By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian equities market on Thursday halted a two-day bullish run as all-share index (ASI) declined 0.89 percent to close at 29,642.36 points, while market capitalisation lost N88.36 billion to close at N9.87 trillion.

Sell-offs in the Banking and Consumer Goods sectors erased the gains recorded during the two day bullish streak, according to Cordros market update.  

With this loss, current Year-to-Date (YTD) returns at the Nigerian Stock Exchange (NSE) stands at a negative of 14.47 percent, with the first month of the year certain to close on a negative note, the Cordros report added.

It affirmed that the Banking index emerged top loser in the NSE sectoral index losers table with a 2.19 percent loss.

Similarly, the Consumer Goods index followed with a 1.08 percent dip, while the Insurance and Oil/Gas indices dropped by 0.39 percent and 0.01 percent respectively. On the contrary, the Industrial index was the only gainer with a 0.89 percent increase.

In terms of market breath, the Nigerian bourse closed on a negative note as it recorded 19 gainers and 26 losers at the end of the session.

Paint maker, Chemical and Allied Products Plc emerged top gainer with a gain of N2.75, while fast consumer moving goods company, Flour Mills of Nigeria Plc led the losers table with a loss of N1.95.

Turnover recorded at the NSE shows that volume trade climbed up by 277.76 percent to 242.77million shares, valued at N11.99 billion and traded in 3,889 deals.

According to Cordros, the surge seen in volume traded is due to an off market transaction in which 400 million units of the share of oil marketing firm, Oando Plc was sold at N18.00.

“In spite of attractive valuations and stable oil prices this week, we expect volatile trading in the weeks leading up to the general elections,” the Cordros update affirmed.