The Nigerian stock market reversed its negative trend on Tuesday with capitalisation growing by N112 billion on bargain hunting in the shares of Airtel Africa and 17 others.
Consequently, the capitalisation, which opened at N22.560 trillion inched higher by N112 billion or 0.50 per cent to close at N22.672 trillion.
Also, the All-Share Index rose by 213.86 points or 0.50 per cent to close at 43,444.20 from 43,230.35 achieved on Monday.
Accordingly, the month-to-date and year-to-date gains increased to 3.3 per cent and 7.9 per cent, respectively.
The market’s positive performance was driven by price appreciation in large and medium capitalised stocks which are: Airtel Africa, Cutix, FBN Holdings (FBNH), United Bank for Africa (UBA) and University Press.
However, market closed at par with 18 gainers and 18 laggards.
Cutix dominated the gainers’ chart in percentage terms with the 8.33 per cent to close at N3.25 per share.
Cornerstone Insurance trailed by 7.69 per cent to close at 56k, while Consolidated Hallmark Insurance went up by 6.90 per cent to close at 62k per share.
Royal Exchange gained six per cent to close at 53k, while Regency Alliance Insurance garnered 5.26 per cent to close at 40k per share.
On the other hand, Total Nigeria led the losers’ chart in percentage terms by 9.97 per cent to close at N216.80 per share.
Mutual Benefits Assurance followed with 6.90 per cent to close at 27k per share.
Linkage Assurance lost 5.36 per cent to close at 53k, while AXA Mansard Insurance and Chams shed 4.35 per cent each to close at N2.20 and 22k per share, respectively.
Also, the total volume of trades rose by 44.44 per cent to 423.83 million units valued at N11.65 billion exchanged in 4,181 deals.
This was in contrast with 293.43 million shares worth N4.29 billion transacted in 4,239 deals on Monday.
Transactions in the shares of FBNH topped the activity chart with 223.58 million shares valued at N2.76 billion.
Sterling Bank followed with 32.48 million shares worth N48.74 million, while Transcorp traded 24.67 million shares valued at N24.47 million.
Guaranty Trust Holding Company traded 20.84 million shares worth N564.22 million, while Jaiz Bank transacted 15.93 million shares worth N10.34 million.