Sell pressure in banking stocks caused the Nigerian equity market to sustain decline for the second consecutive trading days on Tuesday.
The NSE All-Share which opened at 25,582.23 lost 84.91 points or 0.33 per cent to close at 25,497.32,
the market capitalisation shed N44 billion or 0.33 per cent to close at N13.301 trillion against N13.345 trillion posted on Monday.
The downturn was impacted by losses recorded in large and medium capitalised stocks, amongst which are; Guaranty Trust Bank, Guinness, Zenith Bank, Union Bank of Nigeria and Arbico.
Consequently, the market breadth closed negative with 10 gainers in contrast with 19 losers.
Arbico led the laggards’ chart in percentage terms, losing 9.65 per cent to close at N1.03 per share.
Royal Exchange followed with a loss of 9.09 per cent to close at 30k, while Guaranty Trust Bank shed 6.18 per cent to close at N24.30 per share.
Japaul Oil dipped 4.76 per cent to close at 20k, while union Bank shed 3.92 per cent each to close at N4.90 per share.
On the other hand, Honeywell Flour Mill dominated the gainers’ chart in percentage terms, gaining 4.44 per cent to close at 94k per share.
Transcorp followed with 3.45 per cent to close at 60k, while Wapic Insurance increased by 3.03 per cent to close at 34k per share.
Chemical and Allied Products grew by 2.65 per cent to close at N17.45, while Nigerian Breweries chalked up 2.50 per cent to close at N41 per share.
Transactions in the shares of Custodian Investment topped the activity chart with 40.13 million shares valued at N192.65 million.
FBN Holdings came second with 28.24 million shares worth N141.54 million, while Zenith Bank traded 26.05 million shares valued at N444.79 million.
Access Bank sold 25.06 million shares worth N170.11 million, while Transcorp transacted 19.03 million shares worth N11.21 million.
In all, the total volume of shares traded dipped 1.18 per cent with an exchange of 251.96 million shares valued at N2.04 billion in 4,185 deals.
This was against a total of 254.97 million shares worth N2.0 billion exchanged in 4,699 deals.