The Nigerian Stock Exchange (NSE) market capitalisation on Tuesday inched lower by N152 billion, amid sell pressure in 27 stocks.
Specifically, the market capitalisation which opened at N11.945 trillion lost N152 billion or 1.27 per cent to close at N11.794 trillion.
Also, the All-Share Index (ASI) dipped 290.49 points or 1.27 per cent to close at 22,629.92 compared with 22,920.41 on Monday.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which were; Guaranty Trust Bank, Julius Berger, Zenith Bank, Lafarge Africa and Seplat.
Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., attributed the development to profit taking to correct the recent sharp divergence between the market rally and economic realities.
Omordion added that negative news of further crash in crude oil prices as supply remained high on low demand due to global lockdown contributed to the price drop.
He noted that negative macro-economic indices as shown by March inflation data released today by the National Bureau of Statistics, contributed to market sentiments.
The News Agency of Nigeria (NAN) reports that market breadth closed negative with only four gainers against 27 losers.
Champion Breweries and Oando dominated the losers’ chart in percentage terms, dropping by 10 per cent each, to close at 81k and N2.25 per share, respectively.
Lafarge Africa came second with a loss of 9.21 per cent to close at N10.35 per share.
Fidelity Bank lost 8.99 per cent to close at N1.72, while Chams shed 8.70 per cent to close at 21k per share.
On the other hand, Omoluabi Mortgage Bank led the gainers’ table with 9.09 per cent, to close at 60k per share.
NPF Micro Finance Bank followed with a gain 8.70 per cent to close at N1.25 per share.
Lasaco Assurance increased by 4.17 per cent to close at 25k, while Learn Africa appreciated by 2.11 per cent to close at 97k per share.
The total volume of shares traded declined by 27.53 per cent as investors transacted 250.35 million shares worth N2.33 billion exchanged in 4,877 deals.
This was in contrast with 345.44 million valued N4.21 billion achieved in 4,930 deals on Monday.
Transactions in the shares of FBN Holdings topped the activity chart with 71.06 million shares worth N298.70 million.
Zenith Bank accounted for 52.20 million shares valued N695.03 million, while Guaranty Trust Bank traded 24.44 million shares worth N451.86 million.
United Bank for Africa sold 15.17 million shares valued N85.91 million, while Fidelity Bank transacted 13.29 million shares worth N22.95 million.