The Nigerian equity market on Wednesday experienced a downturn, losing N673 billion in market capitalisation due to sell-offs in major stocks like MTN Nigeria and Transcorp Hotel

Specifically, the market capitalisation shed 1.20 per cent or N673 billion to close at N55.494 trillion, compared to 56.167 trillion recorded on Tuesday.

The All-share Index also lost 1.20 per cent or 1,190 points to close at 98,121.30, in contrast to 99,311.54 posted in the previous session.

Consequently, the Year-To-Date (YTD) return declined to 31.22 per cent.

Other declined equities, such as FBN Holdings, Cornerstone Insurance, Mutual Benefits Assurance, among others, also affected the market performance negatively.

However, the market breadth closed positive with 22 advanced stocks outnumbering 19 declined others.

On the gainers log, Sunu Assurances, Neimeth International Pharmaceuticals, The Initiative Plc(TIP) led by 10 per cent each to close at N1.21, N1.98 and 1.98 per share, respectively.

Cap Plc followed closely with 9.90 per cent to close at N28.85 and UPDC Real Estate Investment Trust rose by 9.76 per cent to close at N1.35 per share.

On the flip side, Transcorp Hotel and MTN led the losers log by 10 per cent each to close at N87.93 and N201.60 per share, respectively.

Oando trailed closely by 9.90 per cent to close at N9.10, FBN Holdings lost 9.82 per cent to close at N19.75, while FIDSON Healthcare Plc dropped 9.82 per cent to close at N19.75 per share.

Analysis of the market activities also showed trade turnover settled higher relative to the previous session, with the value of transactions up by 22.10 per cent.

A total of 395.75 million shares valued at N9.58 billion were exchanged in 7,907 deals, as against 574.43 million shares valued at N7.84 bilion in 7,324 deals traded previously.

Meanwhile, Guaranty Trust Holding Company Plc (GTCO) led the volume and value chart with 81.41 million shares valued at 2.93 billion, Zenith Bank followed by 46.16 billion shares worth N1.69 billion.

United Bank of Africa(UBA) traded 41.60 million shares worth N953.52 million, FBN Holdings transacted 23.44 million shares valued at N480.99 million and Access Corporation sold 22.30 million shares worth N361.89 million.

Reacting, Mr David Adonri, Vice Chairman, Highcap Securities Ltd., said that the equity market had been undergoing some forms of corrections to realign it with fundamentals of the capital market.

Adonri, in an interview in Lagos, said this was responsible for the recent bearish mood of the market.

According to him, underpinning this correction is the high yield on debt and failure of equities to justify its exuberant rally.(NAN)