The Nigerian stock market sustained its losses on Wednesday, as the Nigerian Exchange market capitalisation dropped by N1.67 trillion to N157.05 trillion.

This is against N158.72 trillion recorded on Tuesday.

The drop in market capitalisation, according to market operators, was the result of profit taking by investors, which led to a decline in the prices of 45 stocks.

According to NGX data, the All-Share Index fell by 1.05 per cent to close at 242,223.10 points.

The decline followed a 1.17 per cent drop on Tuesday, when the index closed at 244,802.11 points.

The two-day decline has taken the ASI 5,476.68 points below Monday’s close of 247,699.78 points.

NGX market capitalisation had crossed the N160 trillion mark on Monday, when it closed at N160.60 trillion.

Despite Wednesday’s decline, the NGX’s Year-to-Date (YtD) return stood at 55.66 per cent.

Analysis of trading shows that BUA Cement Plc and Stanbic ETF30 recorded the biggest declines on Wednesday, each falling 10 per cent to close at N278.10 per share and N1,140.89 per share, respectively.

VSP Bond ETF fell 9.97 per cent to N198.05, while Cadbury Nigeria Plc declined 9.94 per cent to N58.45.

International Energy Insurance Plc lost 9.88 per cent to N2.28 per share, while Tripple Gee and Company Plc fell 9.79 per cent to N2.58.

Nigerian Breweries Plc declined 9.76 per cent to N74, while UPDC Real Estate Investment Trust fell 9.75 per cent to N12.50.

Neimeth International Pharmaceuticals Plc dropped 9.66 per cent to N6.55, while Abbey Mortgage Bank Plc declined 9.35 per cent to N6.30.

Other losers include FTG Insurance Plc, which fell by 9.15 per cent to close at N1.49 per share, while Vetiva Industrial ETF declined 8.47 per cent to close at N108 per share.

Mutual Benefits Assurance Plc lost 7.54 per cent to close at N2.82, while Sovereign Trust Insurance Plc fell 7.51 per cent to close at N1.60 per share.

Avance Capital Plc and Capitalfield Investment Group Plc each declined 7.41 per cent, closing at N5.

Austin Laz & Co. Plc fell 7.17 per cent to N2.20, while Nestlé Nigeria Plc declined 6.51 per cent to close at N2,800 per share.

Vetiva Banking ETF fell 6.33 per cent to close at N26.50, while NEM Insurance Plc declined 6.30 per cent to close at N29.00 per share.

Lasaco Assurance Plc fell 5.91 per cent to close at N1.75 per share, while Guinea Insurance Plc declined 5.71 per cent to close at N0.66 kobo per share.

Tantalizer Plc fell 5.66 per cent to close at N3.50 per share, while Transcorp Plc declined 5.57 per cent to close at N33.05 per share.

May & Baker Nigeria Plc declined 5.26 per cent to close at N36.00 per share, while Linkage Assurance Plc fell 4.49 per cent to close at N1.70 per share.

FCMB Group Plc declined 4.42 per cent to close at N10.80 per share, while RT Briscoe Plc fell 4.26 per cent to close at N9.00 per share.

Oando Plc lost 4.14 per cent to close at N33.55 per share, while Wema Bank Plc declined 3.87 per cent to close at N28.55 per share.