By InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) on Wednesday closed on a negative noted as the bears resurfaced on the domestic bourse, with the all-share index (ASI) depreciating by 0.11 percent to close at 27,223.08 points.

“Today’s proceedings pared the Month-to-Date gain to a marginal 0.01 percent and increased the Year-to-Date loss to 5.12 percent,” Cordros daily market update affirmed.

Cordros reports at the close of the session on the Nigerian bourse, the Banking index took a hit to decline by 0.60 percent, driven by the poor performance recorded in the shares of financial HoldCo, FBN Holdings Plc, lenders Guaranty Trust Bank Plc and United Bank for Africa Plc the trio depreciating by 1.61 percent, 0.84 percent and 0.23 percent each,

The Consumer Goods and Oil & Gas indices dipped by 0.15 percent and 1.03 percent to close in red, following price depreciations in the shares of beer producer, Nigerian Breweries Plc, Flour Mills Nigeria Plc and oil marketing firms, Oando Plc and Total Nigeria Plc all declining by 0.69 percent, 0.94 percent, 4.89 percent and 3.42 percent respectively.

However, the Industrial Goods index gained by 1.73 percent and was upbeat after a rally in shares of cement manufacturer, Lafarge Cement Wapco Plc appreciating by 4.84 percent while the Insurance index closed flat.

At the close of trading on the Nigerian bourse, market breadth remained positive, with 18 gainers and 15 losers, according to data from the NSE. Beer producer, Champion Breweries Plc emerged the top gainer with a gain of 0.18 kobo per share, while pan-African lender, Ecobank Transnational Incorporated topped the losers list with a loss of 0.53 kobo per share.

In terms of turnover, total volume traded surged 8.05 percent to N202.71 million shares, valued at N1.26 billion, and traded in 3,337 deals.

“We expect market activities to further reflect weakened appetite in tomorrow’s session,” the Cordros report said.