Transactions on the floor of Nigerian Exchange (NGX) closed on a downturn yesterday as market capitalisation declined by N311 billion, amid losses in 31 stocks.

At the close of transactions yesterday, market capitalisation of listed equities declined by 0.33 per cent to N93.658 trillion from N93.969 trillion recorded on Monday.

The all-share index also depreciated by 487.66 basis points to 146940.29 points from 147427.95 points reported the previous day.

The overall downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are Okomu Oil, Transcorp Hotel, UACN, Julius Berger and Eterna.

On market outlook, Imperial Asset Managers Limited noted that “while intermittent profit-taking may persist in recently rallied stocks, overall market resilience is expected to hold, supported by continued interest in blue-chip counters”.

The market breadth was negative with 22 gainers against 31 decliners, bringing the year-to-date return to 42.76 per cent.

Sector performance trended mostly downward, with insurance leading the decline at 1.53.per cent. The consumer goods segment followed with a 0.49 per cent drop, while industrial goods and banking each slipped by 0.06 per cent. Oil and Gas posted a marginal gain of 0.08 per cent, and the broader consumer goods sector ended the session unchanged.

Volume of trades increased by 1.422 billion, representing 258.17 per cent as investors traded 1.973 billion shares against 550.863 million recorded the previous day. Value of transactions went up by 118.179 per cent to settle at N30.231 billion in 23038 deals.

An analysis of the investment showed that Learn Africa led gainers table, growing by 9.57 per cent to close at N6.30 kobo, Mecure followed with a gain of 8.72 per cent to close at N32.40 kobo, Deap Capital added 7.50 per cent to close at N1.72 kobo, International General Insurance increased by 6.52 per cent to close at N2.45 kobo, RTBriscoe up by 5.96 per cent to close at N3.20 kobo.

Conversely, AustinLaz and Eterna Plc topped the losers’ chart, dropping by 10 per cent each to close at N2.07 and N31.95 kobo respectively.

Transco Hotel trailed with a loss of 9.95 per cent to close at N155.60 kobo, Ikeja Hotel down by 9.65 per cent to close at N28.10 kobo, UACN fell by 9.09 per cent to close at. N88.