By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The bears on Tuesday returned to the Nigerian equities market as all-share index (ASI) declined 1.65% to close at 34,896.50 points, while market capitalisation lost N191.53 billion to close at N11.56 trillion.
With this development, current Year-to-Date (YTD) returns stands at a negative 15.55 percent.
‘’The bears returned aggressively in the equities market, as sell-offs, mainly in the Industrial sector led the benchmark to record its first loss since the 7th of this month,’’ Cordros daily market report said.
According to the report, three (3) of the five (5) NSE’s sectoral indices mirrored the broader markets performance. The Industrial Goods index topped the losers chart with a 4.15 percent loss, the Insurance index followed with a 0.76 percent decline, while the Consumer Goods index fell by 0.61 percent.
While, the Oil/Gas and Banking indices gained 2.14 percent and 0.05 percent respectively.
In terms of market breadth, the Nigerian bourse end the session on a negative note as it recorded 29 losers and 23 gainers. Cable makers, Cutix Plc led the gainers chart with 0.13 kobo gain, while, cement manufacturers, Ashaka Cement Plc emerged the top loser, losing N2.38.
The Nigerian Stock Exchange turnover at the end of transactions recorded a decline in volume traded by 9.54 percent to 179.88 billion shares, worth N2.22 billion and traded in 3,962 deals.
‘’Barring any major positive catalyst, we see the market declining further in tomorrow’s session,’’ the Cordros report affirmed.
