The Nigerian equities market yesterday repositioned from the red zone to close positive as NSE-ASI gained 1.28 per cent.
Capital market analysts attributed the rally in the market to the “January effect”, a period in which there is increased buying activity at the start of the year.
In summary, the All Share Index (ASI) gained 488.84 absolute points, representing a growth of 1.28 per cent to close at 37,889.57 points. Similarly, the market capitalisation gained N174 billion to close at N13.764 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are, Seplat, Forte Oil, International Breweries, Wapco and Guaranty Trust Bank.
Analysts at Afrinvest Limited said that: “in line with expectation, the market closed in the green yesterday; hence we anticipate a positive close at the end of the week buoyed by a broad based rally.”
Market breadth improved significantly, with 49 gainers versus six losers. Dangote Flour recorded the highest price gain of 10.12 per cent, to close at N14.04 per share. May and Baker gained 10 per cent to close at N2.75, while Diamond Bank appreciated by 9.88 per cent to close at N1.89 per share.
FCMB Groups went up by 9.83 per cent to close at N1.90, while Transcorp appreciated by 9.68 per cent to close at N1.70 per share.