By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-Sentiments remained upbeat for a fifth consecutive day in the Nigerian equities market, as benchmark index advance by 0.30 percent to close at 27,725.40 points.

“Today’s positive performance increased the Month-to-Date gain to 0.46 percent and pared the Year-to-Date loss to 3.20 percent, according to Cordros daily market update.

The report says the Oil & Gas and Insurance indices gained 1.20 percent and 0.34 percent apiece, on the back of price appreciations in the shares of oil marketing majors, Conoil Plc and Total Nigeria Plc both climbing up 10.23 percent and 3.70 percent each; while insurer, Nem Insurance Plc and reinsurer, Continental Reinsurance Plc appreciated by 1.56 percent and 1.01 percent respectively.

 In the same vein, the Industrial and Consumer Goods indices both gained 0.55 percent and 0.43 percent each and were bolstered by positive interest in the shares of cement manufacturers, Dangote Cement Plc and Lafarge Cement Wapco Plc both growing by 0.85 and 0.04 percent apiece.

Soap and detergent maker, Unilever Nigeria Plc and Honeywell Flour Mills Plc gained 6.79 percent and 3.85 percent respectively.

Cordros reports the Banking index closed lower by 0.84, following selloffs in the shares of Nigeria’s top tier lenders Zenith Bank Plc, United Bank for Africa Plc and Guaranty Trust Bank Plc all declining 0.41 percent, 1.64 percent and 1.85 percent each.

At the close of the session, market breadth was positive, with 28 gainers and 16 losers posted, according to data from the Nigerian Stock Exchange (NSE). Conoil emerged the top gainer with a gain of N2.68; while drugmaker Neimeth International Pharmaceuticals Plc topped the losers chart with a loss of 0.10 kobo per share.

In terms of turnover, total volume traded on the Nigerian bourse rose by 9.87 percent to 200.29 million shares, valued at N1.60 billion, and traded in 3,257 deals.

“We expect sentiments to remain positive in tomorrow’s session,” the Cordros update affirmed.