By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) on Wednesday sustained its downward trend as all-share index (ASI) declined 1.08 percent to close at 32,031.73 points, while market capitalisation dipped N118.97 billion to close at N10.93 trillion.

Cordros daily market update say sell-offs witnessed across most sectors and key stocks like oil marketing firms, Oando Plc, Forte Oil Plc and cement producer, Dangote Cement Plc saw the current Year-to-Date (Y-t-D) returns at the close of business on the Nigerian bourse to a negative 7.58 percent.

According to the report, the Insurance index was the sole gainer for the second consecutive session with a marginal increase of 0.14 percent. “On the flipside, the Oil/Gas and Industrial Goods indices recorded losses of 1.77 percent and 1.25 percent respectively, while the Banking and Consumer Goods indices also fell 1.03% and 0.13% accordingly,” Cordros added.

The update affirmed that at the close of today’s business on the NSE, market breadth worsened as 13 gainers and 31 losers were recorded.

Cement maker, Ashaka Cement Plc led the gainers chart with a gain of N1.05 kobo, while Nigerian glass maker, Beta Glass Plc topped the losers table with a loss of N1.80 per share.

In terms of turnover, volume traded dipped by 10.67 percent to 193.97 million shares, valued at N2.92 billion and traded in 3,328 deals.

“We expect cautious trading in tomorrow’s session, as investors await a catalyst,” Cordros affirmed.