By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-Bears on Thursday sustained its hold on the Nigerian bourse as all share index (ASI) declined 0.17 percent to close at 29,403.12 basis points, while market capitalisation dropped by N17.53 billion to N10.11 trillion.

Cordros daily market update says today’s loss came as a result of profit-taking activities in banking stocks and current Month-to-Date (M-t-D) and Year-to-Date (Y-t-D) returns on the Nigerian Stock Exchange (NSE) stands at a negative 0.95 percent and 15.16 percent respectively.

The report says four (4) of the five (5) Nigerian Stock Exchange (NSE) sectoral indices gained. “The Banking index, the sole loser today, fell on huge sell-off in UBA (-13.20% following adjustment for interim dividend), UBCAP (-9.27) and FBNH (-7.24%),” the report affirmed.

On the contrary, the Consumer Goods index gained 1.30 percent, following gains in the shares of Honeywell Flour Mills Plc with 9.13 percent, soap and detergent maker, PZ Cussons Nigeria Plc four (4) percent and beverage producer, Nestle Nigeria Plc 2.24 percent.

While, the Industrial and Insurance indices followed suit with respective gains of 1.02 percent and 0.69 percent, and the Oil/Gas index added a marginal gain of 0.12 percent.

At the close of today’s trading on the NSE market breadth maintained a slight negative outlook’ recording 23 gainers and 25 losers.

Honeywell led the gainers chart with a gain of 0.23 kobo per share while United Capital Plc emerged top loser with a loss of 0.14 kobo per share.

In terms of turnover, volume traded declined by 14.08 percent to N306.10 million shares, valued at N3.09 billion and traded in 4,650 deals.

“We expect the market to maintain a downward trajectory,” Cordros update affirmed.