By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)- Nigerian Stocks on Monday halted the eight (8) consecutive losing session as all- share index (ASI) gained 0.22 percent to at 30,247.83 basis points, while market capitalisation increased N23.15 billion to N10.37 trillion.

This is coming on the heels of renewed demand for blue chips like conglomerate Transnational Corporation OF Nigeria Pc, brewer Guinness Nigeria Plc, lenders, Access Bank Plc, Stanbic IBTC Plc and cement maker, Dangote Cement Plc.

“After losses recorded in the month of July (9.79 percent m/m), the gain inaugurated August on a positive note and pared the Year-to-Date decline to 12.72 percent, according to Cordros daily market update.

The report says sell-offs in oil marketing firms, Oando Plc and Total Nigeria Plc led to a 0.43 percent decline in the Oil/Gas index – the only loss recorded amongst the five (5) NSE sectoral indices.

On the contrary, Cordros reported Insurance index topped the gainers’ chart with a 0.51 percent appreciation, the Banking and Industrial indices followed with 0.38 percent gain, while the Consumer Goods Index grew by 0.14 percent.

At the close of today’s session on the Nigerian bourse, market breadth posted positive outlook; recording 21 gainers and 22 losers, the Nigerian Stock Exchange (NSE) daily market data affirmed.

Fast Consumer Moving Goods, (FCMG) company Flour Mills of Nigeria Plc emerged top gainer with a gain of N1.43 kobo per share. While UACN of Nigeria Plc topped the losers chart with a loss of N2.00 per share to close the session.

In terms of turnover, volume traded increased by 19.39 percent to 320.25 million shares, valued at N3.53 billion and executed in 3,277 deals.

“We expect the bulls to be short-lived as uncertainties still exist,” the Cordros report said.