 5,963 deals. Transactions in the shares of Transnational Corporation (Transcorp) led the activity with 811.205 million shares worth N1.989 billion.

Access Holdings followed with account of 219.367 million shares valued at N2.346 billion, while Chams Holdings traded 30.994 million shares valued at N10.133 million. Zenith Bank traded 24.319 million shares worth N597.329 million, while Fidelity Bank traded 24.319 million shares worth N137.661 million.