The equities segment of the Nigerian Stock Exchange indices dipped on Wednesday by 0.25 per cent, as market capitalisation, which opened at N13.314tn, shed N33bn to close at N13.281tn.
Also, the All-Share Index declined by 69.19 points or 0.25 per cent to close at 27,283.05 against 27,352.24 achieved on Tuesday due to profit-taking in highly capitalised stocks.
Although the volume of shares traded on the bourse rose by 200.14 per cent, with a total of 462.31m shares worth N7.92bn traded in 2,895 deals, against a turnover of 154.03m shares valued at N2.83bn transacted in 2,922 deals the previous day.
For instance, transactions in the shares of Access Bank topped the activity chart with an exchange of 133.53m shares worth N926.42m. It was followed by Custodian and Allied Insurance with 88.64m shares valued at N558.4m, while Nigerian Breweries accounted for 71.09m shares worth N3.73bn.
FBN Holdings sold 31.27m shares valued at N168.91m, while Union Bank of Nigeria transacted 19.18m shares worth N126.67m.
The downturn was impacted by losses recorded in medium and large capitalised stocks, including Dangote Cement, Guinness Nigeria, MTN Nigeria, Skyway Aviation Handling Company and Zenith Bank.
The Chief Operating Officer, Invest Data Consulting, Ambrose Omordion, said the market maintained its volatile pattern, as the ASI declined further, extending the negative sentiments for the third consecutive time.
He attributed the development to continued sell-down and profit-taking ahead of quarter-end window dressing by fund managers and onset of the third quarter earnings reporting season in October.
Analysts at Afrinvest Limited believed that the bearish momentum would be sustained in subsequent sessions, as investors maintained a risk-off approach towards equities.
Market breadth closed negative, with 13 gainers versus 15 losers.
Skyway Aviation Handling Company led the losers’ chart with 9.89 per cent to close at N4.19 per share. NPF Microfinance Bank followed with a decline of 9.84 per cent to close at N1.10, while UACN Property, having lost 9.38 per cent, closed at N1.16 per share.