By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-The three (3) day bullish session at the Nigerian Stock Exchange (NSE) halted on Thursday as benchmark index declined 0.04 percent to close at 38,979.30 points, while market capitalisation dropped N4.92 billion to close at N12.91trillion; amidst price declines in the shares of pan African lender Ecobank Transnational Incorporated (ETI), United Bank for Africa Plc (UBA) and FBN Holdings (FBNH).

Cordros daily market update reported that profit taking activities on the above highly capitalised banking stocks, resulted in the 0.04 percent marginal decline in all-share index (ASI).

According to the Cordros report, all but one (1) of the five (5) NSE sectoral indices outperformed the benchmark index. The Oil/Gas index topped the chart with a 0.99 percent gain, the Industrial index followed with 0.56 percent return, while the Insurance and Consumer Goods indices rose by 0.20 percent and 0.03 percent respectively. On the other hand, the Banking index fell by 0.51 percent.

In terms of market breadth the Nigerian bourse remained positive with 30 gainers and 18 losers. Conglomerate AG Leventis Nigeria Plc led the gainers chart, while agro-allied firm Presco Plc led the losers.

Turnover at the NSE shows that volume traded increased by 57.51 percent to 304.38million shares, valued at N3.10 billion and exchanged in 4,693 deals.

‘’We opine another negative outcome tomorrow, as investors are likely to cash in on the recent gains,’’ the Cordros report affirmed.