The Nigerian Exchange Limited started the week on a positive note, with market capitalisation rising by N1.91 trillion, or 1.20 per cent, to N160.42 trillion.

The All-Share Index also gained 2,956.15 points to close at 248,529.75, pushing the market’s year-to-date return to 59.71 per cent.

The rally, the fourth consecutive bullish session, was driven mainly by gains in large-cap stocks, including Airtel Africa, Fortis Global Insurance, Chams and Nigerian Aviation Handling Company.

Fortis Global Insurance led the gainers with 10 per cent, while AVA Capital topped the losers’ chart, also declining by 10 per cent.

Trading activity weakened, with volume falling 25.11 per cent to 1.14 billion shares valued at N27.02 billion in 59,185 deals.

Analysts attributed the market’s performance to strong gains in major large-cap stocks and said a new pricing methodology expected from August 16 could increase volatility and improve price discovery.