Sustained bargain-hunting extended the bullish run into the fifth consecutive trading day, causing market capitalisation to rise significantly by N408 billion.
The All-Share Index (ASI) gained 927.01 absolute points, representing a growth of 3.07 per cent to close at 31,145.15 points. Similarly, the market capitalisation gained N408 billion to close at N13.718 trillion.
The performance was largely driven by price appreciation in Dangote Cement, MTN Nigeria, GlaxoSmithKline Consumer Nigeria, Vitafoam Nigeria, and UAC of Nigeria.
Analysts at Afrinvest Limited, said: “Despite the weak investors’ sentiment, we expect the rally in MTN Nigeria and renewed interest in Dangote Cement to continue to buoy market performance in the near term.”
Also, Cordros Capital Limited expects the rally in the equity market to persist in the short term, following sustained interest in MTN Nigeria shares.
But market breadth remained negative, with 12 gainers versus 27 losers. MTN Nigeria recorded the highest price gain of 9.98 per cent to close at N144.85 per share. Vitafoam Nigeria followed with a gain of 9.82 per cent to close at N4.25, while Dangote Cement appreciated by 9.73 per cent to close at N203, per share.
Thomas Wyatt Nigeria rose 8.11 per cent to close at 40 kobo, while University Press added 5.88 per cent to close at N1.80, per share.
On the other hand, Law Union and Rock Insurance led the losers’ chart with 9.09 per cent to close at 40 kobo per share.
Ecobank Transnational Inc. followed with 8.50 per cent to close at N9.15, while Japaul Oil and Maritime Services shed 8.33per cent to close at 22 kobo, per share.
Courteville Business Solutions fell eight per cent to close at 23 kobo, while Nestle Nigeria retreated 7.69 per cent to close at N1,320, per share.
Total volume traded depreciated by 12.22 per cent to 294.57 million shares worth N17.47 billion, traded in 4,835 deals.
Transactions in the shares of MTN Nigeria topped the activity chart 93.72 million shares worth N13.58 billion.
Zenith Bank followed with 29.47 million shares valued at N566.55 million; while United Bank for Africa (UBA) traded 22.37 million shares at N129.56 million.
Access bank traded 21.4 million shares valued at N127.87 million, while Guaranty Trust Bank sold 16.55 million shares worth N516.62 million.