By InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian equities market on Thursday sustained its downward trajectory as all-share index (ASI) dipped 1.22 percent to close at 33,466.41 points, while market capitalisation reduced by N88.62 billion to close at N11.42 trillion.

This is coming on the heels of continued losses in the banking sector which led current market Year-to-Date (Y-t-D) returns to a negative 3.44 percent.

According to Cordros market update, only one (1) of the five (5) Nigerian Stock Exchange (NSE) sector indices appreciated. “The Industrial Goods index was the sole gainer with a minimal increase of 0.23 percent,’ the report added.

On the contrary, the Banking index recorded the worst performance with a 2.55 percent decline, while the Insurance and Oil/Gas indices followed with 2.05 percent and 1.06 percent depreciations respectively, the Cordros update affirmed. In the same vein, the Consumer Goods index also dipped by 0.36 percent.

At the close of business today on the Nigerian bourse, market breadth sustained its negative outlook recording 19 gainers and 37 losers.

Paint maker, Berger Paints Plc emerged the top gainer with a gain of 0.70 kobo per share; while Brewer, Jos Breweries Plc topped the losers chart with a loss of 0.09 kobo per share.

In terms of turnover, at the end of the session on the Nigerian equities market, volume traded decreased by 18.46% to 205.76 million shares, valued at N2.16 billion and traded in 4,160 deals.

“We expect the market to also settle negative in tomorrow’s session, albeit by a lesser magnitude than today,” the Cordros report affirmed.