The Nigerian Stock Exchange (NSE) market capitalisation on Thursday crossed above N22 trillion mark as a result of price appreciation posted by some blue chips.
Accordingly, the market capitalisation inched higher by N125 billion or 0.57 per cent to close at N22.059 trillion against the N21.934 trillion posted on Wednesday.
The All-Share Index crossed 42,000 mark, rising by 238.68 points or 0.57 per cent to close at 42,169.41 from 41,930.73 recorded on Wednesday.
The market gain was driven by price appreciation in large and medium capitalised stocks, among which are; Stanbic IBTC Holdings, Julius Berger, Nigerian Breweries, Zenith Bank and Guaranty Trust Bank.
Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., attributed the uptrend to renewed buying pressure ahead of the 2020 earnings season.
Omordion said that investors were searching for higher yield, dividend paying and undervalued stocks with strong prospects to grow their earnings.
He said that the current undervalue state of the market offers investors opportunities to position for short, medium and long-term.
Market breadth was positive with 28 gainers in relation to 22 laggards.
Portland Paints and Products drove the gainers’ table in percentage terms, gaining 10 per cent to close at N3.19 per share.
Nigerian Julius Berger followed with 9.95 per cent to close at N22.65, while NPF Microfinance Bank rose by 9.71 per cent to close at N1.92 per share.
Champion Breweries garnered 9.69 per cent to close at N2.83, while Japaul Gold and Ventures appreciated by 9.41 per cent to close at 93k per share.
Conversely, Academy Press led the losers’ chart in percentage terms, dropping 10 per cent to close at 36k per share.
Sovereign Trust Insurance came with a loss of 9.68 per cent to close at 28k per share.
Courteville Business Solutions and Guinea Insurance lost 9.09 per cent each to close at 20k per share each.
Niger Insurance shed 8.70 per cent to close at 21k per share.
The total volume of shares transacted rose by 2.16 per cent to 555.32 million shares worth N5.76 billion in 6,386 deals.
This is in contrast with a total of 543.59 million shares valued at N7.32 billion achieved in 6,770 deals.
Transactions in the shares of Transcorp topped the activity chart with 76.18 million shares valued at N81.82 million.
Union Bank of Nigeria followed with 75.91 million shares worth N432.79 million, while Zenith Bank traded 35.23 million shares valued at N936.78 million.
Dangote Sugar Refinery sold 31.68 million shares worth N660.27 million, while UACN transacted 25.29 million shares worth N203.86 million.