The bullish trading at the stock market continued Tuesday with the Nigerian Stock Exchange (NSE) All-Share Index (ASI) crossing the 23,000 threshold to close at 23,039.27.
Activities of bargain hunters encouraged by the impressive half year results by companies have sustained the positive run in the market in the past two weeks.
The upward trend pushed the index to an 11-month high last week and when the market opened on Monday, the momentum was increased, with the index rising by 1.04 per cent.
And by the close of trading Tuesday, the benchmark indicator had hit 23,039.27, while market capitalisation of equities closed at N7356 trillion. Operators said the market was being driven by the gradual return of foreign investors and move by domestic investors to key into the first half (H1) earnings season that has seen firms declaring improved financial performance.
While United Bank for Africa Plc and Diamond Bank Plc reported impressive H1 results last week, Skye Bank Plc on Monday followed the same trend by also posting positive figures.
Analysts said the move by investors to acquire the shares of some of the firms that had already declared their results in the banking sub-sector, in particular and expectation that more of such results would hit the market, have given the market the current lift.
A total of 26 stocks appreciated in value compared with 16 that depreciated. Six banks were among the gainers. However, Flour Mills of Nigeria Plc recorded the highest price gain of N2 to close at N55.00 per share. Conversely, Arbico Plc led the price losers with N1.05 to close at N20.14 per share.