By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)- Nigerian shares rose on Tuesday, with the Nigerian Stock Exchange all-share index  (NSE ASI) gaining 4.51 percent and closing at 32,786.00 points, while market capitalisation climbed up by N466.85 billion to close at N10.82 trillion.

With this gain, current Year-to-Date (YTD) returns at the Nigerian bourse stands at a negative 20.67 percent.

Cordros in its daily market update reported that the market remained upbeat, as the benchmark index advanced for the second consecutive session this week to record its biggest single-day gain in over five (5) years.

The report says with four (4) straight sets of gains (beginning last Thursday), the benchmark index has grown by 13.2 percent, reducing the YtD loss by 342bps to a negative 20.67 percent.

According to the Cordros update, all of the five (5) NSE sectoral indices ended on a positive note at the end of the session. It reported the Banking index remained resilient with a gain of 6.36 percent, while Industrial Goods and Insurance indices also surged by 5.92 percent and 2.19 percent respectively.

“In addition, the Consumer Goods and Oil/Gas indices added a momentum to the market by rising 1.72 percent and 0.45 percent accordingly,” Cordros affirmed.

Market breadth on the Nigerian bourse improved with 48 gainers compared to 13 losers. Brewers, Champion Breweries Plc led the gainers chart with a gain of 0.49 kobo; while R.T Briscoe Nigeria Plc emerged top loser with a loss of 0.06 kobo.

In terms of turnover, at the end of transactions on the Nigerian equities market, volume traded dropped by 47.34 percent to 440.81 million shares valued at N4.11billion and traded in 4.964 deals.

“We doubt the sustainability of the current rally in the market,” the Cordros update noted.