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Despite projections from analysts that the Nigerian stock market would experience bearish sentiments this week, the market capitalisation of the Nigerian Stock Exchange (NSE) rose by N297 billion in two consecutive trading sessions.
At the close of transactions yesterday, price appreciation in Zenith Bank, Access Bank and Dangote Cement pulled the All Share Index (ASI) up by 0.90 per cent to close at 27,586.93 points.
Consequently, market capitalisation rose N117.7 billion to close at N13.316 trillion. However, activity level was mixed as volume traded fell by 14.2 per cent to 446.38 million units while value traded increased by 8.8 per cent to N5.81 billion, exchanged in 5,727 deals.
UBA was the top traded stock with the sale of 86.78 million shares valued at N709.36 million. Zenith Bank traded about 73.21 million shares valued at N1.51 billion while FBN Holdings transacted 34.71 million shares worth N240.97 million.
Reacting to the development, Analysts at Afrinvest said, “following the recent trend in the market, we maintain our bullish outlook on the market this week”.
