The local equities market yesterday maintained a bearish trend for the second consecutive session with a N662 billion loss, following losses in Conoil Plc and 49 other stocks.

The all-share index declined by 1,047.16 per cent or 0.73 per cent to close at 141,566.31 points. The overall market capitalisation value shed N662 billion to close at N89.565 trillion.

On what will shape the market in the next trading session, analysts at Vetiva Dealings and Brokerage said: “With the corrective phase likely to extend, we stay defensive pending a clear easing of supply in key sectors and flagship names.”

The market negative performance was driven by depreciation in large and medium capitalised stocks, which are Conoil, Guinness Nigeria, Guaranty Trust Holding Company (GTCO), Dangote Sugar Refinery and Transnational Corporation (Transcorp).

Market sentiment was subdued, evidenced by a negative breadth with 18 stocks gaining compared to 50 declining. Austin Laz & Company recorded the highest price gain of 10 per cent to close at N2.64 kobo.

Champion Breweries followed with a gain of 9.97 per cent to close at N19.74 kobo, while NCR Nigeria rose by 9.77 per cent to close at N9.55 kobo.
Multiverse Mining & Exploration appreciated by 8.82 per cent to close at N11.10, while Nigerian Enamelware rose by 8.64 per cent to close at N39.

On the other hand, Conoil and Guinness Nigeria led the losers’ chart by 9.98 per cent each to close at N211.10 kobo and N140.20 kobo respectively, while Consolidated Hallmark Holdings followed with a decline of 9.94 per cent to close at N4.35 kobo.

Royal Exchange fell by 9.92 per cent to close at N2.27, while Ellah Lakes declined by 9.81 per cent to close at N14.90. The total volume traded declined by 30.6 per cent to 721.818 million units, valued at N12.937 billion, and exchanged in 28,745 deals.

Transactions in the shares of Champion Breweries topped the activity chart with 54.52 million shares valued at N988.276 million. Universal Insurance followed with 47.826 million shares worth N57.342 million, while Royal Exchange traded 46.152 million shares valued at N105.153 million.
Regency Alliance Insurance traded 40.774 million shares valued at N55.52 million, while AIICO Insurance transacted 39.28 million shares worth N156.432 million.