Sentiments remained positive on the domestic bourse, with the benchmark index rising by 0.61 percent, as bargain hunting continues across Tier one banking stocks.

The All-Share Index (ASI) increased by 160.43 absolute points, representing a growth of 0.61 percent to close at 26,415.54 points. Similarly, the overall market capitalisation size gained N84 billion to close at N13.765 trillion. Consequently, the Month-to-Date return gained by 0.8 percent, while Year-to-Date loss moderated to 1.6 percent.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Nigerian Breweries, UAC of Nigeria (UACN), Access Bank, Ecobank Transnational Corporation (ETI) and FBN Holdings.

Analysts at Afrinvest Limited expected market gains in subsequent trading days of the week due to the opportunity for bargain hunting.

Market sentiment, as measured by market breadth, was positive, as 22 tickers gained, relative to 10 losers.  NEM Insurance and Royal Exchange recorded the highest price gain of 10 percent each, to close at N1.87 and 22 kobo, respectively, while AXA Mansard Insurance followed with a gain of 9.80 percent to close at N1.68, per share.

FBN Holdings went up by 9.71 percent to close at N5.65, while ETI appreciated by 9.26 percent each, to close at N5.90, per share. On the other hand, Ardova Plc led the losers’ chart by 10 percent, to close at N15.30, per share. Deap Capital Management and Trust followed with a decline of 8.33 percent to close at 33 kobo, while Consolidated Hallmark Insurance went down by 7.41 to close at 25 kobo, per share.

Chams lost 4.76 percent to close at 20 kobo, while Law Union and Rock Insurance shed four percent to close at 96 kobo, per share.

However, the total volume traded declined by 20.7 percent to 307.72 million shares, worth N2.81 billion, and traded in 4.419 deals. Transactions in the shares of FBN Holdings topped the activity chart with 50.25 million shares valued at N279.76 million. Zenith Bank followed with 49.37 million shares worth N966.29 million, while United Bank for Africa (UBA) traded 32.38 million shares valued at N224.61 million.

Guaranty Trust Bank traded 24.82 million shares valued at N616.27 million, while Transnational Corporation of Nigeria (Transcorp) transacted 20.05 million shares worth N17.08 million.