At the close of transactions Wednesday, the ASI expanded by 45.10 absolute points, or 0.11 per cent increase to close at 40,341.05 points. Similarly, the overall market capitalisation gained N24 billion to close at N21.094 trillion.
The market gain was piloted by price appreciation in medium and large value stocks, including; Mobil Nigeria, Flour Mills of Nigeria, BOC Gases, Seplat Petroleum Development Company, and Ardova Plc.
Analysts at Afrinvest Limited, said: “We believe the positive sentiment would be sustained till the close of the week.”
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Vetiva Dealing & Brokerage, also noted that “With most fundamental indicators (like improving Crude Oil prices, low yields in the fixed income market, as well as a better comparative returns in the equity market) still in favour of the Nigerian equity market, we expect the bulls to continue to dominate most of the sessions in the near term. However, the possibility of profit-taking on recent gains cannot be overruled.”