By Michael Eboh & Providence Obuh
Investors’ woes heightened further, Tuesday, as the value of their investment on the Nigerian Stock Exchange (NSE), represented by the market capitalisation, dropped by 95.22 billion.

In particular, the capitalisation shed 1.52 per cent to close at N6.177 trillion from N6.273 trillion at which it opened. The All-share index, another performance indicator, shed 391.48 basis points to close at 25,398.35 points from 25,789.93 points.

The decline was brought about by losses on the prices of major blue chip companies, caused by panic-selling and waning investors’ interest.

Experts have blamed the recent directives on margin lending and a number of other measures introduced by the regulatory authorities for the declining fortune of the NSE indices.

However, a stockbroker who spoke on the condition of anonymity, assured of a rebound in the market, blaming the current decline on profit-taking activities of investors.

According to the broker, the downward trend is part of the cyclical nature of the capital market, and is not expected to lead to panic and sell-offs. He said the panic-selling will further worsen the situation, leading to a further and prolonged downturn.

Lafarge Cement WAPCO recorded the most share price loss, dropping by N2.00 to close at N43.00 per share, Julius Berger Nigeria Plc followed with a loss of N1.35 to close at N54.55 per share and Dangote Flour Mills Plc dipped by N1.01 to close at N21.00 per share.

On the contrary, Chevron Oil Nigeria Plc recorded the most share price gain, rising by N4.03 to close at N84.80 per share, Flour Mills Nigeria Plc followed with a gain of N1.59 to close at N72.00 per share and African Petroleum Plc garnered N0.55 to close at N38.65 per share.

The declining trend continued in equities’ trading, as a turnover of 250.74 million shares valued at N2.74 billion was recorded in 16,593 deals, dropping by 11.31 per cent from the previous day’s turnover of 282.72 million shares valued at N2.65 billion in 6,083 deals.

The Banking sub-sector recorded the highest transactions in the sectorial analysis, accounting for 46.54 per cent of the market turnover, with 116.69 million shares valued at N1.03 billion was recorded in 3,397 deals.  Shares of First Bank of Nigeria Plc were the most sought after in the sub-sector, trading 25.22 million shares valued at N336.33 million in 934 deals.