By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-Nigerian Stocks fell 0.29 percent amid sell-offs across consumer goods and oil/gas sectors as all-share index (ASI) closed at 32,444.12 basis points, while market capitalisation dipped N32.16 billion to close at N11.08 trillion.

This is the fourth loss in all four (4) trading sessions of this month bringing current Year-to-Date (Y-t-D) returns on the Nigerian equities market to a negative 6.39 percent, according to Cordros daily market update.

The sell-offs was witnessed in the shares of oil players Total Nigeria Plc, Seplat Petroleum Development Company Plc, brewer, Guinness Nigeria Plc and soap maker, PZ Cussons Nigeria Plc.

According to the Cordros report, two (2) of the five (5) NSE Sectoral indices appreciated. “The Industrial Goods index stood-out with a 1.53 percent increase, while the Insurance index followed with 0.90 percent gain,” the report added.

On the contrary, the Consumer Goods index topped the losers’ list with a 0.80 percent decline, while the Oil/Gas and Banking indices also went down 0.55 percent and 0.22 percent respectively.

At the close of the today’s transaction market breadth remained negative as 22 gainers and 29 losers were recorded, according to the Nigerian Stock Exchange (NSE) daily market statistics.

Drug producer, Neimeth International Pharmaceutical Plc emerged top gainer with a gain of 0.12 kobo per share; while operator in the Industrial Goods sector of the NSE, Nigerian Enamelware Plc topped the losers chart with a loss of N1.59 kobo per share.

Volume traded on the Nigerian bourse grew by 12.50 percent to 155.87 million shares, valued at N1.66 billion and traded in 3,230 deals.

“We expect bargain hunting in tomorrow’s session, as prices of key stocks are approaching relatively attractive levels,” the Cordros report affirmed.