Following gains in Dangote Cement and 43 stocks, the stock market reopened in an upbeat, yesterday, with market capitalisation advancing by N8 billion.
Accordingly, the All Share Index (ASI) gained by 13.89 points, representing a growth of 0.02 per cent to close at 59,014.85 points.
Also, market capitalisation gained N8 billion to close at N32.134 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are Dangote Cement, Guaranty Trust Holding Company (GTCO), Zenith Bank, Stanbic IBTC Holdings and Skyway Aviation Handling Company.
This week, United Capital Plc said: “We expect the bullish sentiments in the market to linger in the short-term, driven by positive sentiments by investors on account of interesting pronouncement and policies implementation by the new administration.
“However, we foresee pockets of profit-taking activities as some investors would book their gains from the bourse’s recent rally.”
Vetiva Dealings and Brokerage said: “Penny stocks dominated the top gainers chart, as investors took to low-priced counters, while still trading cautiously in the market. We expect a similar trade pattern tomorrow.”
As measured by market breadth, market sentiment was positive, as 44 stocks gained relative to 22 losers. Tantalizers and Universal Insurance recorded the highest price gain of 10 per cent each to close at 22 kobo each, while Unity Bank followed with a gain of 9.80 per cent to close at N1.12 kobo.
Mutual Benefits Assurance went up by 9.76 per cent to close at 45 kobo, while FTN Cocoa processors appreciated by 9.63 per cent to close at N1.48 kobo.
On the other hand, Ellah Lakes led the losers’ chart by 10 per cent, to close at N3.24, while John Holt followed with a decline of 9.57 per cent to close at N1.04 kobo.
Academy Press depreciated by 9.55 per cent to close at N1.8, while Omatek Ventures and Regency Alliance Insurance declined by 7.14 per cent each to close at 26 kobo and 39 kobo respectively.
The total volume traded increased by 43.47 per cent to 892.956 million units, valued at N11.147 billion, and exchanged in 9,274 deals. Transactions in the shares of Jaiz Bank topped the activity chart with 139.891 million shares valued at N244.317 million.
Sterling Financial Holdings Company followed with 105.543 million shares worth N311.106 million, while Universal Insurance traded 95.116 million shares valued at N19.253 million.
Guaranty Trust Holding Company (GTCO) traded 83.801 million shares valued at N2.65 billion, while United Bank for Africa (UBA) sold 60.091 million shares worth N693.272 million.
