By InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) on Tuesday sustained its market rally for the second consecutive day as all-share index (ASI) inched up 0.62 percent to close at 34,416.29 points, while market capitalisation increased by N71.79 billion to close at N11.69 trillion.

According to Cordros market update, gains witnessed across all sectors of the market, with the Oil/Gas and Banking indices contributing the most, current market Year-to-Date (Y-t-D) returns on the Nigerian bourse stands at a negative 0.69 percent.

“Today’s gain was recorded despite data on Q1-2015 y/y real GDP growth contraction and a continued upward trending inflation,” the Cordros update affirmed.

The report says all of the five (5) Sectoral indices appreciated. “The Oil/Gas and Banking indices recorded high gains of 1.75 percent and 1.17 percent respectively,” Cordros added.

Also, the Insurance and Consumer Goods indices followed suit with 0.35 percent and 0.27 percent increase respectively; while the Industrial Goods index climbed up by 0.21 percent.

At the close of transactions on the NSE, market breadth posted a positive outlook; recording 25 gainers and 18 losers.

Oil marketer, Forte Oil Plc emerged top gainer with a gain of N7.60; while hospitality firm, Ikeja Hotel Plc topped the losers chart with a loss of 0.35 kobo.

In terms of turnover, at the end of today’s session on the Nigerian equities market, volume traded increased by 1.65 percent to 356.60 million shares, valued at 4.03 billion and traded in 4,182 deals.

“We remain cautiously optimistic as we approach the May 29 handover date,” Cordros report affirmed.