THE Nigeria stock market steeped further on Thursday, March 16, as market capitalisation fell to N29.92 trillion from N30.23 trillion at the close of the day’s trading, leaving investors to lose a total of N313.02 billion.

The benchmark index, known as the All-Share Index, also declined by 1.04 per cent to close lower at 54,915.61 basis points as investors continued to pull their money out of quoted companies.

Market data showed that the Year-to-Date gain of the domestic bourse fell to 7.15 per cent even as the market breadth printed on the negative as 25 quoted companies’ shares fell relative to eight companies that gained.

The 4.95 per cent decline to N236 in the share price of MTN Nigeria Communications partly accounted for the weak performance witnessed in the equities market on Thursday.

At the close of the day’s trading at the floor of the Nigerian Exchange Limited (NGX), sustained sell-offs recorded on banking stocks further dragged the index down.

The bearing sentiment, market analysts say, contributed to a depressed stock market session saw Ecobank Transnational Incorporated lost 10 per cent to close at N10.80; FBN Holdings shed 2.73 per cent to close at N10.70; Fidelity Bank dipped 2.72 per cent to close at N5.01; while Guaranty Trust Holding Company moderated by 1.20 per cent to close at N24.70.

Performance across the sub-sector was generally bearish, except for the NGX oil/gas index, which closed flat. The NGX banking, insurance, consumer goods, and industrial indices rose by 1.00 per cent to 432.13 basis points; 0.36 per cent to 175.50 basis points; 0.17 per cent to 703.12 basis points; and 0.10 per cent to 2,551.32 basis points, respectively.

In the broad and narrow markets, the NGX Premium, NGX Mainboard, and NGX-30 indices decreased by 206 bps, 28 bps, and 117 bps, respectively.

Trading activity also dipped with total deals moderating by 10.72 per cent to 3,489 trades; volume 24.23 per cent to 137.29 million units; and value 55.66 per cent to N1.51 billion, respectively.

Transnational Corporation of Nigeria traded as the most active stock in volume, with 26.08 million shares worth N33.98 million and changing hands in 113 deals.

Meanwhile, the naira depreciated against the green beg by 0.20 per cent at the Investors and Exporters (I&E) foreign exchange window to N462.00 from N461.09, while at the parallel market (black market), it appreciated by 0.53 per cent to N750 from N754.