By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-Benchmark index at the Nigerian equities market on Tuesday fell below 40,000 basis points to 39,681.71 points; declining 0.92 percent compared to 0.91 percent recorded the previous session.

While market capitalisation depreciated by N121.67 billion to close at N13.10 trillion. Therefore, Its Year-to-Date (YTD) returns currently stands at a negative 3.99 percent.

Cordros Capital daily market update said the persistent bearish sentiment extended at the Nigerian bourse is in response to active sell down in blue-chip stocks including Oil and gas firm, Seplat Petroleum Development Company of Nigeria (SEPLAT), top tier lenders Zenith Bank Plc (ZENITHBANK), United Bank for Africa Plc  (UBA) and FBN Holdings (FBNH).

According to the report, four (4) out of the five (5) NSE sectoral indices reflected the broader markets performance. The Banking index continued to top the losers chart with 2.30 percent decline, the Consumer Goods index followed with a 1.99 percent loss, while the Oil/Gas and Industrial indices dropped 1.73 percent and 0.50 percent respectively. ‘’On the other hand, the Insurance index added 0.54 percent,’’ Cordros said.

In terms of market breadth the Nigerian equities market closed on a negative note as Ikeja Hotels Plc (IKEJAHOTELS) again led the 14 gainers chart in the session compared to it’s led of 16 gainers the past session.

While reinsurance firm, Continental Re-insurance Plc (CONTINSURE) led the 39 losers chart to close the day’s session.

However, market turnover closed on a positive note as volume traded climbed up 101.60 percent to 386.48 million shares, valued at N4.79 billion and traded in 5,100 deals.

‘’We remain cautiously optimistic on tomorrow’s activities. Inspite of the fallen share prices, economic uncertainties and fears of the fast approaching election could hinder the potentials of a market rebound in the nearer term,’’ the Cordros daily market update affirmed.