The refusal of the bears to give the bulls a chance further depleted the Nigerian Exchange (NGX) Limited by 1.41 per cent on Thursday.
Persistent selling pressure left the equity market depressed at the close of business yesterday, with profit-taking still witnessed in the financial services sector.
The All-Share Index (ASI) decreased by 3,397.80 points to 237,404.92 points from 240,802.72 points, and the market capitalisation shrank by N2.179 trillion to N152.266 trillion from N154.445 trillion.
Africa Prudential dropped 10.00 per cent to trade at N11.70, Cadbury Nigeria lost 10.00 per cent to finish at N62.10, Tripple Gee crashed by 10.00 per cent to N3.60, John Holt depreciated by 9.93 per cent to N12.25, and McNichols stumbled by 9.33 per cent to N6.80.
On the other side, Legend Internet grew by 9.52 per cent to N5.75, NPF Microfinance Bank gained 9.18 per cent to settle at N5.35, Transcorp advanced by 7.32 per cent to N44.00, Neimeth improved by 7.03 per cent to N9.90, and DAAR Communications added 5.29 per cent to trade at N1.79.
Analysis of the price movement log indicated that the mood remained bearish, as Customs Street ended with 15 price gainers and 39 price losers, representing a negative market breadth index.
The activity level went up yesterday after investors bought and sold 691.6 million stocks worth N116.9 billion in 50,025 deals, in contrast to the 663.0 million stocks valued at N40.0 billion transacted in 51,143 deals on Wednesday. This showed that the trading volume increased by 4.31 per cent, the trading value surged by 192.25 per cent, and the number of deals decreased by 2.19 per cent.
First Holdco was the busiest equity during the trading day, with a turnover of 115.8 million units valued at N7.1 billion. Access Holdings traded 109.7 million units for N2.5 billion, Dangote Cement exchanged 71.5 million units for N83.4 billion, Japaul transacted 26.0 million units worth N83.6 million, and FCMB sold 25.9 million units valued at N285.9 million.