The Nigerian equities market yesterday reversed prior day’s gains the all-share index (ASI) depreciated by N284 billion amid losses in MTN Nigeria Communications (MTNN) Plc and 30 stocks.

The ASI lost 454.16 points, representing a decline of 0.43 per cent to close at 106,167.75 points. Also, market capitalisation declined by N284 billion to close at N66.485 trillion.

The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are MTN Nigeria Communications, MeCure Industries, Africa Prudential, Nigerian Breweries and Transnational Corporation (Transcorp).

On market outlook, Afrinvest Limited said, “we expect the bears to maintain their grip as the market remains short of positive catalysts.”

Vetiva Dealings and Brokerage said: “Investor sentiment remains cautious amid subdued market activity, thus, we anticipate a continuation of mixed and cautious trading, driven by selective buying interest in fundamentally sound stocks, though intermittent profit-taking may persist.”

Also, market breadth closed negative, as 23 stocks gained relative to 31 losers. Livestock Feeds emerged the highest price gainer of 9.93 per cent to close at N9.85 kobo.

Cornerstone Insurance followed with a gain of 9.25 per cent to close at N3.19, while International Energy Insurance rose by 8.99 per cent to close at N1.94 kobo.

Smart Products Nigeria grew by 8.33 per cent to close at 39 kobo, while Lasaco Assurance up by 7.55 per cent to close at N2.85 kobo.

On the other side, MeCure Industries led the losers’ chart with 10 per cent to close at N11.25, per share. ABC Transport followed with a decline of 7.98 per cent to close at N1.50, while DAAR Communication shed 7.46 per cent to close at 62 kobo.

Guinea Insurance depreciated by 7.35 per cent to close at 63 kobo, while Royal Exchange down by 7.32 per cent to close at 76 kobo.

The total volume traded declined by 9.1 per cent to 324.589 million units, valued at N7.918 billion, and exchanged in 12,652 deals. Transactions in the shares of Fidelity Bank led the activity with 29.387 million shares worth N502.176 million.

Access Holdings followed with account of 28.345 million shares valued at N680.914 million, while Guaranty Trust Holding Company (GTCO) traded 28.072 million shares valued at N1.682 billion.

Zenith Bank traded 22.36 million shares worth N1.068 billion, while Universal Insurance traded 16.194 million shares worth N9.724 million.