By InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian equities market on Monday commenced the week on a bearish note, with the all-share index (ASI) shedding 0.42 percent to close at 26,217.18 points.

“Today’s proceedings increased the Year-to Date loss to 2.45 percent,” according to Cordros daily market update.

The update says at the close of the session’s trading on the Nigerian Stock Exchange (NSE), the Banking, Industrial Goods, Insurance and Oil & Gas indices declined 1.15 percent, 0.30 percent, 0.80 percent and 0.02 percent respectively, on the back of losses recorded by the shares of lender, Guaranty Trust Bank Plc, cement producer and Nigeria’s most capitalised company Dangote Cement Plc, insurer, NEM Insurance Plc and oil marketer, Oando Plc all depreciating by 1.56 percent, 0.45 percent, 2.38 percent and 4.67 percent apiece,

Cordros reports on the flip side, the Consumer Goods index appreciated by 0.13 percent and was bolstered by gains  recorded in the shares of softdrink maker, SevenUp Bottling Company Plc and Dangote Flour Mills Plc both gained by 5.00 percent and 1.24 percent each to close the session.

At the close of the trading time on the Nigerian bourse, market breadth was negative, with nine (9) gainers and 19 losers recorded, according to data obtained from the NSE.

7up emerged the top gainer with a gain of N5.40 per share; while reinsurer, Continental Reinsurance Plc topped the losers list with a loss of 0.06 kobo per share.

In terms of turnover, total volume traded on the Nigerian equities market declined by 39.64 percent to 143.52 million shares, valued at N755.89 million, and exchanged in 2,139 deals.

“We expect bearish sentiment to persist in tomorrow’s session,” the Cordros report affirmed.