The market capitalisation of the Nigerian Stock Exchange (NSE) climbed to N10.198 trillion this week on bargain hunting by investors, which has been on for three consecutive days.
Having dipped by 14 per cent in the first month of the year, with some stocks depreciating by 30 per cent, bargain hunters swooped on the market since Monday.
This development lifted the market capitalisation by N352 billion in the last three days to close at N10.198 trillion.
Market operators had said most shares reached their bottom following the recent bear run that resulted from investors cautious trading due to economic and political uncertainties in the country.
However, the market has remained positive since the beginning of February, leading to 3.6 per cent growth in the NSE All-Share Index (ASI) and N352 billion in market capitalisation. While the market capitalisation closed higher at N10.198 trillion, the ASI ended at 30,617.96 yesterday, to reduce the year-to-date decline to 11.7 per cent.
Apart from ASI that went up, all other sectoral indices, except oil and gas also appreciated. The NSE Banking Index maintained its position as the highest sector gainer with 4.5 per cent, followed by the NSE Industrial Goods Index with a growth of 1.6 per cent. The NSE Consumer Goods Index rose by 0.9 per cent, while the NSE Insurance Index recorded a marginal growth of 0.1 per cent.
The sustained bull run was on the back of gains in large cap stocks in the industrial goods and banking sectors. For instance, Dangote Cement went up by 3.2 per cent, while Zenith Bank Plc and Guaranty Trust Bank gained 7.8 per cent and five per cent respectively.
In all, 29 stocks appreciated while 15 depreciated. Diamond Bank Plc led the gainers with 9.86 per cent, trailed by UACN Property Development Company Plc (9.81 per cent). RT Briscoe Nigeria Plc rose by 8.9 per cent, just as Champion Breweries Plc went up by 5.7 per cent. Ecobank Transnational Incorporated and UAC of Nigeria Plc grew by five per cent apiece among others.