By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-The bulls sustained its grip on the Nigerian Stock Exchange (NSE) for the second consecutive day as all-share index (ASI) rose 0.93 percent to close in green at 28,205.62 points, while market capitalisation grew by N70.52 billion to N9.69 trillion.

“Today’s positive close trimmed the Month-to-Date and Year-to-Date losses to 4.70 percent and 1.52 percent respectively, Cordros daily market update affirmed.

The update reports that at the close of the session, the Banking and Industrial Goods indices gained 1.98 percent and 0.99 percent apiece, boosted by the positive performance in the shares of Nigeria’s tier one lenders, Guaranty Trust Bank Plc, Zenith Bank Plc and cement producer, Dangote Cement Plc all gaining 4.96 percent, 2.50 percent and 2.89 percent each; while chemical producer Chemical & Allied Product Plc gained 4.17 percent.

Similarly, the Insurance index climbed up by 2.07 percent, following gains in the shares of insurer, Axa Mansard Insurance Plc by 9.81 percent.

On the other hand, the Consumer Goods and Oil & Gas indices grew by 1.60 percent and 0.19 percent respectively, owing to selloffs in the shares of beermakers, Nigerian Breweries Plc and Guinness Nigeria Plc both losing by 4.46 percent and 1.04 percent apiece; while oil marketing major Oando Plc declined by 1.94 percent.

According to the Cordros report, at the close of the session, market breadth remained positive, with 24 gainers and 23 losers posted. Okomu Oil Palm Company Plc emerged the top gainer with a gain of N3.22 kobo; while lender, Skye Bank Plc topped the losers chart with a loss of 0.04 kobo per share to close the session.

In terms of turnover, total volume traded on the domestic bourse increased by 70.52 percent to close at 488.90 million shares, valued at N4.83 billion, and traded in 4,713 total deals.

“We expect today’s gain to be sustained in the coming session, as investor appetite appears strengthened,” the Cordros update said.