By InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) on Thursday closed lower for the second consecutive session on broad sell-offs across sectors as all-share index (ASI) dipped 0.57 percent to close at 30,025.11 basis points, while market capitalisation decreased by N59.64 billion to close at N10.32 trillion.

Cordros daily market update says today’s decline extended the Month-to-Date (M-t-D) and Year-to-Date (Y-t-D) losses to 3.82 percent and 13.36 percent respectively.

According to the update, the bears dominated trading today with only one (1) of the five (5) major sector indices gaining.

It affirmed the Banking (-0.32 percent), Industrial Goods (-0.53 percent), and Insurance (-0.03 percent) sectors all fell for the second consecutive session after top financial institution FBN Holdings Plc declined by 0.31 percent, cement manufacturer, Dangote Cement Plc dipped by 0.94 percent and insurer, AIICO Insurance Plc dropping 2.27 percent in prices.

Similarly, the Consumer Goods sector depreciated 0.97 percent following price declines in the shares of brewer, Guinness Nigeria Plc by 5.70 percent and soap and detergent maker, Unilever Nigeria Plc by 4.42 percent.

Cordros reported that the only sector that gained was the Oil and Gas by 0.83 percent following activities in the shares of oil marketing firm, Oando Plc gaining 5.37 percent.

At the close of trading on the Nigerian bourse, market breadth remained negative with 17 gainers and 26 losers.

Oando emerged the top gainer with a gain of 0.53 kobo per share; while Okomu Oil Palm Company Plc topped the losers chart with a loss of N3.47 kobo per share.

In terms of turnover, volume traded declined by 36.94 percent to 284.20 million shares worth N2.82 billion in 2,962 deals.

“With no catalyst on the horizon, we expect another decline in tomorrow’s session,” the Cordros update added.