By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) on Thursday halted a 6-day losing streak with the all-share index (ASI) advancing by 0.18 percent to close at 26,221.75 points; driven by renewed interest in banking stocks.

“Following today’s gain, the Month-to-Date (-3.67 percent) and Year-to-Date (-8.73 percent) returns pared losses,” according to Cordros daily market update.

The update reports that at the close of the session on the domestic bourse, the Banking index gained by 3.08 percent and benefitted from rallies in the shares of top tier lenders, Guaranty Trust Bank Plc, Zenith Bank Plc and United Bank for Africa Plc which recorded gains of 4.65 percent, 3.45 percent and 2.38 percent each.

According to the report, losses were recorded in the Consumer Goods, Oil & Gas and Insurance indices by 0.47 percent, 3.71 percent and 0.24 percent apiece, owing to price declines in the shares of food and beverage maker, Cadbury Nigeria Plc, brewing giant, Nigerian Breweries Plc, oil marketing firms, Forte Plc, Total Nigeria Plc, insurers, Nem Insurance Plc and AIICO Insurance Plc all shedding by 9.65 percent, 1.05 percent, 8.50 percent, 8.19 percent, 3.85 percent and 1.69 percent respectively.

At the close of the session, market breadth remained negative, with 15 gainers and 19 losers recorded, according to data from the NSE. Newrest ASL Plc emerged the top gainer with a gain of 0.13 kobo per share; Cadbury topped the losers list with a loss of N1.25 per share.

 In terms of turnover, total volume traded fell by 5.80 percent to N137.64 million shares, valued at N990.95 million, and traded in 3,283 deals.

“We expect gains to be sustained in tomorrow’s session,” the Cordros update said.