Equities market recorded first two consecutive gains in February, as the Nigerian Stock Exchange All-Share Index advanced by 0.14 per cent to 40,221.30 points at the end of Wednesday’s trading.
Amid sustained bargain hunting activity, the market capitalisation also rose by 0.14 per cent to close at N 21.043, leaving investors with a gain of N29.53bn.
While the domestic bourse recorded 20 gainers and losers apiece, the Year-to-Date loss of the ASI moderated to -0.12 per cent.
“We observed that investors were bullish on other tier 1 banking stocks amid hope that they would increase their dividend payout too as exhibited by Zenith Bank yesterday,” analysts from Cowry Asset Management said.
Share prices of Guaranty Trust Bank, FBN Holdings, Access Bank, United Bank for Africa and Zenith Bank advanced by 0.98 per cent, 1.37 per cent, 1.80 per cent, 0.59 per cent and 1.15 per cent respectively.
Three out of the five indices tracked closed in the green zone. The banking, oil and gas, and industrial indices increased by 0.77 per cent, 0.79 per cent and 0.22 per cent. However, the insurance and consumer goods indices fell by 1.87 per cent and 0.32 per cent respectively.
Trading activity was upbeat as total deals, volume and value of stocks traded rose.
As a result, total volume of trades rose by 38.94 per cent to 469.56 million units valued at N7.08bn in 5,470 deals.