The All Share Index rose by 498.44 absolute points, representing a gain of 0.93 per cent to close at 53,998.12 points. Accordingly, investors gained N271 billion in value as market capitalisation went up to N29.411 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Seplat Energy, Geregu Power, MTN Nigeria Communications , MRS Oil Nigeria and Nigerian Exchange Group . Analysts at GTI Securities Limited said: “we expect positive sentiment to be sustained as investors continue to pile into defensive and financial stocks.”
Also, market breadth closed positive as 27 stocks posted gains while 13 declined. MRS Oil Nigeria recorded the highest price gain of 10 per cent to close at N17.60, per share. Northern Nigeria Flour Mills followed with a gain 9.88 per cent to close at N8.90, while International Energy Insurance went up by 9.76 per cent to close at 90 kobo, per share.Seplat Energy went up by 9.50 per cent to close at N1,325.00, while Cornerstone Insurance appreciated by 9.