By InvestAdvocate

Lagos (INVESTADVOCATE)-The bears on Tuesday resurfaced on the Nigerian bourse as benchmark index declined by 0.05 percent to close at 28,248.86 points.

“Today’s negative performance trimmed the Month-to-Date gain to 2.35 percent and increased the Year-to-Date loss to1.37 percent,” according to Cordros daily market update.

The update affirmed that the Oil & Gas index dipped by 0.99 percent, following sell-offs in the shares of oil marketing majors, Conoil Plc and Oando Plc both shedding 7.69 percent and 4.63 percent apiece.

However, gains were recorded across the Consumer and Industrial Goods indices by 0.34 percent and 0.01 percent each, owing to positive interest in the shares of top brewer, Guinness Nigeria Plc and cable producer, Cutix Plc both gaining by 4.99 percent and 4.93 percent respectively.

Likewise, the Banking and Insurance indices advanced 0.11 percent and 0.39 percent each, on the back of price appreciations in the shares of Nigeria’s top tier lenders, Zenith Bank Plc and United Bank for Africa Plc both moving up the ladder by 0.97 percent and 0.48 percent respectively, while Reinsurance Company, Continental Reinsurance Plc and Custodian and Allied Plc both gained 3.06 percent and 1.00 percent each.

At the close of the session on the Nigerian Stock Exchange (NSE) market breadth was negative, with 18 gainers and 20 losers posted, according to statistics from the NSE. UAC Property Development Company Plc emerged the top gainer with a gain of 0.34 kobo per share, while cement manufacturer, Ashaka Cement Plc topped the losers chart with a loss of N1.93 per share.

In terms of turnover, total volume traded on the Nigerian equities market declined by 18.07 percent to 294.99 million shares, valued at N1.41 billion, and exchanged in 3,142 deals.

“We expect bearish sentiments to persist in tomorrow’s session.” the Cordros report said.