The Nigeria Exchange Ltd. (NGX) began December with a loss of N409 billion due to profit-taking in MTN Nigeria Communications (MTNN) and 22 others.
The market capitalisation, which opened at N22.566 trillion, shed N409 billion or 1.81 per cent to close at N22.157 trillion.
The NGX All-Share Index also fell by 784.89 points or 1.81 per cent on Tuesday to close at 42,463.16 from 43,248.05.
Thus, the year-to-date gain moderated to 5.4 per cent.
MTNN, Africa Prudential, Access Bank, Flour Mills of Nigeria, and Ecobank Transnational Incorporated are some of the large and medium capitalised stocks that contributed to the market’s weak performance.
Consequently, market sentiment was negative with 23 laggards to 15 gainers.
In percentage terms, MTNN topped the losers’ chart by 10 percent to close at N171 per share.
African Prudential closed with a 7.69 percent loss to close at N6.00, while UACN Property Development Company lost 7.48 percent to close at 99k per share.
The Royal Exchange declined by 5.56 percent to close at 51k, while Honeywell Flour Mills lost 5.32 percent to end at N3.74.
Meanwhile, Cornerstone Insurance led the gainers’ chart by 7.69% to close at 56k per share.
AXA Mansard Insurance closed with a gain of 7.55 per cent to close at N2.28. Chams went up five per cent to close at 21k per share.
The Nigerian Exchange Group (NGXGroup) rose by 3.66 percent to close at N17 a share, while FTN Cocoa processors appreciated by 2.56 percent to close at 40k per share.
There was a 49.16 percent increase in the total volume of trades, with 335.48 million units worth N3.55 billion exchanged in 3,891 transactionsOn Tuesday, 224.91 million shares worth N3.71 billion were traded in 4,331 transactions..
This was in contrast with 224.91 million shares worth N3.71 billion traded in 4,331 deals on Tuesday.
Transactions in the shares of FBN Holdings topped the activity chart with 133.99 million shares valued at N1.57 billion.
Universal Insurance followed with 36.19 million shares valued at N7.24 million, while Zenith Bank traded 18.34 million shares worth N440.11 million.
Guaranty Trust Holding Company sold 13.59 million shares valued at N334.80 million, while Transcorp accounted for 10.54 million shares worth N10.19 million.