Trading on equities on the Nigerian Stock Exchange (NSE) closed today on a negative note, as the benchmark indices of All-Share Index (ASI) depreciated by 0.77 percent to close at 35,086.67 basis points as against 0.44 percent depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at 8.25 per cent.

The decline in market’s ASI was caused largely by the loses recorded in the shares of medium and large capitalised stocks.

Market breadth closed negative as NEM Insurance led 11 Gainers as against 27 Losers topped by Mansard Insurance at the end of today’s session, an unimproved performance when compared with previous outlook.

The market turnover closed negative as volume moved down by 17.52 percent as against 1.58 percent increase recorded on Wednesday. United Bank for Africa, NEM Insurance and Access Bank were the most active to boost market turnover, while Nigerian Breweries and Guaranty Trust Bank topped market value list.

Analysts at Afrinvest linked the day’s bearish performance mainly to profit taking and market reaction to the Central Bank of Nigeria’s (CBN) fines on listed Nigerian banks, namely Stanbic IBTC Bank whose stock depreciated -2.6% and Diamond Bank with -9.4% drop in share value.

The analysts expressed optimism of an upturn in Friday’s trading as investors would likely take positions in bellwethers with attractive entry price.