Specifically, the market capitalisation, which opened at N12.967 trillion, shed N198 billion or 1.53 per cent to close at N12.769 trillion.
The All-Share Index (ASI) lost 379.67 points or 1.53 per cent to close at 24,479.22.
The downturn was due to losses recorded in medium and highly capitalised stocks some of which were: BUA Cement, Dangote Cement, Lafarge Africa, Cadbury and Berger Paints.
Analysts at Afrinvest Limited said: “although profit-taking was the tone of the market, we expect to see bargain hunting in subsequent trading sessions.”
Market breadth closed negative with 34 price losers in contrast with 10 price gainers.
Cadbury Nigeria and BUA Cement dominated the losers’ chart in percentage terms, dropping by 10 per cent each to close at N6.75 and N38.70 per share, respectively.
Unity Bank trailed with a loss of 9.43 per cent to close at 48k per share.
Berger Paints dipped by 9.40 per cent to close at N6.75, while Learn Africa dropped by 9.30 per cent to close at N1.17 per share.
On the other hand, Neimeth International led the price gainers’ table in percentage terms, gaining 10 per cent to close at N1.65 per share.
Okomu Oil followed with a gain of 9.94 per cent to close at N77.40, while Associated Bus Company rose by 9.80 per cent to close at 56k per share.
Law Union and Rock Insurance garnered 6.19 per cent to close at N1.03, while Vitafoam appreciated by 5.47 per cent to close at N5.59 per share.
In spite of drop in market indices, the volume of transactions increased by 76.83 per cent with 280.67 million shares valued at N3.14 billion changing hands in 4,464 deals.
This was against the 158.72 million shares worth N1.64 billion exchanged in 3,940 deals on Monday.
Transactions in the shares of FBN Holdings topped the activity chart with 68.21 million shares valued at N365.02 million.
Nigerian Breweries accounted for 22.52 million shares worth N805.42 million, while Japaul Oil and Maritime traded 17.83 million shares valued at N3.83 million.
Abbey Mortgage Bank sold 14 million shares worth N14.7 million, while FCMB Group transacted 10.22 million shares worth N19.19 million.