The Nigerian stock market continued its upward movement as investors gain N107 billion amid sustained bargain hunting activity.
On Thursday, the stock market capitalisation increased by N107 billion to N13.581 trillion as against preceding trading day low of N13.474 trillion.
Basically, the All-Share Index (ASI) advanced by 0.79 per cent to 25,987.14 basis points from preceding trading day low of 25,783.02 points.
Hence the Year to Date loss of the Nigerian Stock Exchange (NSE) ASI eased to 3.1 per cent, even as the Exchange recorded 25 gainers as against eight losers at the close of the trading session.
The positive session is attributable to demand for blue-chip stocks such as Dangote Cement, MTN Nigeria and Guaranty Trust Bank.
Specifically, Nigerian Breweries stocks moved up most from N43.5 to N47.85, adding N4.35 or 10 per cent. Mobil Oil Nigeria rose from N193.1 to N195.1, up by N2 or 1.04 per cent.
Also, Dangote Cement rose from N134.7 to N135.9, adding N1.2 or 0.89 per cent. Lafarge Africa increased from N13.2 to N14.1, adding 90 kobo or 6.82 per cent. Likewise, GTBank share price increased from N25.5 to N26, up by 50 kobo or 1.96 per cent.
Similarly, Performance across sub-sector gauges was bullish as three out of the five indices tracked closed in green: the NSE banking, NSE Consumer Goods and NSE Industrial indices rose by 1.59 per cent, 2.09 per cent and 0.86 per cent respectively. On the flip side, the NSE Insurance and NSE Oil/Gas indices moderated by 0.68 per cent and 0.18 per cent respectively.
Meanwhile, market activity was weak as the total volume and value of stocks traded fell by 13.24 per cent and 38.32 per cent to 359 billion units and N3.8 billion exchanged in 3,576 deals.
Banking stocks were actively traded on the local bourse led by Sterling Bank, Guaranty Trust Bank, Zenith Bank, Fidelity Bank and Flour Mills of Nigeria.