Following gains in most highly-capitalised stocks, transactions on the floor of the Nigerian Stock Exchange (NSE) reversed the previous day’s losses to close upbeat as market capitalisation appreciated by N128 billion.
At the close of transactions yesterday, the All-Share Index (ASI) increased by 244.40 absolute points, representing a rise of 0.63 per cent to close at 38,931.25 points. Market capitalisation value gained N128 billion to close at N20.369 trillion.
The market gain was driven by price appreciation in large and medium capitalised stocks including Nestle Nigeria, Dangote Cement, Nigerian Breweries, May & Baker Nigeria and Africa Prudential.
Analysts at Afrinvest said: “Moving forward, we expect the overall bearish sentiment to be sustained in the market. However, there are opportunities for bargain hunting amid cheap attractive stocks.”
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