The capitalisation of the Nigerian Stock Exchange (NSE), rose by N375 billion in six hours of trading, amid price appreciation recorded by some blue chips.
Specifically, the market capitalisation which opened at N12.033 trillion, rose by N375 billion or 3.12 per cent to close at N12.408 trillion.
Similarly, the All-Share Index increased by 719.45 points or 3.12 per cent to close at 23,809.31 in contrast with 23,089.86 on Monday.
Accordingly, the Month-to-Date gain increased to 3.4 per cent as Year-to-Date losses moderated to -11.3 per cent.
Mr Ambrose Omordion, the Chief Operating Officer, InvestData Limited, attributed the development to the spike in crude oil prices as lockdowns were being relaxed in different countries.
Omordion said the relaxation triggered a demand for oil, as movement and manufacturing activities resumed.
He added that the month of May, being dividend qualification dates for many blue-chip stocks that had suffered losses recently, was attracting funds and buying interest on high yields.
“These stocks are Dangote Cement, Nestle, Okomu, Julius Berger and others.
“Investors should not be carried away with this trend but should have a good exit strategy and play with caution,” Omordion said.
Nestle led the gainers’ table during the day, gaining N54.80 to close at N975 per share.
Dangote Cement trailed with N13 to close at N143, while MTN Nigeria Communications, added N4 to close at N120per share.
Zenith Bank appreciated by 50k to close at N14.85, while Lafarge Africa increased by 40k to close at N10.70 per share.
On the other hand, Flour Mills recorded the highest price loss to lead the laggards’ table, dropping by N1.25 to close at N19.75 per share.
BUA Cement came second with a loss of 80k to close at N31.80, while May and Baker declined by 27k to close at N2.43 per share.
NPF Microfinance Bank was down by 12k to close at N1.13, while Linkage Insurance dropped by 5k to close at 48k per share.
Guaranty Trust Bank was the most active stock during the day, exchanging 54.29 million shares valued N1.14 billion.
Mutual Benefit followed with an account of 41.79 million shares worth N9.02 million, while Zenith Bank traded 40.31 million shares cost N591.01 million.
Sterling Bank sold 30.79 million shares valued N37.64 million, while Access Bank traded 28.78 million shares valued N177.92 million.
In all, the volume of shares traded rose by 38.15 per cent as investors bought and sold 345.18 million shares valued N4.252 billion in 4,689 deals.
This was in contrast with 249.86 million shares worth N2.39 billion achieved in 6,538 deals on Monday.