By InvestAdvocate

Lagos (INVESTADVOCATE)-The bulls on Wednesday sustained its hold on the Nigerian bourse as the all-share index (ASI) advanced by 0.02 percent to close at 28,214.57 points.

“Today’s positive performance increased the Month-to-Date gain to 2.23 percent and reduced the Year-to-Date loss to 1.49 percent, according to Cordros daily market update.

The report said at the close of transactions on the Nigerian Stock Exchange (NSE), the Oil and Gas and Banking indices gained 1.07 percent and 0.40 percent apiece, on the back of price appreciations in the shares of oil marketing majors, Conoil Plc, Total Nigeria Plc and Oando Plc; the trio climbed up by 10.11 percent, 0.87 percent and 4.87 percent each. While Zenith Bank Plc and FBN Holdings Plc gained 2.74 percent and 1.31 percent respectively.

Also, the Insurance index increased by 0.21 percent and benefitted from share price growth of reinsurer, as Continental Reinsurance Plc gained by 2.02 percent.

On the flipside, the Industrial and Consumer Goods indices dipped by 0.09 percent and 0.62 percent each; closing lower following selloffs in the shares of cement producer, Lafarge Cement Wapco Plc declining 0.25 percent, paint maker, Paints and Coatings Manufacturers Nigeria Plc were down by 4.04 percent, brewers, Guinness Nigeria Plc and Nigerian Breweries Plc both lost by 7.00 percent and 0.91 percent each.

At the close of the session, market breadth was positive with 22 gainers and 13 losers declared, according to the daily market statistics from the NSE. Conoil again topped the gainers list with a gain of N3.91 per share; while drugmaker, Neimeth International Pharmaceuticals Plc emerged the top loser with a loss of 0.10 kobo per share.

In terms of turnover, total volume traded on the Nigerian equities market increased by 1237.48 percent to 3.10 billion shares (owing primarily to a 2.87 billion units — at N1.13 — cross deal in Great Nigeria Insurance), valued at N6. 24 billion, and traded in 2,815 deals.

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