The bears represented by large capitalized stocks pulled down market indices on the Nigerian Stock Exchange on Wednesday despite an increase in market volume from the preceding day’s trading.
The volume of shares traded rose by 200.14 per cent, just as indices dipped 0.25 per cent.
A total of 462.31 million shares worth N7.92 billion was traded in 2,895 deals.
This was in contrast with a turnover of 154.03 million shares valued at N2.83 billion transacted in 2,922 deals on Tuesday.
Transactions in the shares of Access Bank topped the activity chart with an exchange of 133.53 million shares worth N926.42 million.
It was trailed by Custodian and Allied with 88.64 million shares valued at N558.4 million, while Nigerian Breweries accounted for 71.09 million shares worth N3.73 billion.
FBN Holdings sold 31.27 million shares valued at N168.91 million, while Union Bank of Nigeria transacted 19.18 million shares worth N126.67 million.
However, the All-Share Index dipped 69.19 points or 0.25 per cent to close at 27,283.05 against 27,352.24 achieved on Tuesday due to profit taking in high capitalised stocks.
Also, the market capitalisation which opened at N13.314 trillion shed N33 billion or 0.25 per cent to close at N13.281 trillion.
The downturn turn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Dangote Cement, Guinness Nigeria, MTN Nigeria, Skyway Aviation Handling Company and Zenith Bank.
The Chief Operating Officer, InvestData Consulting, Mr Ambrose Omordion, said the market maintained its volatile pattern as the ASI declined further, extending the negative sentiments for the third consecutive session.
Omordion attributed the development to continued sell down and profit-taking ahead of quarter-end window dressing by fund managers and onset of the third quarter earnings reporting season in October.
Analysts at Afrinvest Limited believed the bearish momentum would be sustained in subsequent sessions as investors maintained a risk-off approach towards equities.
Market breadth closed negative, with 13 gainers versus 15 losers.
Skyway Aviation Handling Company led the losers’ chart with a loss of 9.89 per cent to close at N4.19 per share.
NPF Microfinance Bank followed with a decline of 9.84 per cent to close at N1.10, while UACN Property having lost 9.38 per cent to close at N1.16 per share.
Livestock Feeds dropped 8.51 per cent to close at 43k, while Courteville Business Solutions shed 4.76 per cent to close at 20k per share.
On the other hand, Continental Reinsurance recorded the highest price gain of 9.55 per cent, to close at N1.72 per share.
Cornerstone Insurance and Custodian Investment followed with a gain 7.69 per cent each, to close at 42k and N6.30 per share, respectively.
Access Bank rose by 5.11 per cent to close at N7.20, while International Breweries and NEM Insurance appreciated by five per cent each, to close at N12.60 and N2.10 per share respectively.