By InvestAdvocate

Lagos (INVESTADVOCATE)-Nigerian equities on Wednesday halted a three-day losing streak as the all-share index (ASI) advanced by a marginal 0.05 percent to close at 25,460.45 points.

“Today’s proceedings pared the Month-to-Date and Year-to-Date losses to 2.21 percent and 5.26 percent respectively, according to Cordros daily market update.

The report says the Banking index recorded the largest gain as it appreciated by 0.67 percent, following demand for the shares of Nigeria’s tier one lenders, Guaranty Trust Bank Plc and Access Bank Plc; both gained by 1.36 percent and 0.67 percent each.

Also, Cordros reports the Insurance and Oil & Gas indices moved up by 0.16 percent and 0.04 percent apiece and were buoyed by gains in the shares of insurer, AIICO Insurance Plc which gained 3.45 percent and oil marketer, Oando Plc which appreciated by 0.64 percent.

On the flip side, the Consumer Goods index dropped by 0.33 percent and Industrial Goods index lost by 2.28 percent, owing to selloffs in the shares of Nigeria’s top beer producer, Nigerian Breweries Plc and cement manufacturer, Lafarge Cement Wapco Plc both lost by 0.69 percent and 5.90 percent respectively.

At the close of the trading session on the Nigerian Stock Exchange (NSE), market breadth was negative, with 11 gainers and 13 losers recorded, according to data from the NSE. Drugmaker, Neimeth International Pharmaceuticals Plc topped the gainers list with a gain of 0.03 kobo per share; while WAPCO emerged the topmost loser with a loss of N2.62 per share.

In terms of turnover, total volume traded on the Nigerian equities market increased by 67.89 percent to 347.82 million shares, valued at N1.41 billion and exchanged in 2,934 deals.

“We do not expect the gain to continue in tomorrow’s session,” the Cordros update affirmed.