Price gains recorded by many blue-chip stocks especially by Veritas Kapital Assurance and Law Union and Rock Insurance, aided transactions on the equity sector of the Nigerian Stock Exchange (NSE) to close in an upbeat yesterday, as market capitalisation increased by N44 billion.

At the close of transactions yesterday, the Nigerian equities market recorded improved performance, recouping some of the losses from the previous trading session due to gains in 23 stocks.

Specifically, the All Share Index (ASI) rose by 103.99 absolute points, representing an increase of 0.34 per cent to close at 30,718.72 points. Similarly, the market capitalisation increased by N44 billion, closing at N11.221 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Dangote Cement, Flour Mills Nigeria, Forte Oil, UAC of Nigeria (UACN) and Cadbury Nigeria.

Analysts at Afrinvest Limited said that “in subsequent trading sessions, we expect a furtherance of yesterday’s positive performance; however, we envisage that this will be short-lived as we maintain our overall bearish outlook for the market.”

Codros capital Plc said; “We reiterate our negative outlook for the equities market in the short to medium term, amidst political concerns ahead of the 2019 elections, and the absence of a positive market trigger. However, positive macroeconomic fundamentals remain supportive of recovery in the long term.”

Market breadth closed positive, recorded 23 gainers against 16 losers. Veritas Kapital Assurance recorded the highest price gain of 9.52 per cent, to close at 23 kobo per share.

Law Union and Rock Insurance followed with a gain of 8.51 per cent to close at 51 kobo, while UACN rose 6.45 per cent to close at N9.90, per share.

Wema Bank appreciated by 5.56 per cent to close at 54 kobo, while Cadbury Nigeria up by 5.29 per cent to close at N9.95, per share. On the other hand, CI Leasing led the losers’ chart by 9.79 per cent, to close at N1.75, per share. Prestige Assurance followed with a decline of 8.51 per cent to close at 43 kobo, while Diamond Bank lost 7.77 per cent to close at 95 kobo, per share.

Associated Bus Company shed 7.41 per cent to close at 25 kobo, while Mutual Benefit Assurance depreciated by 4.76 per cent, to close at 20 kobo, per share.

Total volume of trades increased by 104 per cent to 215.38 million units, valued at N3.4 billion and exchanged in 2,933 deals. Transactions in the shares of Zenith Bank topped the activity chart with 58.3 million shares valued at N1.35 billion.

Sterling Bank followed with 35.13 million shares worth N63.18 million, while FBN Holdings traded 25.56 million shares valued at N191.9 million.

Diamond Bank traded 17.1 million shares valued at N16.82 million, while Fidelity Bank transacted 11.22 million shares worth N21.31 million.