The Nigerian equities market closed on a downturn, yesterday, as market capitalisation declined by N260 billion, amid price depreciation in 39 stocks.

At the close of transactions yesterday, the all-share index declined by 402.25 per cent, representing a loss of 0.17 per cent to close at 238,682.92 points. Also, the overall market capitalisation value lost N260 billion to close at N 154.137 trillion.

The market negative performance was driven by price depreciation in large and medium capitalised stocks: FTN Cocoa Processors, Zenith bank, PZ Cussons Nigeria, Zichis Agro Allied Industry and Oando.

Analysts noted that overall, the session was characterised by bearish sentiment and stronger trading activity, as increased market participation failed to offset renewed selling pressure.

Looking ahead, Cowry Assets Management Limited said the market is expected to sustain its bearish trend amid persistent profit-taking activity, though residual optimism could spark a recovery driven by portfolio readjustment and strategic repositioning. Investor sentiment was negative as 39 decliners outpaced 17 advancers.

Neimeth International Pharmaceuticals recorded the highest price gain of 9.66 per cent to close at N7.95 kobo. NEM Insurance followed with a gain of 6.67 per cent to close at N32 while Regency Alliance Insurance rose by 6.25 per cent to close at 85 kobo.

Linkage Assurance appreciated by 5.62 per cent to close at N1.88 kobo while Critical Minerals Financing Corporation (CMFC) rose by 2.84 per cent to close at N2.90 kobo.

On the other hand, Fidson Healthcare led the losers’ chart by 9.99 per cent to close at N84.20 kobo. FTN Cocoa Processors followed with a decline of 9.94 per cent to close at N7.79 kobo, while International Energy Insurance declined by 9.74 per cent to close at N3.15 kobo.

Livestock Feeds dropped by 9.43 per cent to close at N7.20, while Omatek Ventures depreciated by 9.42 per cent to close at N1.25 kobo.

Meanwhile, total traded volume rose by 9.7 per cent to 733.35 million units, valued at N34.524 billion, and exchanged in 49,210 deals.

Transactions in the shares of Fortis Global Insurance topped the activity chart with 134.006 million shares valued at N267.979 million. First Holdco followed with 88.939 million shares worth N11.061 million, while Access Holdings transacted 32.658 million shares worth N910.46 million.

Zenith Bank traded 30.869 million shares valued at N3.712 billion, while Veritas Kapital Assurance traded 28.627 million shares valued at N34.120 million.