The value of equities on the floor of the Nigerian Stock Exchange (NSE) Tuesday swelled by N27 billion or 0.37 per cent following strong performance by highly capitalised stocks.
The market had at the beginning of the week started on a negative note as anxious investors' rushed to take profit following consistent positive run in recent weeks.
Market watchers expects further appreciation in the market in the next few weeks as investors continue to position themselves for the release of companies' quarterly results.
A review of trading statistics released by the management of the NSE showed that all market indicators returned to positive territory, led by the twin market gauge, the All-share Index or ASI and the market capitalisation.
The NSE trading results revealed that its benchmark index appreciated by 85 points or 0.37 per cent to close at 22,656.76 points from 22, 571.78 points the previous day.
Also, the market capitalisation, which reflects the total amount of investment in the market went up by 0.37 per cent to close at N7.225 trillion from N7.198 trillion the previous day.
In the same vein, the NSE-30 index, which mirrors the 30-most capitalised equities on the Exchange grew by 3 points or 0.28 per cent to close at 1, 038.03 from 1, 035.35 points the previous day.
Meanwhile, the banking subsector of the Financial Services sector remained the most active in terms of the volume of shares traded.
It led the equities sector with a total of 320.28 million ordinary shares valued at N3.08 billion exchanged in 3, 428 deals.
The volume of shares sold in the banking sector was largely driven by the activity in the shares of Zenith Bank Plc, First Bank of Nigeria Plc, United Bank for Africa Plc and Guaranty Trust Bank Plc.
Trading on the shares of the four banks accounted for 238.5 million ordinary shares or 74.4 per cent of the sub-sector's turnover.
The insurance subsector also of the Financial Services sector boosted by the activity in the shares of AIICO Insurance Plc, Custodian and Allied Insurance Plc, Guaranty Trust Assurance Plc and Law Union and Rock Insurance Plc trailed on the activity chart with a turnover of 10.18 million ordinary shares worth N8.89 million executed in 87 deals.
The price movement chart of the NSE displayed a total of 27 stocks that recorded gains as against 19 on the losers table.
Mobil Oil Nigeria Plc led on the gainers table with a gain of N6.15 to close at N129.01 per share while WAPCO Plc followed with a gain of N2.15 to close at N45.27 per share.
On the other hand, United Bank for Africa Plc led on the losers table with a loss of 21 kobo to close at N4.02 per share while Vitafoam Plc trailed with 18 kobo loss to close at N3.51 per share.