By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-Bears on Monday sustained its hold on the Nigerian equities market following the postponement of the 2015 general elections. All-share index (ASI) declined 2.08 percent to close at 29,360.55 points, while market capitalisation plunged by N208.38 billion to close at N9.80 trillion.

According to a Cordros market update, Nigerian stocks retained its downward trajectory from last week, hence recording the highest loss during the current bearish streak.

With this development, current Year-to-Date (Y-t-D) returns at the Nigerian Stock Exchange (NSE) stands at a negative 15.28 percent and Month-to-Date (M-t-D) returns in the review period stands at a negative 0.68 percent.

The Cordros update reports that only one (1) out of the five (5) NSE Sectoral indices appreciated. “The Oil and Gas index recorded the only gain with a 2.15 percent increase while the Consumer Goods indices had the worst performance with a 3.85 percent plunge,” the report added.

Similarly, the Industrial Goods, Banking and Insurance indices followed with a depreciation of 2.36 percent and 1.65 percent, and 0.42 percent respectively.

In terms of market breadth, the Nigerian bourse closed on a negative note as it recorded eight (8) gainers and 36 losers. First listed Nigerian oil and gas upstream firm, Seplat Petroleum Development Company Plc emerged top gainer with a gain of N34.21; while drugmaker, May & Baker Nigeria Plc topped the losers chart with a loss of 0.13 kobo.

Turnover at the Nigerian equities market shows that at the end of today’s session, volume traded plunged by 15.67 percent to 364.47 million shares valued at N6, 025 billion and traded in 3,782 deals.

“Bearish trading is expected to continue, as investors remain uncertain on the general outlook of the country following the postponement of the elections,” the Cordros update affirmed.