By InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian equities market on Tuesday posted a moderate gain as all-share index (ASI) climbed up 0.25 percent to 41,210.10 basis points compared to 0.70 percent increase recorded the last session; indicating Year-to-Date (Y-t-D) returns currently stands at a negative 0.29 percent.

Cordros Capital daily market update reported that the moderate gain posted at the Nigerian equities market in today’s session was possible on the back of solid demand for the shares of brewers, Guinness Nigeria Plc, soap makers, PZ Cussons Nigeria Plc, lender Stanbic IBTC and pan African bank, Ecobank Transnational Incorporated (ETI).

Cordros report say investors appear to be slowly finding their footing amid consistent volatility in recent times.

The report affirmed that sectorial performance was also positive as four (4) out of the five (5) indices posted positive performance. ‘’The Oil/Gas index led the gainers chart with a 1.96 percent rally, while the Banking, Consumer Goods and Insurance indices rose by 0.50 percent, 0.43 percent, and 0.28 percent respectively. On the other hand, the industrial index lost 0.65 percent,’’ Cordros said.

In terms of market breadth, it was positive all the way as the Nigerian bourse recorded 30 gainers and 23 losers. Ikeja Hotel Plc led the gainers chart and Academy Press Plc topped the losers chart.

At the end of transactions today, the Nigerian equities market turnover was positive as volume traded spiked by c.300% to 1.08billion shares worth N8.08billion, which were executed in 4,894 deals.

‘’Inspite of the gains posted over the last two trading sessions, the market appears vulnerable to profit-taking activities as investors look ahead to the streaming-in of Q3 numbers. In light of this hypothesis, we remain cautious heading into Thursday’s session? the market is closed tomorrow for the public holiday,’’ the Cordros report said.