The Nigerian equities market reversed two sessions of gains, declining by N3.637 trillion as widespread profit-taking resurfaced across the bourse.
The All-Share Index (ASI) lost 5,668.65 points, representing a loss of 2.35 per cent to close at 235,074.54 points. Also, market capitalisation shed by N3.637 trillion to close at N150.847 trillion.
The decline was driven by price depreciation in large and medium capitalised stocks, amongst which are: Dangote Cement, Geregu Power, BUA Cement, Custodian Investment and Zenith Bank.
On market performance, APT Funds & Securities Limited said that the session was characterised by broad-based selling pressure and weaker market turnover, as investors adopted a cautious stance amid the sharp market correction.
Looking ahead, Cowry Assets Management Limited said that the market is expected to rebound as investors seek out fundamentally strong stocks, though profit-taking in recently appreciated counters may temper the pace of any recovery.
Market breadth was broadly negative, as 38 decliners outpaced 17 advancers. Skyway Aviation Handling Company emerged as the highest price gainer of 9.92 per cent to close at N171.20 per share. International Energy Insurance followed with a gain of 9.66 per cent to close at N6.70, while Tantalizers rose by 6.98 per cent to close at N4.60 per share.
Omatek Ventures increased by 5.70 per cent to close at N2.04, while AIICO Insurance appreciated by 5.19 per cent to close at N4.26 per share.
On the other side, Dangote Cement, BUA Cement and Geregu Power led the losers’ chart, each down 10 per cent, to close at N963.00, N340.20 and N917.40 per share, respectively. Custodian Investment followed with a decline of 9.97 per cent to close at N73.15, while Academy Press shed 9.88 per cent to close at N7.30 per share.
The total volume traded declined by 10.1 per cent to 488.04 million units, valued at N20.92 billion, and exchanged in 46,161 deals. Transactions in First Holdco shares led activity, with 57.388 million shares worth N3.516 trillion. Chams Holding Company followed with account of 42.302 million shares valued at N166.884 million, while Access Holdings traded 36.076 million shares valued at N831.068 million.
Linkage Assurance traded 32.035 million shares worth N49.40 million, while Sterling Financial Holdings Company traded 29.392 million shares worth N224.475 million.
