The bears strengthened its hold on the equity sector of the Nigerian Stock Exchange (NSE), as the market extended losing streak at the close of yesterday's trading, causing the All-share index to plummet by 1.08 per cent.
Specifically, at the close of transactions yesterday, the All -Share Index (ASI) depreciated by 422.10 absolute points, representing a loss of 1.08 per cent to close at 38,606.41 points from 39,028.51 recorded on Monday.
Similarly, the market capitalisation shed N153 billion from N14.137 trillion to N13.984 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which were; Nestle, Nigerian Breweries, International Breweries, Dangote Cement and Wapco.
The Chief Operating Officer of InvestData Consulting Limited, Ambrose Omordion said that: "We expect selling pressure to moderate and volatility to continue as end of the month trading account balancing and portfolio reshuffling ahead of March account full year earnings report in June."
Market breadth closed negative but improved when compared to previous trading day, with 23 gainers versus 25 losers.
Consolidated Hallmark Insurance recorded the highest price gain of 6.25 per cent, to close at 34 kobo per share. FCMB Groups gained five per cent to close at N2.10, while Flour Mills Nigeria appreciated by 4.98 per cent to close at N31.60 per share.
Fidson Healthcare appreciated by 4.87 per cent to close at N6.24, while Dangote Flour gained 4.68 per cent to close at N8.95 per share.
On the other hand, Ikeja Hotel led the losers' chart by 7.04 per cent, to close at N2.51 per share. AG Leventis shed 6.78 per cent to close at 55 kobo, while GlaxoSmithKline depreciated by 4.95 per cent to close at N19.20 per share.
Wapco declined by 4.94 per cent to close at N36.60 and International Breweries also shed 4.92 per cent to close at N49.25 per share.
However, the total volume traded appreciated by 53.86 per cent to 342.05 million shares, worth N4.74 billion, and traded in 5,057 deals.