The naira at the offical foreign exchange rate on Tuesday appreciated by 0.7per cent to N1,540.00 against the dollar from N1,551.00 it closed last week trading activities.

Meanwhile, the local stock market on Tuesday resumed from the holidays on a negative note as selloffs in Aradel Holdings Plc and 24 others pulled the overall capitalization down by N377 billion.

As a result, the All-Share Index (ASI) declined by 599.27 points, representing a loss of 0.52 per cent to close at 114,017.48 points. Also, market capitalisation lost N377 billion to close at N71.898 trillion.

The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are; Aradel Holdings, Beta Glass, MTN Nigeria Communications (MTNN), Access Holdings and John Holt.

Investor sentiment, as measured by market breadth closed positive as 35 stocks advanced, while 25 declined. Berger Paints Nigeria, DAAR Communications and eTranzact International emerged the highest price gainer of 10 per cent each to close at N22.55, 66 kobo and N6.60, per share.

Legend Internet followed with a gain of 9.93 per cent to close at N5.87, while Omatek Ventures up by 8.22 per cent to close at 79 kobo, per share.

On the other side, R.T. Briscoe Nigeria led others on the losers’ chart with 10 per cent to close at N2.25, per share. John Holt followed with a decline of 9.87 per cent to close at N6.85, while Beta Glass shed 9.69 per cent to close at N210.10, per share.

Aradel Holdings went down by 9.09 per cent to close at N500.00, while Deap Capital Management and Trust depreciated by 8.16 per cent to close at 90 kobo, per share.

Meanwhile, the total volume of trade dipped by 55.4 per cent to 652.637 million units, valued at N18.875 billion, and exchanged in 23,978 deals. Transactions in the shares of Access Holdings led the activity with 88.297 million shares worth N1.971 billion. Zenith Bank followed with account of 49.330 million shares valued at N2.519 billion, while Guaranty Trust Holding Company (GTCO) traded 47.250 million shares valued at N3.342 billion.

Fidelity Bank traded 42.925 million shares worth N844.839 million, while Wapic Insurance traded 34.998 million shares worth N70.562 million.