Following price depreciation in 30 stocks, the stock market continued on a downturn yesterday, resulting to a further slide in market capitalisation by N36 billion.

Accordingly, the all share index (ASI) declined by 64.58 points, representing a loss of 0.09 per cent to close at 68,271.14 points. Also, market capitalisation shed N36 billion to close at N37.365 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, among which are Northern Nigeria Flour Mills (NNFM), Oando, Nigerian Breweries, MTN Nigeria Communications (MTNN) and Flour Mills of Nigeria.

Analysts at Vetiva Dealings and Brokerage said: “Taking out the large volume trades in the two counters mentioned above, market traded quiet with a bearish undertone. We anticipate another tepid session to close out the week.”

As measured by market breadth, market sentiment was negative, as 20 stocks gained relative to 30 losers. John Holt recorded the highest price gain of 10 per cent to close at N1.72, while Omatek Ventures and DAAR Communications followed with a gain of 9.52 per cent each to close at 46 kobo and 23 kobo respectively.

Mutual Benefits Assurance up by 9.3 per cent to close at 47 kobo, while SUNU Assurance rose by 9.09 per cent to close at 96 kobo.

On the other hand, Oando led the losers’ chart by 9.93 per cent, to close at N13.15 kobo. Lasaco Assurance followed with a decline of 9.71 per cent to close at N1.86, while Chams Holding company lost 9.59 per cent to close at N1.32 kobo.

NNFM depreciated by 9.23 per cent to close at N15.25, while Tantalizers declined by 8.57 per cent to close at 32 kobo.

The total volume traded rose by 98.34 per cent to 1.124 billion units, valued at N5.819 billion, and exchanged in 7,949 deals.

Transactions in the shares of Universal Insurance topped the activity chart with 669.012 million shares valued at N134.206 million.

Oando followed with 100.688 million shares worth N1.456 billion, while Japaul Gold and Venture traded 43.739 million shares valued at N 43.385 million.

Access Holdings traded 40.145 million shares valued at N681.949 million, while United Bank for Africa (UBA) sold 32.451 million shares worth N552.752 million