By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)- The Nigerian Stock Exchange (NSE) all-share Index (ASI) on Wednesday dipped 0.60 percent to close at 29,396.31 basis points, while market capitalisation decreased by N60.69 billion to close at N10.10 trillion.

Cordros daily market update affirmed that today’s performance extended the Month-to-Date (M-t-D) and Year-to-Date (Y-t-D) losses to 5.83 percent and 15.18 percent respectively; coming on the heels of losses in Banking and Oil/Gas stocks.

According to the report, four (4) of the five (5) sector indices declined. The Banking index dipped by 1.13 percent to lead the losers following declines in the shares of heavyweights like FBN Holdings Plc by 4.94 percent, lenders, United Bank for Africa Plc, Access Bank Plc and Zenith Bank Plc by 4.76 percent, 2.44 percent and 1.42 percent respectively.

The update says following closely is the Oil and Gas index by 1.04 percent on the performance of oil marketer Oando Plc by 9.59 percent, as well as Eterna Plc by 3.98 percent.

Cordros affirmed that in addition, the Industrial index shed 0.55 percent, while the Consumer Goods sector dipped 0.54 percent. ‘The Insurance sector index bucked the trend with a 0.11 percent gain, driven by a 2.90 percent gain in NEM Insurance Plc,” it added.

At the close of the day’s session on the Nigerian bourse, market breadth remained negative with 11 gainers and 33 losers.

Cement producer, Ashaka Cement Plc emerged the top gainer with a gain of 0.90 kobo per share, while Oando topped the losers chart with a loss of 0.78 kobo per share.

In terms of turnover, volume traded on the Nigerian equities market increased by 173.43 percent to 386.28 million shares worth N1.91 billion in 2,923 deals.

“We do not expect a reversal in market trend as mixed corporate releases so far have left investors’ appetite bland,” the Cordros update affirmed.