The stock market extends two-day profit-taking, dropping 0.55 per cent today to close at 25,446.66 basis points.
Similarly, the market capitalization dropped by N48. billion to close at N8.770 trillion.
The stock market, yesterday traded a total volume of 207 million shares.
According to the stock market report on Nigerian Stock Exchange (NSE), the activity level surged as volume and value traded increased by 43.8 per cent and 82.7 per cent to 207.2 million units and N1.6 billion respectively.
The downturn was largely boosted by value depreciation recorded in some medium and large capitalized stocks, amongst which are; Forte Oil, Nestle, PZ Industries, International Breweries, National Salts, UACN, Zenith Bank, Nigerian Breweries, Guinness and Access Bank.
Analysts at Afrinvest Limited said that “Performance in the stock market remains driven by weakening macro-economic indicators as well as unimpressive earnings releases.
“We maintain our expectation of bargain hunters coming in to the market in the trading sessions ahead on account of cheap valuation of stocks.”
Market breadth was positive, with 17 gainers versus 16 losers. Beta Glass and Caverton recorded the highest price gain of five per cent each, to close at N31.50 and 84 kobo per share, respectively, while Presco followed with a gain of 4.94 per cent to close at N46.30 per share.
Pharma Deko went up by 4.84 per cent to close at N1.95, while Mansard Insurance appreciated by 4.83 per cent to close at N1.52 per share.
On the other hand, Forte Oil led the losers’ chart by 6.47 per cent, to close at N56.82 per share. Nestle shed five per cent to close at N646, while PZ Industries declined by 4.97 per cent to close at N12.23 per share.
International Breweries depreciated by 4.94 per cent to close at N16.15 and National Salts declined by 4.94 per cent each to close at N7.51 per share.