The bulls on Tuesday regained dominance on the Nigerian Stock Exchange with the market capitalisation crossing N16 trillion mark.
Specifically, the market capitalisation increased by N132 billion or 0.83 per cent to close at N16.063 trillion against N15.931 trillion posted on Monday.
Also, the All-Share which opened at 30,479.39 inched higher by 254.08 points or 0.83 per cent to close at 30,733.47.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Dangote Cement, Chemical and Allied Products, Vitafoam Nigeria, Dangote Sugar Refinery and Oando.
Analysts at United Capital Plc said: “This month, with sustained low yield environment and a rather expansionary monetary policy stance, the stock market will remain attractive for investors seeking high return.
“However, we do not rule out intermittent profit-taking by participants during the month.
“In all, we continue to see further uptick in the share prices of the tier one banks, food processors, agro-allied companies, cement makers and telecommunications.
“We advise investors to take cautious positions in the brewers, diversified consumer goods companies and tier-two banks as they remain highly speculative,” they said.
Market breadth was positive with 24 gainers in contrast with 18 losers.
Wapic Insurance drove the gainers’ chart in percentage terms, gaining 10 per cent to close at 40k per share.
Associated Bus Company followed with 9.68 per cent to close at 34k, while CAP rose by 9.58 per cent to close at N22.30 per share.
Japaul Oil and Maritime Services rose by 9.52 per cent to close at 23k, while Oando appreciated by seven per cent to close at N2.75 per share.
On the other hand, NPF Microfinance Bank led the losers’ chart in percentage terms, losing 8.82 per cent to close at N1.55 per share.
Custodian Investment followed with a loss of 7.44 per cent to close at N5.60, while AIICO Insurance declined by 4.60 per cent to close at 83k per share.
Learn Africa lost 4.55 per cent to close at N1.05, while Cornerstone Insurance shed 3.33 per cent to close at 58k per share.
However, the total volume of shares transacted declined by 10.70 per cent as investors bought and sold 336.09 million shares valued at N3.89 billion exchanged in 5,575 deals.
This was in contrast with a turnover of 376.65 million shares worth N3.80 billion achieved in 6,050 deals on Monday.
Transactions in the shares of Zenith Bank topped the activity chart with 41.10 million shares valued at N895.649 million.
FBN Holdings followed with 40.62 million shares worth N258.04 million, while United Bank for Africa traded 32.13 million shares valued at N242.86 million.
Fidelity Bank traded 31.92 million shares worth N77.98 million, while Access Bank transacted 28.89 million shares valued at N232.05 million.