By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) on Monday commenced the week on a negative note as all-share index (ASI) hit below 30,000 basis points dipping 2.59 percent on sell-offs across sectors to close at 29,909.44 points, its lowest value since 25 March, while market capitalisation declined by N272.84 billion to close at N10.25 trillion.

With this development, current market Month-to-Date (M-t-D) and Year-to-Date (Y-t-D) returns stands at a negative 0.90 percent and 13.70 percent respectively.

Cordros market update says all five (5) NSE sector indices recorded declines as the loss prolonged the bearish streak to seven (7) sessions.

“The Industrial index had the most disappointing performance with a 2.39 percent drop, the Consumer Goods index followed with a 2.39 percent decline, while the Banking index decreased by 1.32 percent.

Similarly, the Insurance and Oil/Gas indices depreciated by 1.24 percent and 0.57 percent respectively.

At the close of trading on the Nigerian bourse, market breadth recording a very poor performance reporting seven (7) gainers and 41 losers. Conglomerate, Transnational Corporation of Nigeria Plc (Transcorp) emerged top of the thinly numbered gainers with a gain of 0.12 kobo per share, while drug maker, Evans Medical Plc (Evansmed) topped the losers chart with a loss of 0.08 kobo per share.

In terms of turnover, volume traded on the Nigerian equities market climbed up by 151.95 percent to 476.36 million shares, valued at N3.65 billion and traded in 3,841 deals.

“Although uncertainties still exist, bargain hunting for the likes of ACCESS, SEPLAT and DANGCEM – which recorded declines today – could lead the market to a positive session tomorrow,” the Cordros update affirmed.