NIGERIAN equities reopened on Monday with continuing bargain-hunting across the sectors with nearly two in every three deals closed at premium. Increased demand for shares tickled the bulls, leaving the market with net capital gains of N48 billion.

The All Share Index (ASI)- the benchmark value-based index that tracks share prices at the Nigerian Stock Exchange (NSE), posted average gain of 0.31 per cent to close at 29,710.56 points as against its opening index of 29,618.52 points. The rally nudged the average year-to-date return to 10.60 per cent.

Aggregate market value of quoted equities also increased from its opening value of N15.256 trillion to close at N15.304 trillion, representing an increase of N48 billion.

With 22 advancers to 12 decliners, most sectoral indices also closed on the upside. The NSE Industrial Goods Index rose by 1.95 per cent. The NSE Banking Index appreciated by 1.16 per cent. The NSE Insurance Index gained 1.10 per cent while the NSE Oil and Gas Index posted a return of 0.34 per cent. However, the NSE Consumer Goods Index declined by 3.14 per cent.

Total turnover stood at 266.95 million shares valued at N4.18 billion in 5,052 deals. Banking stocks dominated the activities’ chart with Access Bank emerging the most active stock with a turnover of 37.84 million shares valued at N408.69 million. Zenith Bank followed with a turnover of 34 million shares worth N790.41 million. Guaranty Trust Bank placed third with 33.6 million shares worth N1.15 billion. FBN Holdings recoded a turnover of 22.81 million shares valued at N171.9 million while United Bank for Africa recorded a turnover of 18.07 million shares worth N1660.7 million

Total Nigeria led the gainers with a gain of N10 to close at N117. MTN Nigeria followed with a gain of N1.70 to close at N128.30. BUA Cement chalked up N1 to close at N37. Cadbury Nigeria added 85 kobo to close at N10.85 while NASCON Allied Industries rose by 70 kobo to close at N15.70 per share.

“We expect gains in the local bourse to persist, however there is a possibility for investors to take profit in the near term,” Afrinvest Securities stated.

On the negative side, Nestle Nigeria led with a drop of N89.90 to close at N1,380. Unilever Nigeria followed with a drop of 50 kobo to close at N18. NCR Nigeria dropped by 40 kobo to close at N3.65. Oando lost 18 kobo to close at N3.52 while International Breweries declined by 10 kobo to close at N9 per share.