The bears took control of Customs Street on Tuesday after equity investors embarked on profit-taking, resulting in the market closing lower by 0.57 per cent.
Sell-offs were witnessed in almost all the key sectors of the Nigerian Exchange (NGX) Limited yesterday, as the only riser was the insurance index, which gained 0.04 per cent.
The industrial goods space shrank by 0.71 per cent, the banking counter depreciated by 0.48 per cent, the energy counter fell by 0.29 per cent, and the consumer goods sector also slipped by 0.29 per cent.
Consequently, the All-Share Index (ASI) moderated by 1,130.86 points to 196,066.11 points from 197,196.97 points, and the market capitalisation contracted by N726 billion to N125.858 trillion from N126.584 trillion.
Mutual Benefits lost 10.00 per cent to trade at N4.59, NASCON also gave up 10.00 per cent to sell for N147.60, Red Star Express dropped 9.94 per cent to N28.55, Austin Laz slumped 9.88 per cent to N3.74, and SCOA Nigeria depreciated by 9.85 per cent to N27.90.
On the flip side, Premier Paints gained 9.97 per cent to close at N17.65, Sunu Assurances appreciated by 9.95 per cent to N4.75, Conoil improved by 9.95 per cent to N204.40, DAAR Communications expanded by 9.84 per cent to N2.01, and Eterna grew by 9.56 per cent to N51.00.
Business Post observed that there was a stronger selling pressure yesterday after a fall in the global crude oil market. The bourse ended with 26 price gainers and 44 price losers, reflecting a negative market breadth index and weak investor sentiment.
A total of 746.9 million equities valued at N27.9 billion exchanged hands in 65,275 deals during the session versus the 762.5 million equities worth N31.2 billion traded in 86,488 deals in the preceding day, showing a decline in the trading volume, value and number of deals by 2.05 per cent, 10.58 per cent, and 24.53 per cent, respectively.
Leading the activity chart for the session was Access Holdings with 80.3 million shares valued at N2.0 billion, Mutual Benefits sold 52.7 million stocks worth N254.7 million, Fortis Global Insurance transacted 41.4 million equities for N57.7 million, Zenith Bank traded 35.4 million shares worth N3.3 billion, and Jaiz Bank exchanged 31.5 million stocks valued at N343.4 million.