The bearish trend which trailed the Nigerian Stock Exchange for the better part of last week, continued yesterday, following share price depreciation by major blue chip companies, as market indices dip further by 0.9 per cent.

Specifically, at the re-opening of market for transaction yesterday, the few share price gains made by some highly capitalised companies were not enough to push up the indices.

Precisely, corporate performance indices, the All-Share Index of the Exchange fell by 2829 points, from 28,910.19 recorded when the market closed for the week on Friday to 28,627.29, while market capitalisation dropped by N65 billion or 0.9 per cent, from N6.593 trillion to N6.528 trillion.

Analysts attributed the drop in volume of shares traded to profit taking.

According to them, investors who have recorded same losses in the past few months are taking advantage of the little price gains to shore up their investments.

On the activity chart, the banking sub-sector dominated in volume terms with 341.1 million shares, worth N3.5 million, in 5,149 deals, while the insurance sub-sector followed with 78.2 million units worth N78.7 million in 918 deals.

The chemical and paints sub-sector ranked third on the list with 17 million units, worth N35.7 million in 42 deals.

An analysis of activities in the banking sub-sector indicated that the sub-sector was strengthened by activity in the shares of United Bank for Africa Plc (UBA), which traded 57.1 million shares, worth N813 million, in 493 deals, while Guaranty Trust Bank Plc followed with 51.1 million units, valued at N666 million, in 445 deals.

Guinea Insurance Plc dominated in volume terms in the insurance sub-sector with 31.2 million shares, worth N26.8 million, in 83 deals, while Goldlink Insurance Plc followed with 12.9 million units, worth N6.5 million, in 93 deals.

The chemical and paints sub-sector was boosted by activity in the shares of IPWA Plc, which traded 17 million shares, valued at N35.7 million, in 42 deals.

On the price movement chart, 34 stocks constituted the gainers' chart, led by Oando Nigeria Plc with 306 kobo, to close at N92.06 per share, while West African Portland Company Plc (WAPCO) followed, adding 121 kobo, to close at N25.54 per share.

Other major price gainers includes UACN Plc, Benue Cement Company Plc, Dangote Sugar Refinery Plc, UAC-Properties Plc (UBA) and Access Bank Plc, adding 90 kobo, 86 kobo, 84 kobo, 59 kobo, 59 kobo and 45 kobo.

However, 57 stocks recorded price depreciation as Julius Berger Nigeria Plc tapped the list shedding 150 kobo, to close at N32.50 per share.

Guinness Nigeria Plc, Nigeria Bottling Company Plc, Flourmill Nigeria Plc, UBN Plc, Eco-Bank Transnational Incorporated Plc (ETI) and Zenith Bank International Plc also featured on the list, shedding 120 kobo, 118 kobo, 100 kobo, 95 kobo, 90 kobo and 84 kobo, to close at N127.00, N22.58, N27.00, N18.05, N17.20 and N16.04 per share.