By InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian Stock Exchanged (NSE) has posted a 1.15 percent loss in two days as the all-share index (ASI) at the close of Wednesday’s session fell by 0.95 percent to close at 28,009.40 points.

“Today’s performance increased the Year-to-Date loss to 2.21 percent,” according to Cordros daily market update.

The report says losses were recorded in the Banking and Oil & Gas indices by 2.34 percent and 1.03 percent apiece, following selloffs in the shares of Nigeria’s top tier lenders, Zenith Bank Plc and Guaranty Trust Bank Plc; both declining 3.66 percent and 3.56 percent each. Oil marketing majors, Forte Oil Plc and Conoil Plc depreciated by 4.46 percent and 0.30 percent respectively.

The Industrial and Consumer Goods indices dipped by 0.59 percent and 0.38 percent each, owing to price declines in the shares of Nigeria’s most capitalised quoted company, Dangote Cement Plc and soap and detergent producer, PZ Cussons Nigeria Plc both dropping 1.09 percent and 9.71 percent respectively. However, the Insurance index gained by 0.07 percent and benefitted from price appreciation recorded in the shares of insurance company, AIICO Insurance Plc by 1.59 percent.

At the close of the session on the Nigerian bourse, market breadth was negative, with 20 gainers and 22 losers posted, according to the NSE daily market statistics. FCMB emerged the top gainer with a gain of 0.07 kobo per share; while PZ topped the losers list with a loss of N2.10 per share.

In terms of turnover, total volume traded on the Nigerian equities market fell by 5.53 percent to N187million shares, valued at N1.47 billion, and exchanged in 3,132 deals.

“With no strong positive catalyst on the horizon, we expect negative sentiments to persist in tomorrow’s session,” the Cordros update affirmed.