On the other hand, 19 stocks appreciated in price, led by Guinness with N4.80 kobo to close at N105.00 per share while GlaxoSmithKline followed with N1.05 kobo to close at N22.05 per share.

Dangote Flour appreciated by 75 kobo to close at N15.75 per share. Cement Company of Northern Nigeria advanced by 0.50 kobo to close at N18.75 per share. National Salt Company of Nigeria gained 0.50 kobo to close at N20.50 per share.

Analysts at Afrinvest Securities Limited attributed the drop in indices to profit taking and contagion effect of the rout in equities across global markets.

According to them, investors are currently taking profit in stocks that had rallied significantly before the beginning of the earnings season.

“The sell offs experienced in the local bourse so far can largely be attributed to profit taking in stocks that had rallied significantly before the beginning of the earnings season as well as contagion effect of the rout in equities across global markets.

“With investors sceptical of forward earnings vis-à-vis elevated valuations, sentiment has turned bearish in recent trading sessions. We believe declining level of valuation has presented investors with attractive entry opportunity; hence, we expect a reversal of the bearish trend in the near term.”

AFRINSURE dominated in volume terms with 82 million shares worth N20.4 million while Japaul oil followed with 75 million valued at N42 million. Fidelity bank accounted fot 63 million shares worth N151 million. Zenith bank accounted for 29 million shares worth N837 million.

FBN Holdings exchanged 28 million shares worth N344 million. In all, investors recorded 488 million shares worth N5.6 million in 5,524 deals, up from 409 million shares worth N3.9 billion that changed hands in 4,996 deals on Tuesday.