By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-Bearish sentiments on Thursday returned to the Nigerian Stock Exchange (NSE) as the all-share index (ASI) was dragged into the red zone; falling 0.06 percent to close at 27,420.99 points.

Cordros daily market update reports that the session’s negative close increased the Month-to-Date and Year-to-Date losses to 2.10 percent and 4.26 percent respectively.

The update says the Oil & Gas and Consumer Goods indices closed lower by 0.13 percent and 0.20 percent each, owing to respective price declines recorded in the shares of oil marketing company, Total Nigeria Plc and Mobil Nigeria Plc both losing by 0.80 percent and 1.02 percent apiece. While brewing giant, Guinness Nigeria Plc and sugar refiner, Dangote Sugary Refinery Plc lost 3.75 percent and 0.61 percent respectively.

Following suit, the Banking and Insurance indices suffered losses of 0.07 percent each, on the back of selloffs in the shares of Guaranty Trust Bank Plc and insurer, AIICO Insurance Plc both dropping by 1.20 percent and 4.48 percent respectively.

On the positive side is the Industrial Goods index gaining marginally by 0.45 percent, following buying interest in the shares of cement producer, Lafarge Cement Wapco Plc by 1.27 percent.

At the close of the session, Cordros reports that market breadth remained negative, with 16 gainers and 18 losers posted, according to daily market statistics from the NSE.

Insurer, Nem Insurance Plc emerged the top gainer with a gain of 0.04 kobo per share; while UACN Property Development Company Plc topped the losers chart with a loss of 0.19 kobo per share to close the session.

In terms of turnover, total volume traded on the Nigerian equities market increased by 5.31 percent to 313.28 million shares, valued at N3.6 billion, and exchanged hands in 2,883 deals.

“We expect negative sentiment to persist in tomorrow’s session,” the Cordros update added.