By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian equities market on Tuesday erased gains amidst sell-offs as the Nigerian Stock Exchange all-share index (NSE ASI) declined by 1.14 percent  to close at 29,889.86 points, while market capitalisation went down by N114 billon to close at N9.90 trillion.

The loss took the Year-To-Date (Y-t-d) and Month-To-Date (M-t-D) returns to a -13.76 percent respectively, according to a Cordros market report.

Cordros report affirmed that all five (5) NSE Sectorial indices closed on a negative note. “The Consumer Goods index topped the losers’ chart with a 2.23 percent dip, while the Oil/Gas and Banking indices followed with 1.33 percent and1.24 percent declines accordingly. The Insurance and Industrial Goods Indices were the last on the pack as they fell by 0.55 percent and 0.06 percent respectively” the report said.

In terms of market breadth, the Nigerian bourse closed on a negative note at the end of the session. Recording 12 gainers and 38 losers; as rescued lender, Union Bank of Nigeria Plc (UBN) led the gainers table with a gain of 0.59 kobo, while another lender Access Bank Plc emerged top loser with a loss of 0.45 kobo.

Market turnover at the Nigerian equities market shows that volume traded dipped by 5.97 percent to 307.91 million Shares, valued at N3.11 billion and traded in 5,149 deals.

“The bears will continue in tomorrow’s session,” the Cordros report noted.