The Nigerian Exchange Limited (NGX), yesterday, extended its negative sentiments as capitalisation declined further by N437 billion, amid sustained profit-taking in many blue-chip stocks.

The all-share index (ASI) lost 691.52 points, representing a loss of 0.49 per cent to close at 140,557.24 points. Also, market capitalisation shed N437 billion to close at N88.935 trillion.

The decline was driven by price depreciation in large and medium capitalised stocks, amongst which are Nestle Nigeria, Lafarge Africa, Dangote Sugar Refinery, Guaranty Trust Holding Company (GTCO) and Cadbury Nigeria.

On market outlook, Imperial Asset Managers Limited said: “We expect continuation of mixed trend to be dictated by bargain hunting ahead of H1 earnings releases and interim dividend announcement.”

Analysts at Afrinvest said: “Investor sentiment, as measured by market breadth, improved to -0.28x (previously -0.33x) as 19 stocks advanced, 39 declined, while 71 closed flat.

“Tomorrow (today), we expect the bearish sentiment to persist, as profit-taking continues to dominate market activity.” Investor sentiment, as measured by market breadth, remained negative as 19 stocks advanced, while 39 declined.

SCOA Nigeria emerged the highest price gainer with 10 per cent to close at N6.05 kobo. R.T. Briscoe followed with a gain of 9.8 per cent to close at N3.36 kobo, while NEM Insurance advanced by 7.96 per cent to close at N31.20 kobo.

Nigerian Exchange Group increased by 7.94 per cent to close at N57.80, while McNichols added 7.04 per cent to close at N3.80 kobo. On the other side, International Energy Insurance led others on the losers’ chart with 9.62 per cent to close at N3.29 kobo. Omatek Ventures followed with a decline of 8.97 per cent to close at N1.32, while Ellah Lakes shed 8.49 per cent to close at N13.68 kobo.

Royal Exchange declined by 6.98 per cent to close at N2.00, while SUNU Assurance declined by 6.42 per cent to close at N5.54 kobo.

However, the total volume traded rose by 29.6 per cent to 885.023 million units, valued at N28.301 billion, and exchanged in 26,163 deals. Transactions in the shares of Champion Breweries led the activity with 201.053 million shares worth N3.474 billion. Access Holdings followed with account of 102.182 million shares valued at N2.762 billion, while GTCO traded 96.450 million shares valued at N8.887 billion.

Sterling Financial Holdings Company traded 90.824 million shares worth N726.592 million, while First Holdco traded 46.258 million shares worth N1.505 billion.