By InvestAdvocate

Lagos INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) on Tuesday dipped by 0.89 percent on profit-taking as the all-share index (ASI) closed at 29,575.24 points, while market capitalisation fell by N91.01 billion to N10.16 trillion.

”Today’s performance further pared the Month-to-Date and Year-to-Date gains to 6.91 percent and 3.26 percent respectively, Cordros daily market update affirmed.

The update says the Banking and Consumer Goods indices dipped by 1.61 percent and 1.65 percent, owing to losses recorded in the shares of financial HoldCo, FBN Holdings Plc, Nigeria’s top tier lenders Guaranty Trust Bank Plc and Zenith Bank Plc by 5.03 percent, 2.96 percent and 1.94 percent each; while Nigeria’s brewing giants, Guinness Nigeria Plc, Nigerian Breweries Plc declined by 3.18 percent and 2.78 percent apiece, while food and beverage producer, Nestle Nigeria Plc depreciated by 0.59 percent.

Similarly, the Insurance and Oil & Gas indices suffered losses by 0.35 percent and 0.34 percent respectively, on the back of selloffs in the shares of insurer, Nem Insurance Plc and reinsurer, Continental Insurance Plc by 3.23 percent and 0.87 percent accordingly.

While, oil marketing majors, Oando Plc and Total Nigeria Plc dropped 5.71 percent and 5.00 percent each. However, the Industrial Goods index was unchanged as Nigeria’s most capitalised listed company and cement manufacturer, Dangote Cement Plc traded flat.

At the close of the session, market breadth remained negative, with 15 gainers and 34 losers declared, according to the NSE’s daily market report.

Courier and logistics firm, Red Star Express Plc emerged the top gainer with a gain of 39 kobo per share, while Nigeria’s top tier conglomerate, Transnational Corporation of Nigeria Plc topped the losers chart with a loss of 18 kobo per share.

In terms of turnover, total volume traded on the domestic bourse eased by 31.97 percent to 255.25 million shares, valued at N3.30 billion traded in 4,812 deals.

“We expect sentiments to be upbeat in the coming session,” the Cordros update added.