The Nigerian stock market reversed its recent losses on Thursday as the market capitalisation of equities increased by N350bn at the end of trading.
The Nigerian Stock Exchange All-Share Index rose by 1.75 per cent to 39,461.20 basis points from 38,781.48bps.
The market capitalisation of equities increased to N20.65tn on Thursday from N20.30tn on Wednesday.
A total of 270.68 million shares valued at N2.03bn were traded by investors in 3,897 deals at the end of trading on the floor of Nigerian Exchange Limited, compared to 259.51 million shares valued at N1.91bn in 3,547 deals on Wednesday.
Twenty-four firms saw their share prices rise at the end of trading on Thursday, with Fidson Healthcare Plc leading the park as its share price rose by 10 per cent to N5.28 per share.
Julius Berger Nigeria Plc rose by 10 per cent to N20.90 per share, while Ekocorp Plc gained 9.26 per cent to close at N5.90 per share.
Consolidated Hallmark Insurance appreciated by 9.09 per cent to close at N0.36 per share while Royal Exchange increased by 8.89 per cent to close at N0.49 per share.
Eighteen firms recorded price losses at the end of trading, with CWG Plc, Mutual Benefits Assurance Plc, FBN Holdings Plc, Wapic Insurance Plc and Honeywell Flour Mills as the biggest losers.
CWG fell by 9.84 per cent to close at N2.29 per share while Mutual Benefits lost 7.50 per cent to close at N0.37 per share.
FBN Holdings declined by 6.76 per cent to N6.90 per share; Wapic shed 3.85 per cent to N0.50, and Honeywell dropped by 3.76 per cent to N1.28 per share.
Analysts at Cordros Capital Limited said trading in the domestic equities market was negative for most of the day.
They, however, said late interest in bellwethers, Dangote Cement Plc and MTN Nigeria ensured the market closed higher.
The month-to-date gain increased to 1.1 per cent, while year-to-date loss moderated to 2.0 per cent.
“Sectoral performance was mixed, as the industrial goods (+3.6 per cent) and insurance (+1.4 per cent) indices gained while the banking (-1.4 per cent) and consumer goods (-0.2 per cent) indices declined. The oil and gas index traded flat,” the analysts said.