By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-The bears on Tuesday resurfaced on the Nigerian equities market as all-share index (ASI) dipped 0.21 percent to close at 34,706.93 points, while market capitalisation decreased by N25.32 billion to close at N11.79 trillion.

With the recent market rally coming to a halt at the end of today’s session, current market Year-to-Date (Y-t-D) returns at the Nigerian bourse stands at a contracted  gain of 0.14 percent, according to Cordros daily market update.

The report says two (2) of the five (5) Sectoral indices climbed up. “The Insurance index recorded the best performance with a 0.41 percent increase, while the Banking index followed with a marginal 0.07 percent,” the report added.

On the contrary, the Industrial Goods index topped the losers’ list with a 0.96 percent decline, while the Consumer Goods and Oil/Gas indices trailed with 0.60 percent and 0.59 percent respectively.

At the close of transactions on the Nigerian Stock Exchange (NSE), market breadth again posted a positive outlook, reporting 35 gainers and 25 losers.

Nigerian glass maker, Beta Glass Plc emerged top gainer with a gain of N3.38 kobo, while Oil services firm, Caverton Offshore Support Group topped the losers chart with a loss of 0.35 kobo.

In terms of turnover, volume traded on the Nigerian bourse grew 16.85 percent to 357.23 million shares, valued at N4.15 billion and traded in 4,700 deals.

“We doubt the sustainability of today’s loss,” Cordros affirmed.