The Nigerian equities market closed in a downturn, yesterday, ahead of the two day holiday to mark the Eid ul Adha celebration as sell-off across sectors caused investors’ wealth to decline by N889 billion.

The all-share index (ASI) declined by 1,386.18 points, representing a loss of 0.55 per cent, to close at 249,738.84 points. Similarly, the overall market capitalisation value shed N889 billion to close at N 160.094 trillion.

The market negative performance was driven by price depreciation in large and medium capitalised stocks which are Transcorp Power, Unilever Nigeria, Dangote Sugar Refinery, Guaranty Trust Holding Company (GTCO) and Red Star Express.

On market outlook, Cowry Assets Management Limited said, market sentiment is expected to remain mixed in the next trading session as investors position cautiously ahead of the Muslim festive holidays on Wednesday and Thursday.

Market breadth remained weak, with 37 decliners outweighing 18 gainers. Austin Laz & Company and McNichols recorded the highest price gain of 10 per cent each to close at N4.40 and N7.92 respectively, while International Energy Insurance followed with a gain of 9.89 per cent to close at N4.11 kobo.

Learn Africa rose by 9.44 per cent to close at N12.75, while Haldane McCall rose by 8.06 per cent to close at N3.89 kobo.

On the other hand, Dangote Sugar Refinery led the losers’ chart by 10 per cent to close at N78.30 kobo. Transcorp Power followed with a decline of 9.97 per cent to close at N245.50, while The Initiates Plc (TIP) lost 9.85 per cent to close at N27.45 kobo.

Abbey Mortgage Bank decreased by 9.49 per cent to close at N6.20, while Fidelity Bank declined by 9.05 per cent to close at N21.60 kobo.

Also, the total volume traded declined by 10.38 per cent to 564.066 million units, valued at N27.222 billion, and exchanged in 65,666 deals. Transactions in the shares of Access Holdings topped the activity chart with 80.607 million shares valued at N1.984 billion.

Zenith Bank followed with 33.832 million shares worth N4.467 billion, while Mutual Benefits Assurance traded 31.807 million shares valued at N138.884 million.

Neimeth International Pharmaceuticals traded 22.290 million shares valued at N232.969 million, while Sterling Financial Holdings Company transacted 22.1592 million shares worth N172.425 million.