By InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian equities market on Thursday recorded a decline (the fourth this week) with the local bourse falling by 3.44 percent. At the close of the day’s trading, the all share index (ASI) closed at 24,239.98 basis points; it’s lowest since 5th of September 2012, according to a Cordros report.

The report says market capitalisation decreased by N296.82 billion to N8.34 trillion; increasing the week-to-date loss to 10.32 percent, and the month and year-to-date losses each to 15.37 percent.

Cordros affirmed that all broad sector indices declined the Banking and Oil and Gas indices dropped by 4.69 percent and 3.06 percent respectively; emerging the worst hit following performance in the shares of Nigeria’s top tier lenders, Guaranty Trust Bank Plc and Zenith Bank Plc going down 9.64 percent and 4.39 percent according. On the part of the Oil and Gas index, first listed Nigerian oil and gas upstream firm, Seplat Petroleum Development Company Plc and Oando Plc dipped 9.75 percent and 9.70 percent respectively.

Similarly, the Industrial and Consumer Goods sectors went down by 2.5 percent and 2.42 percent according; following the performance of cement producer, Dangote Cement Plc and cablemakers, Cutix Plc both going down 5.00 percent and 4.61 percent respectively. While, brewers Guinness Nigeria Plc and Nigerian Breweries Plc dropped 4.99 percent each.

In the same vein, the Insurance sector depreciated marginally by 0.86 percent on the performance in the shares of insurers, Continental Re-insurance Plc and AIICO Insurance Plc both losing by 3.16 percent and 4.44 percent respectively.

At the end of the day’s session, market breadth maintained a negative outlook with only five (5) gainers and 31 losers recorded, according to the Nigerian Stock Exchange (NSE) daily market statistics.

Ikeja Hotels Plc emerged the top gainer with a gain of 0.14 kobo per share; while SEPLAT topped the losers chart with a loss of N19.11 per share.

In terms of turnover, the Nigerian equities market reported that total volume traded decreased by 61.08 percent to close at 143.7 million shares valued at N1.67 billion in 1,766 total deals.

“Sentiments are expected to remain frail in coming sessions, hinged on the back of bleak earnings expectation and bearish oil prices (and the resultant adverse effect on the macro economy),” the Cordros update affirmed.