By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian equities market on Tuesday closed downwards due to continuous sell pressure in various sectors as benchmark index dropped 0.25 percent compared to 0.54 percent depreciation reported that previous session.

The decline returned the year-to-date performance to a 0.23 percent loss according to analysts at Cordros Capital.

The Nigerian Stock Exchange (NSE) all-share-index (ASI) closed lower at 41,235.25 basis points (BPS), while the market capitalisation dipped  N34.42 billion to close at N13.62 trillion following a weak market breadth.

For the bears to remain resilient in the Nigerian equities market, four (4) out of the five (5) NSE sectoral indices recorded declines.

These include the oil/gas index leading the losers chart as it weakened by 0.98 percent, followed by the banking index with a 0.74 percent loss, the insurance index slowed by 0.45 percent, while the consumer goods index eased by 0.10%.  Only the industrial index inched up 0.46 percent.

Market breadth was negative as the Nigerian bourse recorded 19 gainers and 33 losers; while volume traded inched up 13.86 percent to 178.41 million shares, worth N2.03 billion and traded in 4,524 deals.

“Following the five (5) consecutive days bearish sessions, we expect the market to appreciate tomorrow, as valuation begins to look attractive, giving room for portfolio repositioning,” Cordros analysts affirmed.

However, the market turnover closed positive as volume traded climbed up 13.86 percent compared to 10.44 depreciation recorded in the previous session.

The most active stocks to boost the market turnover at the end of transaction at the floor of the NSE are Access Bank Plc, Transnational Incorporation Plc and FBN Holdings Plc, while Access Bank and Guaranty Trust Bank Plc topped the market value list.