Positive sentiments persisted on the equities sector of the Nigerian Exchange Limited (NGX) as more bluechip stocks join the league of gainers, resulting to a further rise in market capitalisation by N113 billion.

At the close of transaction yesterday, the All-Share Index (ASI) rose by 173.62 points, representing a gain of 0.25 per cent to close at 71,014.34 points. Also, market capitalisation gained N113 billion to close at N39.054 trillion.

The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; BUA Cement, NASCON Allied Industries, Oando, Guaranty Trust Holding Company (GTCO) and MeCure Industries.

Analysts at Vetiva Dealings and Brokerage, said: “Taking out the trades in Nestle, it was a relatively quiet session, with much lower trades recorded in the banking sector.

“Also, inflation data for October was released with headline inflation coming in at 27.33 per cent. We expect continued cautious trading tone in the consumer goods sector, while investors bargain hunt across other sectors.”

As measured by market breadth, market sentiment was positive, as 39 stocks gained relative to 19 losers. Oando and Omatek Ventures emerged the highest price gainer of 10 per cent each to close at N11.55 and 77 kobo respectively, while MeCure Industries followed with a gain of 9.92 per cent to close at N5.21, per share.

C&I Leasing rose by 9.87 per cent to close at N4.12, while Meyer appreciated by 9.73 per cent to close at N3.27, per share. On the other side, SCOA Nigeria led others on the losers’ chart with 9.68 per cent to close at N1.12, per share. Sovereign Trust Insurance followed with a decline of 8.82 per cent to close at 31 kobo, while Cornerstone Insurance declined by 4.83 per cent to close at N1.38, per share.

Cadbury Nigeria lost 4.17 per cent to close at N13.80, while AIICO Insurance depreciated by 4.05 per cent to close at 71 kobo, per share.

Meanwhile, the total volume traded decreased by 9.2 per cent to 297.35 million units, valued at N6.16 billion, and exchanged in 6,172 deals.

Transactions in the shares of Oando led the activity with 27.967 million shares worth N315.268 million. AIICO Insurance followed with account of 23.043 million shares valued at N16.392 million, while Japaul Gold & Ventures traded 20.377 million shares valued at N38.355 million.

Transnational Corporations (Transcorp) traded 14.533 million shares worth N88.344 million, while Consolidated Hallmark Insurance traded 14.174 million shares worth N14.547 million.