By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian equities market on Wednesday continued its southward movement as the Nigerian Stock Exchange all-share index (NSE ASI)  dipped 3.84 percent to close at 28,740.61 points, while market capitalisation lost N381 billion to close at N9.51trillion.

With the southward movement of Nigerian stocks, current market Year-to-Date (YTD) returns at the NSE stands at a negative 17.07 percent.

Also, the bears sustained its hold on the Nigerian Equities following massive sell-offs witnessed in blue chips stocks such as lenders Zenith Bank Plc, Guaranty Trust Bank Plc, FBN Holdings Plc and Access Bank Plc.

Others are cement maker Dangote Cement Plc, brewer, Guinness Nigeria Plc and first listed Nigerian oil and gas upstream firm, Seplat Petroleum Development Company Plc.

According to Cordros report, only one (1) out of five (5) NSE Sectoral indices appreciated. “The Industrial Goods index recorded the most appalling performance with a 4.82 percent decline, while the Banking and Insurance indices followed with 4.46 percent and 2.25 percent drops respectively,’’ the report added.

Similarly, the Consumer Goods index went down by 0.05 percent. However, the Oil/Gas index climbed up by 0.88 percent, after losing 1.22 percent the previous session.

In terms of market breadth, the Nigerian bourse remained on the negative side with eight (8) gainers and 36 losers. Soap makers, PZ Cussons Nigeria Plc led the gainers table with a gain of N2.52; while Dangote Cement emerged top loser with a loss of N15.30.

Turnover shows that volume traded increased by 58.69 percent to 488.62 million shares, valued at N3.82 billion and traded in 5,151 deals.

“The negative run will likely continue as positive catalysts remain unseen,” the Cordros report affirmed.