The market capitalisation shed N62 billion to close at N25.775 trillion, compared with N25.837 trillion on Monday.
The decline of 1.97 per cent was as a result of losses in large stocks such as Dangote Cement, WAPCO, GTCO and Oando.
Overall, the market was positive with 27 gainers relative to 14 losers.
The market capitalisation closed on Friday at N22.060 trillion from N22.043 trillion achieved on Thursday.
The loss followed a sell pressure in Lafarge Africa and PZ Cussons.
An analysis of the price movement table indicated that market sentiment closed negative.
The market gain was driven by price appreciation in large and medium capitalised stocks, including Conoil, Lafarge Africa, Guaranty Trust Bank, Eterna, and Union Bank of Nigeria.
