Following losses suffered by many blue-chip stocks, transactions on the Nigerian Exchange Limited (NGX) continued on a downturn yesterday, as market capitalisation declined further by N170 billion. At the close of transactions yesterday, market capitalisation of listed equities declined by 0.31 per cent to close at N55.545 trillion from N55.716 trillion reported on Monday.

Also, the all-share index depreciated by 301.5 basis points to 97830.65 points from 98132.15 points it closed on Monday. The negative performance of the market impacted the year-to-date return which dropped to 30.84 per cent as a number of companies closed in green reduced to 19 against 23 losers at the close of trading yesterday.

On what will shape the market in the next trading session, analysts at Vetiva Dealings and Brokerage said: “Corporate earnings continue to trickle in but so far, and we have seen this drive a mix of activity across the market; that said we anticipate a similar session tomorrow, as investors react to the next batch of earnings releases.”

Further breakdown transactions showed that ABC Transport led the gainers’ table with 10 per cent to close at 77 kobo, Oando plc followed with a gain of 9.84 per cent to close at N24.55 kobo. Ikeja Hotel added 9.7 per cent to close at N7.35 kobo, RTBriscoe gained 9.59 per cent to close at 80 kobo. Presco Plc also garnered 7.83 per cent to close at N413. On the contrary, United Capital topped losers’ chart, dropping by 9.92 per cent to close at N34.05 kobo, Nestle Nigeria Plc trailed with a loss of 9.78 per cent to close at N8.30 kobo. Thomas Way fell by 9.72 per cent to close at N1.95 kobo. Academy Press was down by 9.6 per cent to close at N1.79 kobo. Afriprudential also depreciated by 9.57 per cent to close at N9.45 kobo.

The volume of activities increased by 20.25 million, representing 5.34 per cent as investors traded 399.386 million shares valued at N8 billion in 10457 deals against 379.132 million shares worth N8.706 billion exchanged hands the previous day in 10096 deals.

Transactions in the shares of Zenith Bank led market activities with 44.237 million shares valued at N1.51 billion, Prestige insurance followed with account of 35.613 million shares cost N18.508 million, United Bank for Africa exchanged 27.254 million shares cost N554.379 million, Veritas Kapital traded 25.632 million shares cost N23.181 million, while United Capital exchanged 22.937 million shares valued at N802.612 million.