By InvestAdvocate

Lagos (INVESTADVOCATE)-Stocks on the Nigerian bourse on Tuesday rebounded from yesterday’s losses following broad sector gains as the all-share index (ASI) rose 0.80 percent  to close at 27,231.50 points, while market capitalisation increased by N74.02 billion to close N9.35 trillion.

“Today’s gain increased the ASI’s MTD gain to 7.79 percent and reduced its YTD loss to 5.68 percent, according to Cordros daily market update.

The update says the Banking, Consumer and Industrial Goods sectors gained 0.73 percent, 0.76 percent, 0.67 percent apiece, following price increases in the shares of Nigeria’s top tier lender, Guaranty Trust Bank Plc, cement producer, Dangote Cement Plc and beermaker, Nigerian Breweries Plc by 0.90 percent, 1.75 percent and 1.84 percent respectively.

According to the report, the Oil & Gas index recorded marginal gain of 0.04 percent, driven by a price increase in the shares of oil marketer, Oando Plc by 0.33 percent; while on the contrary, the Insurance sector declined 0.42 percent after price depreciation in the shares of Law Union & Rock Insurance Plc by 1.92 percent.

At the close of the session, market breadth on the Nigerian Stock Exchange (NSE) posted a positive outlook with 25 gainers and 18 losers, according to the NSE market statistics. Vitafoam Nigeria Plc emerged top gainer with a gain of 0.30 kobo per share; while Learn Africa Plc topped the losers chart with a loss of 0.08 kobo per share.

In terms of turnover, total volume traded on the Nigerian Equities Market fell by 13.42 percent to 276.22 million shares, valued at N1.53 billion, and traded in 4,160 deals.

“We expect investors (especially domestic) to react positively to the outcome of today’s MPC meeting where the committee indicated that a flexible exchange rate policy would be introduced ‘in the coming days’. Consequently, we expect a bullish session tomorrow,” the Cordros update added.