By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-Nigerian stocks on Monday dropped 0.61 percent as bears persist its hold prompting the all-share index (ASI) to close at 34,510.81 points, while the market capitalisation decreased by N71.83 billion to close at N11.76 trillion.

With this loss, current Year-to-Date (Y-t-D) returns on the Nigerian Stock Exchange (NSE) stands at a negative 0.42 percent.

At the close of business on the Nigerian equities market, only one (1) out of the five (5) NSE Sectoral indices gained. “The Insurance index was the sole gainer with a 0.19 percent increase while the Consumer Goods index topped the losers’ list with a 1.19 percent plunge,” according to a Cordros daily market update.

Similarly, the Oil/Gas and Banking indices followed with 0.76 percent and 0.65 percent declined respectively. Also, the Industrial index dipped marginally by 0.03 percent.

Market breadth ended on a negative note reporting as 25 gainers and 29 losers. Soap maker, PZ Cussons Nigeria Plc emerged top gainer with a gain of N1.35, while Stanbic IBTC topped the lsoers chart with a loss of N1.45 to close the day.

In terms of turnover, volume traded increased by 10.30 percent to 354.45 million shares, valued at N3.29 billion and traded in 5,668 deals.

“We retain our cautious outlook,” the Cordros update affirmed.