By InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) on Thursday dipped marginally by 0.01 percent as all-share index (ASI) closed 29,030.97 basis points, while market capitalisation increased by N1.82 billion to close at N9.98 trillion.

The Cordros daily market update affirmed that the development is as a result of a slowdown in sell pressure that dominated the market over the past week; culminating to the Month-to-Date (M-t-D) and Year-to-Date (Y-t-D) losses currently standing at 0.50 percent and 16.23 percent respectively.

According to the report, two (2) of the five (5) sector indices gained. It said the Insurance index topped the gainers’ chart by 0.65% percent following gains in the shares of insurers, AIICO Insurance Plc and Axa Mansard Insurance Plc by 3.45 percent and 2.77 percent respectively.

The report says following closely was the Oil/Gas index with a gain of 0.63 percent after oil marketing major, Oando Plc increased by 5.44 percent in its third consecutive gaining session.

On the contrary, the Industrial index declined by 0.46 percent on losses in shares of cement producer, Ashaka Cement Plc by 0.41 percent, while the Banking and Consumer Goods indices both dipped 0.14 percent respectively.

At the close of the day’s trading on the Nigerian bourse, market breadth remained negative with 19 gainers and 25 losers. Oando emerged top gainer with a gain of 0.38 kobo per share; while soap and detergent maker, Unilever Nigeria Plc topped the losers chart with a loss of N1.75 kobo per share.

In terms of turnover, volume traded on the Nigerian equities market increased by 62.57 percent to 295.23 million shares worth N5.07 billion in 3,804 deals.

“Given that the sell pressure which has permeated the market has been waning all week – evidenced by today’s 0.01 percent decline – We anticipate the market to close in the green in tomorrow’s session,” the Cordros update affirmed.