Nigeria's local bourse depreciated further on Tuesday on the back of profit taking by some investors and price corrections predominantly in the banking sector stocks.
The main market index fell by 1.16 percent to close at 44,389 points as investors took profit from the stocks of three major commercial lenders, cement firm, and local behemoth.
The stock of GTBank, FBN Holdings, and Zenith Bank fell against the closing figure the previous day while investors also took profit from Dangote Cement and Transcorp.
Similarly, the market capitalization depreciated today by 1.16 percent to close at 15.90 trillion, compared with the depreciation of 0.40 percent recorded on Monday.
Similarly, the market capitalization depreciated today by 1.16 percent to close at 15.90 trillion, compared with the depreciation of 0.40 percent recorded on Monday.
The bank stocks also dominated the most traded in the market, with Skye Bank, FBN Holdings and Wema Bank to the list.
Investors traded 150.37 million shares of Skye Bank, 104.16 million FBN Holdings and 64.08 million in the shares of Wema Bank.
"There was sell pressure in the equity market today, a combination of profit taking and price corrections predominantly in the banking sector stocks, FSDH said in its reports to clients.
The merchant banking research unit said the downward trend in the stock market may likely continue till midweek.
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