The Nigerian Stock Exchange (NSE) market capitalisation on Tuesday inched lower by N152 billion, amid sell pressure in 27 stocks.
Specifically, the market capitalisation which opened at N11.945 trillion lost N152 billion or 1.27 per cent to close at N11.794 trillion.
Also, the All-Share Index (ASI) dipped 290.49 points or 1.27 per cent to close at 22,629.92 compared with 22,920.41 on Monday.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which were; Guaranty Trust Bank, Julius Berger, Zenith Bank, Lafarge Africa and Seplat.
The Chief Operating Officer, InvestData Ltd., Ambrose Omordion, attributed the development to profit taking to correct the recent sharp divergence between the market rally and economic realities.
Omordion added that negative news of further crash in crude oil prices as supply remained high on low demand due to global lockdown contributed to the price drop.
He noted that negative macro-economic indices as shown by March inflation data released today by the National Bureau of Statistics, contributed to market sentiments.
Newsmen report that market breadth closed negative with only four gainers against 27 losers.
Champion Breweries and Oando dominated the losers’ chart in percentage terms, dropping by 10 per cent each, to close at 81k and N2.25 per share, respectively.
Source: Agencies