Fakrogha told the News Agency of Nigeria (NAN) in Lagos that it was a common syndrome that the market usually goes down whenever the year approaches an end.
According to him, for more than three weeks now, the market had been on the downward trend.
He also said that the fear of the uncertainties of the market due to the 2015 general elections, also contributed to the current sell pressure being experienced in the market.
“Both foreign and local investors are selling off their shares due to fear of what may happen after the elections,” he said.
Meanwhile, the market All-Share Index has decreased further by 702.71 points.
The Index dropped 2.31 per cent to close lower at 29,789.59, in contrast to the 30,492.30 achieved on Monday.
The market capitalisation, which opened at N10.066 trillion, grew by N232 billion or 2.31 per cent, to close at N9.834 trillion.
Seplat topped the losers’ chart with a loss of N14.75, to close at N280.25 per share.
Dangote Cement trailed with a loss of N6.34 to close at N153.66, while Nigerian Breweries lost N4.8 to close at N138.7 per share.
Lafarge Wapco depreciated by N2 to close at N70, while CAP declined by N1.56 to close at N34.66 per share.
Conversely, Nestle topped the gainers’ table by N8 to close at N783 per share.
7UP followed with a gain of N5.15 to close at N159, while Etranzact gained 13k to close at N2.8 per share.
Airservice appreciated by 8k to close at N1.8, while Guinness rose by 7k to close at N117.07 per share.
NAN reports that a total volume of 261.054 million shares worth N3.29 billion were traded in 4,108 deals.
This was in contrast to the 372.641 million shares valued at N3.00 billion traded in 4,179 deals on Monday.
FBN Holdings emerged the most-traded stock with 66.96 million shares worth N565.42 million.
It was followed by GTBank with 24.03 million shares valued at N522.44 million, while Zenith Bank traded 18.23 million shares worth N300.85 million. (NAN)