The stock market of the Nigerian Exchange Limited (NGX) yesterday ended trading activities for the second day of the week on a positive note achieving a gain of N247billion in market capitalisation.

The stock market positive performance was as a result of bargain hunters increased buying interest in the Banking and Oil & Gas Sectors.

Also, foreign investors interest in Airtel Africa following its share buy-back plan buoyed the impressive performance.

Consequently, he NGX All Share Index (ASI) increased by 473.61 basis points, representing a growth of 1.18 per cent to close at 40,716.66 basis points. Similarly, the market capitalisation gained N247 billion to close at N21.217 trillion.

Across sectors, the Banking (+2.5per cent) and Oil & Gas (+0.8per cent) indices posted gains, while the Insurance (-2.6per cent) and Consumer Goods (-0.4per cent) indices declined. The Industrial Goods index was flat.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Airtel Africa, Julius Berger, FBN Holdings (FBNH), Zenith Bank and Guaranty Trust Holding Company (GTCO).

Furthermore, the market breadth closed positive, recording 32 gainers as against 18 losers. FBNH recorded the highest price gain of 9.76 per cent, to close at N9.00, per share. Pharma Deko followed with a gain 9.69 per cent to close at N2.83, while Courteville Business Solutions appreciated by 7.89 per cent to close at 41 kobo, per share.

Learn Africa went up by 7.64 per cent, to close at N1.55, while Jaiz Bank appreciated by 7.02 per cent to close at 61 kobo, per share. On the other hand, University Press led the losers’ chart by 9.63 per cent, to close at N1.22, per share. Regency Alliance Insurance followed with a decline of 8.89 per cent, to close at 41 kobo, while International Breweries declined by 6.25 per cent to close at N4.50, per share.

PZ Cussons Nigeria shed 5.22 per cent to close at N5.45, while Consolidated Hallmark Insurance depreciated by 4.84 per cent to close at 59 kobo, per share.

The total volume traded rose 114.0 per cent to 432.992 million shares, worth N3.125 billion, and traded in 4,377 deals. Transactions in the shares of Universal Insurance topped the activity chart with 105.108 million shares valued at N21.232 million. FBNH followed with 46.307 million shares worth N411.158 million, while Access Bank traded 30.696 million shares valued at N286.677 million.

GTCO traded 25.662 million shares valued at N721.393 million, while Courteville Business Solutions transacted 22.388 million shares worth N9.179 million.

Analysts at Afrinvest Limited said, “In the next trading session, we anticipate a sustained positive performance on the back of bargain hunting activities.”