The domestic equities market bucked its downward trend, as investors’ interests in MTN Nigeria and 22 other stocks propelled the benchmark index up by 1.70 percent, the highest since January 9, 2020.

The All-Share Index (ASI) increased by 438.54 absolute points, representing a growth of 1.70 percent to close at 26,255.11 points. Similarly, the overall market capitalisation size gained N232 billion to close at N13.681 trillion.

With this, the Month-to-Date returned to positive by 0.15 percent, while Year-to-Date losses moderated to 2.19 percent.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Nestle Nigeria, MTN Nigeria, Guaranty Trust Bank, Zenith Bank, and Access Bank.

Analysts at Afrinvest Limited expected continued bargain hunting in the near term, given relative attractiveness of the local bourse.

Also, analysts at Imperial Asset Managers Limited expected the market to maintain a prevailing trend in the next session as discerning investors position ahead of full-year 2019 dividend adjustment dates.

On sector performance, the Banking index supported the market following an expansion of 7.99 percent, the largest expansion since January 20, 2016. Also, the Consumer Goods index widened by 1.97 percent. However, losses were recorded across the Industrial Goods, Insurance, Oil and Gas indices by 4.27 percent, 1.59 percent, and 0.08 percent, respectively.

Market breadth closed positive as 23 stocks posted gains while 12 stocks posted declines. PZ Cussons Nigeria recorded the highest price gain of 9.88 percent, to close at N4.45, per share. Skyway Aviation Handling Company followed with a gain of 9.86 percent to close at N2.34, while Access Bank appreciated by 9.74 percent to close at N8.45, per share.

FBN Holdings went up by 9.57 percent to close at N5.15, while UAC of Nigeria (UACN) appreciated by 9.46 percent, to close at N8.10, per share. On the other hand, the Associated Bus Company led the losers’ chart by 10 percent, to close at 27 kobo, per share. Dangote Sugar Refinery followed with a decline of 9.92 percent to close at N10.90, while  Okomu Oil went down by 9.71 to close at N61.40, per share.

Royal Exchange lost 9.09 percent to close at 20 kobo, while AXA Mansard Insurance shed 8.93 percent to close at N1.53, per share.

Also, the total volume traded increased by 19.26 percent to 387.895 million shares, worth N5.076 billion, and traded in 4,901 deals. Transactions in the shares of Guaranty Trust Bank topped the activity chart with 83.125 million shares valued at N2.014 billion. Zenith Bank followed with 54.55 million shares worth N1.049 billion, while United Bank for Africa (UBA)  traded 37.82 million shares valued at N261.367 million.

FBN Holdings traded 32.19 million shares valued at N163.43 million, while  Access Bank transacted 31.064 million shares worth N256.176 million.