By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-The bulls on Wednesday tightened its grip on the Nigerian Stock Exchange (NSE) as all-share index (ASI) inched up 0.88 percent to close at 33,967.48 points, while the market capitalisation added N98.28 billion to close at N11.25 trillion.

At the end of the day’s session bargain hunting continued on the Nigerian bourse as current Year-to-Date (YTD) returns  stands at a negative 17.81 percent extending stocks gain for two (2) consecutive session.

For the review period, the stock market bullish run at the end of the day’s session was as a result of higher demand for oil/gas and consumer goods stocks, according to the Cordros market update.

Cordros reported four (4) out of the five (5) NSE sectoral indices mirrored the broader market’s positive performance.

It reported the oil/gas topped the gainers chart with a 4.51 percent growth, the consumer goods indices also strengthened by 2.47 percent, while the industrial goods and insurance indices increased by 1.95 percent and 0.81 percent respectively. The report says on the other hand, the banking index declined by 0.65 percent.

Market breadth at the end of transactions on the Nigerian bourse was positive as it recorded 36 gainers compared 27 losers. Like the previous session, oil marketers, Oando Plc led the gainers list; while beer makers, Champion Breweries Plc led the losers chart.

Turnover ended on a positive note as volume traded increased by 6.84 percent to 299.91 million shares, worth N7.60 billion and traded in 6,120 deals.

“We maintain our positive outlook for tomorrow’s trading, considering that risk appetite remains high across the market,” the Cordros report affirmed.