The Nigerian Exchange Limited (NGX) reversed its recent downward trend yesterday, closing on a positive note as market capitalization increased by N314 billion amid strategic buying in Beta Glass and 39 other stocks.

The All-Share Index (ASI) gained 501.14 points, representing a growth of 0.46 percent to close at 108,762.61 points. Market capitalization rose correspondingly to close at N68.357 trillion.

The market's upward movement was driven by gains in medium and large capitalized stocks, including Beta Glass, Oando, Nigerian Breweries, Transnational Corporation (Transcorp), and Industrial and Medical Gases.

Market Analysts Project Continued Growth

Market analysts remain optimistic about the exchange's short-term outlook. Afrinvest Limited stated: "We expect the bourse to sustain the positive momentum, due to Q1 earnings-driven improved valuation of major tickers and muted activities in the primary market segment for fixed income papers this week."

Similarly, Vetiva Dealings and Brokerage noted: "The market looks like it's finding its footing again — investors are hunting for bargains, jumping on fundamentally sound names. If this steady flow of interest across different sectors keeps up, we could see prices climb further."

Top Gainers and Losers

Investor sentiment improved as measured by market breadth, with 40 stocks advancing while 24 declined.

Top Gainers:

- Chellaram and Oando led with 10 percent gains each, closing at N11.44 and N49.50 respectively

- Transcorp followed closely with a 9.99 percent increase, closing at N46.25

- Beta Glass rose 9.96 percent to close at N194.30

- Caverton Offshore Support Group climbed 9.85 percent to close at N3.68

Top Losers:

- Haldane McCall led decliners with a 9.85 percent drop, closing at N4.21

- Academy Press fell 7.33 percent to close at N4.30

- UPDC declined 6.25 percent to close at N3.00

- ABC Transports depreciated 6.13 percent to close at N2.91

- NPF Microfinance Bank dropped 5.14 percent to close at N2.03

Trading Volume Increases

The total trading volume rose by 20 percent to 498.48 million units valued at N10.782 billion, exchanged in 14,916 deals.

Tantalizer dominated the activity chart with 57.803 million shares valued at N131.323 million, followed by Access Holdings with 36.792 million shares worth N784.432 million. Guaranty Trust Holding Company (GTCO) traded 31.844 million shares valued at N2.191 billion, while Fidelity Bank and Nigerian Breweries traded 23.398 million and 21.033 million shares worth N470.486 million and N1.08 billion respectively.