Nigerian stocks on Tuesday sustained their positive outlook to begin the week on a progressive note as the key performance measure, NSE ASI, rose further by 0.80 per cent.
Market watchers attributed development to renewal of confidence as bargain hunters continued to leverage on undervalued stocks.
The market breadth however closed negative as the number of gainers at the close of trading session was 19 while decliners closed at 20.
Consequently, the All-Share Index grew by 310.16 basis points or 0.80 per cent from 38,800.01 index points last Friday to 39,110.17 while the market capitalisation of equities appreciated by N167bn to close at N39.11tn from N38.80tn.
On the activity chart, the insurance sub-sector dominated in volume terms with 343.32m shares exchanged in 404 deals. The sub-sector was enhanced by the activities in the shares of AIICO Insurance Plc and Lasaco Assurance Plc.
The premium sub-sector boosted by the activities in the shares of FBNH Plc and Access Bank Plc followed with 137.69m units traded in 1,727 deals.
In all, investors exchanged a total of 722.56m shares exchanged in 5,045 deals.
Further analysis of the day’s trading showed that Jaiz Bank Plc led the gainers with 10 per cent to at 66 kobo per share while NEM Insurance Plc followed with 9.56 per cent to close at N.49 per share and Lasaco Assurance Plc with a gain of 8.82 per cent to close at 37 kobo per share.
On the flip side, NCR Plc led the losers’ chart with a drop of 9.68 per cent to close at N1.96 per share.
FTN Cocoa Plc followed with a loss of 8.99 per cent to close at 81 kobo per share while Tranex Plc dropped by 8.86 per cent to close at 72 kobo per share.