The stock market resumed trading yesterday, after Christmas two-day holidays. The ASI gained 310.16 absolute points, representing a gain of 0.80 per cent to close at 39,110.17 points.
Similarly, the overall market capitalisation value appreciated by N168 billion to close at N20.447 trillion. The uptrend was driven by price appreciation in medium and large capitalised stocks amongst which are; BUA Cement, Zenith Bank, Access Bank, NPF Microfinance Bank and NEM Insurance. Analysts at Afrinvest Limited said: “We anticipate the bullish run would remain following sustained buying interest in the local bourse.”
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Meanwhile, market sentiment, as measured by the market breadth, was slightly negative as 20 stocks declined, relative to 19 gainers. Jaiz Bank recorded the highest price gain of 10 per cent, to close at 66 kobo.