By InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) on Wednesday posted gains for a second consecutive session as the all share index (ASI) climbed up by 2.40 percent to close at 29,422.71 points, while market capitalisation increased by N242.17 billion to N10.35 trillion.

“Today’s performance extended the Month-to-Date and Year-to-Date gains to 8.91 percent and 5.19 percent respectively,” Cordros daily market update affirmed.

This is coming on the heels of sustained rallies in blue chips in the financial, industrial and consumer goods sectors.

Cordros reports at the close of business on the domestic bourse, strong rallies in the shares of Nigeria’s top tier lenders, Guaranty Trust Bank Plc and Zenith Bank Plc gaining 5.22 percent and 3.77 percent, pushed the Banking index up by 2.92 percent.

Also, the positive performance in the shares of Nigeria’s top beermaker, Nigerian Breweries Plc and food and beverage producer, Nestle Nigeria Plc gaining 0.92 percent and 1.96 percent, buoyed the Consumer Goods index by 1.22 percent.

In the same vein, the Cordros update affirmed that gains in the shares of cement producer and Nigeria’s most capitalised listed company, Dangote Cement Plc 5.00 percent overshadowed losses recorded by its peers, Lafarge Cement Wapco Nigeria Plc and Cement Company of Northern Nigeria Plc both losing by 5.64 percent and 6.88 percent to lift the Industrial Goods index by 0.8 percent.

Similarly, the insurance index appreciated by 0.61 percent, following price increase in the shares of insurer, Axa Mansard Insurance Plc by 4.13 percent. On the flipside,   oil marketer Oando Plc lost by 1.26 percent to depress the Oil & Gas index by 0.34 percent.

At the close of the session, market breadth on the Nigerian bourse maintained a positive outlook, with 31 gainers and 16 losers declared, according to the NSE’s daily market statistics.

Drugmaker, GlaxoSmithKline Consumer Nigeria Plc emerged the top gainer with a gain of N1.68 per share; while indigenous leading logistics company, Trans-Nationwide Express Plc topped the losers chart with a loss of 0.13 kobo per share to close the day.

In terms of volume, total volume traded on the Nigerian Equities Market rose by 1.6 percent to 541.87 million shares, valued at N7.93 billion, and traded in 5,727 deals.

“We expect bullish sentiments to persist in tomorrow’s session, as today’s activities indicate strengthened appetite,” the Cordros update added.