By InvestAdvocate

Lagos (INVESTADVOCATE)-Stocks on the Nigerian bourse extended gains, albeit in a scanty trading session as the all-Share index (ASI) advanced by 0.35 percent to close at 26,782.93 points.

“Today’s gain increased the Month-to-Date gain to 5.66 percent, while it reduced the Year-to-Date loss to 6.70 percent, according to Cordros daily market update.

The report said majority of the indices closed in green, except the Oil & Gas index that closed lower by 0.02 percent. Also, the Banking index once again posted the biggest gain of 2.23 percent, followed by the Insurance index that appreciated by 1.8 percent.

Also, both indices were pushed higher by the gains recorded in the shares of Nigeria’s top tier lenders namely, Guaranty Trust Bank Plc, United Bank for Africa Plc by 5.77 percent and 3.68 percent apiece. Insurers, AIICO Insurance Plc and Axa Mansard Insurance Plc  also gained by 6.78 percent and 4.91 percent respectively.

The Consumer Goods index appreciated by 0.07 percent on the back of gains in the shares of Dangote Flour Mills Plc and NASCON Allied Industries Plc both appreciating by 4.58 percent and 3.79 percent each, while the loss recorded in the shares of oil marketing major, Forte Oil Plc by 10.07 percent decline pulled the Oil & Gas index down 0.02 percent.

At the close of trading on the local bourse, market breadth remained positive, with 24 gainers and 20 losers. The Nigerian Aviation Handling Company Plc emerged the top gainer with a gain of 0.25 kobo per share; while Forte Oil topped the losers list with a loss of N10.07 per share.

In terms of turnover, total volume traded on the Nigerian equities market fell by 10.89 percent to 117.4 million shares, valued at N877.6 million and exchanged in 2,392 deals.

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