By TAIYE OLAYEMI

After three consecutive sessions of gains, the Nigerian stock market reversed its winning streak on Tuesday as investors lost N888 billion ahead of the Eid-el-Kabir break.

Market capitalisation declined by 0.55 per cent, dropping from N160.982 trillion to N160.094 trillion, representing a loss of N889 billion.

Similarly, the All-Share Index fell by 1,386.18 points, or 0.55 per cent, to close at 249,738.84 against 251,125.02 recorded on Monday.

The downturn was driven by profit-taking in selected large-cap and mid-cap stocks, which surpassed buying interest in the market.

The Year-to-Date (YTD) return dropped to 60.49 per cent while the market breadth closed negatively as well, recording 38 losers against 19 gainers.

Dangote Sugar led the losers’ chart by 10 per cent, ending the session at N78.30, Transcorp Power followed by 9.97 per cent, closing at N245.50 while The Initiates shed by 9.85 per cent, settling at N27.45 per share.

Also, Abbey Mortgage Bank dipped by 9.49 per cent, finishing at N6.20 and Fidelity Bank fell by 9.05 per cent, closing at N21.60 per share.

Conversely, FG212035S1 led the gainers’ chart by 10.49 per cent, settling at N124.86, Mc Nichols and Austinlaz trailed by 10 per cent each, finishing at N7.92 and N4.40 per share respectively.

Similarly, International Energy Insurance gained by 9.89 per cent, closing at N4.11 and Learn Africa grew by 9.44 per cent, ending the session at N12.75 per share.

Market activity declined for the day as total traded volume dropped by 10.38 per cent to 564.07 million shares worth N27.22 billion exchanged in 65,666 transactions.

Access Corporation led the volume chart with 80.61 million shares traded, representing 14.29 per cent of the day’s total volume.

Zenith Bank topped the value chart with transactions worth N4.47 billion, accounting for 16.41 per cent of the total value traded. (NAN)

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