By InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) on Monday suffered its biggest single-day loss of 4.10 percent as all share index (ASI) closed at 22,550.83 points; while market capitalisation decreased by N331.6 billion to N7.75 trillion.

“Today’s loss increased the Month and Year-to-Date losses each to 21.27 percent,” Cordros daily market update affirmed.

The report says at the close of business on the local bourse, all broad sector indices continued their decline. It reported that the Industrial and Consumer Goods indices depreciated the most posting 7.68 and 3.77 percent declines respectively.

This is coming on the performance of cement producers, Lafarge Cement Wapco Nigeria Plc and Dangote Cement Plc both losing by 9.74 percent and 7.07 percent respectively; while on the Consumer Goods sector, Brewer, Guinness Nigeria Plc and beverage maker Nestle Nigeria Plc dipped by 9.74 percent and 5.00 percent each; suffering major losses respectively.

In the same vein, the Banking and Insurance sectors climbed down by 1.64 percent and 1.24 percent respectively, as they were dragged by losses in the shares of top tier lenders, Zenith Bank Plc and Union Bank of Nigeria Plc by 4.66 percent and 5.00 percent respectively; while insurers, AXA Mansard Insurance Plc and AIICO Insurance Plc depreciated by 4.71 and 3.66 percent respectively.

However, the Cordros report affirmed that the Oil & Gas index posted the smallest loss by 0.79 percent on the performance in the shares of first listed Nigerian oil and gas upstream firm, Seplat Petroleum Development Company Plc and oil marketing major, Oando Plc both going down by 5.00 percent and 0.26 percent respectively.

At the close of the day’s trading on the Nigerian bourse, market breadth maintained a negative outlook, with only six (6) gainers and 37 losers posted. Insurer, Continental Re-Insurance Plc emerged top gainer with a gain of 0.04 kobo per share; while Guinness topped the losers chart with a loss of 11.10 per share.

In terms of turnover, total volume traded on the Nigerian equities market decreased by 58.83 percent to close at 196.26 million shares, valued at N1.67 billion, in 3,248 total deals.

“Having lost 17 percent in the last 7 straight sessions (0.3% average daily), we expect a slightly negative to marginal upside session tomorrow,” the Cordros update affirmed.