The Nigerian stock market closed on a positive note on Monday for the first time this month as 28 firms, led by ABC Transport Plc, recorded price appreciation.

The market had been on a downward trajectory since April 30, when the All-Share Index of the Nigerian Exchange Limited and the market capitalisation closed at 39,834.42 basis points and N20.85tn respectively.

The NGX ASI, however, rose by 0.29 per cent on Monday to 39,312.74bps from 39,198.75bps on Friday while the market capitalisation increased to N20.49tn from N20.43tn.

Other top gainers at the end of trading were Regency Alliance Insurance Plc, Union Bank of Nigeria Plc, Linkage Assurance Plc and Mutual Benefits Assurance Plc, emerging the top five losers.

Fifteen firms recorded price losses, with Unity Bank Plc, Japaul Gold and Ventures Plc, Neimeth International Pharmaceuticals Plc, Flour Mills of Nigeria Plc and Chams Plc.

Analysts at Cordros Capital said investors took particular interests in Tier 1 banks, namely Zenith Bank (3.6 per cent) and Guaranty Trust Bank (2.6 per cent).

The month-to-date and year-to-date losses dropped to 1.3 per cent and 2.4 per cent, respectively, they noted.

“The banking (2.9 per cent), insurance (1.3 per cent), and industrial goods (+0.1 per cent) indices recorded gains, while losses were recorded in the consumer goods (-0.3 per cent) and oil and gas (-0.1 per cent) indices,” they added.