The All-Share Index of the Nigerian Stock Exchange (NSE) on Thursday returned to 30,000 mark after being within 29,000 region for 11 consecutive days.
Specifically, the index closed for Easter holidays with a growth of 115.45 points or 0.39 per cent to close at 30,086.31 against 29,970.86 posted on Wednesday.
Similarly, the market capitalisation inched N44 billion or 0.39 per cent to close at N11.301 trillion against N11.257 trillion achieved on Wednesday.
The bullish performance could be attributed to gains in Dangote Cement, Cement Company of Northern Nigeria (CCNN), Unilever Nigeria, Dangote Flour Mills and Chemical and Allied Products (CAP).
Analysts at Cordros Capital Limited noted that “Whilst some positive earnings releases, as well as downbeat prices in value stocks, appear to drive investor interest, it is worth stating that the absence of a positive trigger continues to dampen our outlook for equities in the short-to-medium term.
However, strengthening macro-economic variables remained supportive of long-term gains.”
Also, analysts at APT Securities and Funds Limited stated that the equities market was set for a rebound as more up days emerged, advising investors to take advantage of fundamentally justified stocks that had shed weight over the down days.
NAN reports that the market breadth closed positive, with 26 gainers compared with 13 losers.
Royal Exchange recorded the highest price gain of 10 per cent, to close at 22k per share.
Livestock Feeds and Chams followed with a gain of 9.09 per cent each to close at 60k and 36k per share, respectively.
First Aluminium went up by 7.89 per cent to close at 41k, while AXA Mansard Insurance appreciated by 5.26 per cent to close at N2, per share.
On the other hand, C& I Leasing led the losers’ chart by 9.89 per cent, to close at N7.20 per share.
United Capital followed with a decline of 9.82 per cent to close at N2.48, while Berger Paints depreciated by 9.19 per cent to close at N8.40 per share.
Julius Berger and Vitafoam Nigeria declined by 9.09 per cent each to close at N25 and N3.50 per share, respectively.
The total volume traded rose by 5.08 per cent to 226.98 million shares, worth N1.74 billion achieved in 3,399 deals.
This was against the 216.01 million shares valued at N3.24 billion transacted in 4,025 deals on Wednesday.
Transactions in the shares of Access Bank topped the activity chart with 58.4 million shares valued at N403.4 million.
Zenith Bank followed with 27.42 million shares worth N574.59 million, while United Bank for Africa (UBA) traded 15.98 million shares valued at N104.75 million.
Chams traded 13.84 million shares valued at N4.98 million, while United Capital transacted 12.99 million shares worth N33.01 million.
NAN reports that the market would re-open on April 23 following three days public holidays declared by the Federal Government to mark the Easter celebrations.