The Nigerian Exchange (NGX) equities market reversed gains to close on a downward note yesterday, as market capitalisation fell by N1.17 trillion, amid losses in bluechips.

At the close of transactions yesterday, market capitalisation of listed equities declined from N160.42 trillion at the close of trading on Monday to N159.26 trillion on Tuesday, representing a loss of N1.17 trillion.

Similarly, the NGX All-Share Index fell from 248,529.75 points to 246,723.57 points, shedding 1,806.18 points or 0.73 per cent.

The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; MTNN, UACN, Dangote Sugar Refinery, Nigerian Aviation Handling Company (NAHCO) and First Holdco.

Looking ahead, Cowry Assets Management Limited said: “the market is expected to gradually moderate into a bullish trend as investor sentiment continues to improve. However, persistent profit-taking activities may limit the pace of recovery and keep the market volatile in the near term.”

As measured by market breadth, market sentiment was positive, as 27 stocks gained relative to 26 losers. FTN Cocoa recorded the highest price gain of 9.88 per cent to close at N8.90 kobo. C&I Leasing followed with a gain of 8.26 per cent to close at N5.90 kobo while Sovereign Trust Insurance up by 6.74 per cent to close at N1.90 kobo.

Regency Alliance Insurance also appreciated by 6.33 per cent to close at 84 kobo, while Universal Insurance rose by 6.02 per cent to close at 88 kobo.

On the other hand, Thomas Wyatt Nigeria led the losers’ chart by 9.97 per cent to close at N2.89, per share. AVA Capital followed with a decline of 9.6 per cent to close at N8.95, while International Energy Insurance declined by 6.32 per cent to close at N4.

VvInternational Breweries was down by 5.98 per cent to close at N11, while Guinea Insurance declined by 5.13 per cent to close at 74 kobo.

The total volume traded advanced by 270.4 per cent to 3.91 billion units, valued at N32.38 billion, and exchanged in 45,608 deals. Transactions in the shares of Fortis Global Insurance topped the activity chart with 3.292 billion shares valued at N9.575 billion. Trans-Nationwide Express followed with 84.584 million shares worth N181.903 million, while Access Holdings traded 66.125 million shares valued at N1.869 billion.

Consolidated Hallmark Holdings 54.338 million shares valued at N379.42 million, while Fidelity Bank transacted 46.855 million shares worth N1.02 billion.