By InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) on Wednesday halted a three-day bearish streak as all–share index (ASI) gained 0.80 percent to close at 29,812.91 points, while market capitalisation increased by N81.63 billion to N10.24 trillion.

“Today’s performance extended the Month-to-Date and Year-to-Date gains to 7.77 percent and 4.09 percent respectively, Cordros daily capital market update affirmed.

At the close of the session, following upbeat sentiments on the Nigerian bourse, the Banking and Consumer Goods indices appreciated 2.00 percent and 0.01 percent each, as investors interest boosted the shares of financial HoldCo, FBN Holdings Plc by 4.72 percent, Nigeria’s top tier lenders Guaranty Trust Bank Plc and Zenith Bank Plc by 4.17 percent and 2.24 percent apiece; while food and beverage makers, Nestle Nigeria Plc, Nigeria brewing giant, Nigerian Breweries Plc and Seven-Up Bottling Company climbed up by 0.01 percent and 1.43 percent respectively.

Cordros reports that following suit, is the Industrial Goods and Oil & Gas indices gaining 0.60 percent and 0.40 percent each, driven by gains recorded in the shares of Nigeria’s most capitalised listed company and top cement producer, Dangote Cement Plc and oil marketing major, Forte Oil Plc both appreciating by 0.98 percent and 1.59 percent respectively.

The report says on the flipside, the Insurance index bucked the trend to close lower by 0.74 percent; following price declines in the shares of insurer, Axa Mansard Insurance Plc and reinsurer, Continental Insurance Plc by 3.10 percent and 1.75 percent each.

At the close of trading on the domestic bourse, market breadth turned positive, with 24 gainers and 18 losers, according to the NSE’s daily stock market statistics. Nigeria’s mid-tier lender, Wema Bank Plc emerged the top gainer with a gain of 0.06 kobo per share, while drugmaker, Fidson Healthcare Plc topped the losers chart with a loss of 0.17 kobo per share.

In terms of turnover, total volume traded on the Nigerian Equities Market rose by 19.81 percent to 305.81 million shares, valued at N2.86 billion, and traded in 4,640 deals.

“Given today’s positive performance, we expect bullish sentiments to persist in tomorrow’s session,” the Cordros update added.