Transactions on the Nigerian stock market extended their gaining streak on Wednesday with the market capitalisation improving further by N44 billion on sustained bargain hunting.

The positive performance was impacted by investors’ bargain hunting sentiments across all the major sectors, led by the insurance and the banking sectors.

Specifically, the market capitalisation rose by N44 billion to close at N20.070 trillion from N20.026 trillion recorded on Tuesday.

Also, the All-Share Index increased by 83.27 points or 0.22 per cent to close at 38,501.31 against 38,418.04 recorded on Tuesday.

The market upturn was driven by price appreciation in large and medium capitalised stocks, amongst which were Guaranty Trust Bank Holding Company, Dangote Sugar Refinery, Lafarge, Cutix and Custodian Investment.

Analysts at Afrinvest predicted that the market would sustain its positive performance as investors position ahead of the first half earnings results.

The News Agency of Nigeria (NAN) reports that the market sentiment closed positive with 22 gainers in relation to 13 losers.

Cutix led the gainers’ chart in percentage terms with 10 per cent to close at N3.63 per share.

John Holt followed with 9.84 per cent to close at 67k, while UACN Property Development Company rose by 9.71 per cent to close at N1.13 per share.

Tripple Gee & Company appreciated by 8.33 per cent to close at 91k, while Wapic Insurance gained 5.36 per cent to close at 59k per share.

On the other hand, BOC Gases led the losers’ chart in percentage terms by 9.94 per cent to close at N7.70 per share.

Berger Paints trailed with 9.64 per cent to close at N8.90, while Courteville Business Solutions shed 4.55 per cent to close at 21k per share.

Japaul Gold and Ventures shed 3.92 per cent to close at 49k, while Unity Bank depreciated by 3.51 per cent to close at 55k per share.

In the same vein, the total volume of trades increased by 2.5 per cent to 296.09 million shares valued at N2.56 billion exchanged in 4,507 deals.

This was against a total of 288.93 million shares worth N2.42 billion transacted in 4,540 deals on Tuesday.

Transactions in the shares of FBN Holdings topped the activity chart with 34.84 million shares valued at N265.09 million.

Access Bank followed with 28.69 million shares worth N271.74 million, while Zenith Bank traded 27.73 million shares valued at N689.16 million.

Fidelity Bank accounted for 24.74 million shares worth N57.42 million, while Transcorp transacted 23.93 million shares worth N2.14 million.