Investors lost N279.26 billion on the Nigerian Stock Exchange (NSE), yesterday, as the bears continued to strengthen their hold on activities in the capital market.

Heavy losses were recorded on the share prices of majority of the listed companies, leading to a further plunge in the market indicators, the All-share index and market capitalisation, which dropped by 3.45 per cent each.

Specifically, the index which opened at 36,703.98 points shed 1,265.39 basis points to close at 35,438.59 points while the capitalisation closed at N7.82 trillion from N8.10 trillion at which it opened.

The agony of investors was occasioned by losses on the prices of listed stocks as only five stocks recorded share price gain. Chevron Nigeria Plc recorded the highest share price loss, dropping by N12.68 to close at N240.97 per share from its opening price of N253.65 per share; Guinness Nigeria Plc followed with a loss of N5.17 to close at N98.38 per share and Flour Mills Nigeria Plc dipped by N2.46 to close at N46.95 per share.

Other share price losers include: Nigerian Breweries Plc- N2.05; Benue Cement Company Plc- N1.43; Lafarge Cement WAPCO Plc- N1.39; Zenith Bank Plc- N1.36; Ashaka Cement Plc- N1.30; First Bank of Nigeria Plc- N1.30; UAC Nigeria Plc- N1.10 among others.

On the contrary, BOC Gases Plc recorded the highest share price gain, rising by N0.89 to close at N18.79 per share from N17.90 per share at which it opened, WAPIC Insurance Plc followed with a gain of N0.10 to close at N4.40 per share, FTN Cocoa Processors Plc garnered N0.08 to close at N1.88 per share.

Stanbic IBTC Bank Plc recorded a share price appreciation of N0.02 to close at N10.00 per share and Nigerian Bag Manufacturing Company Plc (BAGCO) rose by N0.01 to close at N3.83 per share.

Experts have attributed the decline to profiteering activities of speculators, wanting to take advantage of the brief rebound in the market in the last couple of days to make quick gain.

This led to increase in the supply of stocks in the market, as a number of stocks are being put up for sale.

Equity trading was not spared in the downturn, as a turnover of 322.18 million shares valued at N2.1 billion was recorded in 8,262 deals, dropping by 22.5 per cent from the previous day's turnover of 415.67 million shares valued at N2.75 billion in 10,935 deals.

Banking stocks recorded the highest patronage, accounting for 54.4 per cent of the market turnover with 175.24 million shares valued at N1.44 billion in 4,683 deals. First City Monument Bank Plc emerged the most active in the sub-sector, trading 66.25 million shares valued at N413.4 million in 94 deals, followed by Spring Bank Plc with a turnover of 54.28 million shares valued at N303.41 million in 122 deals and Fidelity Bank Plc recorded 7.63 million shares valued at N41.36 million in 208 deals.

The Insurance sub-sector followed on the sectorial analysis, accounting for 21.57 per cent of the market turnover with 69.48 million shares valued at N78.55 million in 1,115 deals.

Investment and Allied Assurance Plc recorded the highest transaction in the sub-sector, trading 36.37 million shares valued at N18.18 million in 98 deals, Lasaco Assurance Plc followed with a turnover of 10.84 million shares valued at N16.91 million in 52 deals and Standard Alliance Insurance Plc recorded 9.7 million shares valued at N18.43 million in 353 deals.