The equity market continued its bullish trend on Thursday, with investors securing gains of approximately N6.29 billion.

Positive trading activity was driven by buying interest in Seplat Energy Plc, United Bank for Africa, and First Bank of Nigeria Holdings.

The market capitalisation increased by 0.11 percent to close at N56.28 trillion, while the all-share index rose to 99,396.23 points.

The number of deals grew by 0.25 percent, reaching a total of 7,616 transactions. The year-to-date return slightly increased to 32.9 percent.

Market activity strengthened significantly, with the volume and value of traded shares climbing by 91.6 percent and 154.7 percent, respectively, to 529.4 million units and N10.5 billion.

Sector performance was largely positive, with five indices recording gains. However, the Airtel Africa-ICT index dropped by 2.7 percent, primarily due to losses in MTN Nigeria Communications, which fell by 6.9 percent, and Chams Plc, which decreased by 2.1 percent.

The Oil and Gas sector led the gains, rising by 5.7 percent, driven by increases in Seplat Energy and Oando Plc.

The Banking and Consumer Goods sectors also performed well, with gains of 1.0 percent and 0.2 percent, respectively, attributed to price appreciations in UBA, FBNH, International Breweries, and Flour Mills of Nigeria.

Additionally, the Insurance and Industrial Goods indices rose by 0.1 percent and 0.01 percent, respectively, boosted by Mutual Benefits Assurance, Cornerstone Insurance Company, and Cutix Plc.

Analysts at Meristem Securities Limited expect a reversal of the day’s gains as investors look to book profits amid weak sentiment.

“Tomorrow, we anticipate a reversal of today’s gains as investors book profit amid weak sentiment,” the analysts stated.