The market indices of the Nigerian Stock Exchange (NSE) recorded further depreciation on Tuesday with the market capitalisation dropping by N27 billion.
The market capitalisation, which opened at N6.66 trillion, lost N27 billion representing 0.40 per cent, to close at N6.63 trillion.
The market capitalisation had depreciated by N60 billion on Monday, representing 0.90 per cent decline.
Similarly, the All-Share Index declined by 84.12 points to close at 20,916.02 against 21, 000.14 recorded on Monday due to price losses by some highly capitalised stocks.
Total recorded of the highest loss is N8.14 to close at N154.77 per share.
UACN lost N1.56 to close at N29.79 per share, while PZ Cussons declined by 90k to close at N24.10 per share.
Unilever, in spite of its declaration of N1.40 dividend for 2011, dropped 50k to close at N31 per share, while Zenith decreased by 45k to close at N12.30 per share.
Analysts attributed the downward trend in the market to continued profit taking by investors.
NewGold led the price gainers’ chart with a gain of N28 to close at N2, 578 per unit.
Okomuoil gained N1.21 to close at N25.41 per share, while Guinness grew by 97k to close at N230 per share.
Cadbury gained 57k to close at N12.12 per share, while Nahco rose by 31k to close at N7.75 per share.
The turnover of shares traded on the NSE increased by 46.7 per cent on Tuesday with 383.54 million shares worth N2.98 billion exchanged in 3,782 deals.
This was against 261.49 million shares valued at N1.90 billion traded in 3, 602 deals on Monday.
The financial services sector was the toast of investors as the sector traded 335.64 million shares worth N2.3 billion in 2, 356 deals.
Zenith emerged the most active stock , trading 100.9 million shares worth N1.23 billion in 493 deals, while Access trailed with 37.10 million shares valued at N245.26 million traded in 182 deals.