The Nigerian Stock Exchange (NSE) market capitalisation opened the week on Monday with a loss of N162 billion in a day.
Specifically, the market capitalisation which opened at N12.695 trillion lost N162 billion to close at N12.533 trillion.
Also, the All-Share Index (ASI) shed 310.07 points or 1.27 per cent to close at 24,026.05 compared with 24,336.12 achieved on Friday.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are Nestle, Beta Glass, BUA Cement, Julius Berger and C & I Leasing.
In spite of the decline on the first trading day, analysts at Afrinvest Limited expected bargain hunting to drive gains in the next trading session.
Analysts at APT Securities and Funds Limited, on their expectations, said, “We expect a slowdown in market activity in a short while before positive rally picks up in mid to long-term owing to anticipating half year earnings release.”
Market breadth closed negative, with 14 gainers and 17 decliners.
Beta Glass dominated the losers’ chart in percentage terms, losing 9.95 per cent, to close at N61.55, per share.
Julius Berger came second with a loss of 9.81 per cent to close at N16.55, while Livestock Feeds dipped 9.68 per cent to close at 56k per share.
Prestige Assurance and Unity Bank shed 9.62 per cent each to close at 47k per share each.
Conversely, Cornerstone Insurance and Nigerian Aviation Handling Company led gainers’ table in percentage terms, gaining 10 per cent each to close at 55k and N2.20 per share, respectively.
Zenith Bank trailed with a gain of 5.25 per cent to close at N16.05, per share.
Flour Mills of Nigeria improved by 5.11 per cent to close at N18.50, while Regency Alliance Insurance appreciated by 4.76 per cent to close at 22k per share.
In spite of the drop in market indicators, the total volume of shares traded rose by 33.5 per cent with an exchange of 189.69 million shares worth N2.79 billion, in 4,216 deals.
This was in contrast with a turnover of 144.31 million shares valued at N1.52 billion achieved in 3,993 deals on Friday.
Transactions in the shares of Guaranty Trust Bank drove the activity chart with 60.47 million shares worth N1.28 billion.
Access Bank followed with 25.34 million shares valued at N161.35 million, while United Bank for Africa sold 8.78 million shares worth N53.22 million.
FBN Holdings accounted for 8.49 million shares valued at N42.75 million, while Zenith Bank transacted 7.99 million shares worth N125.82 million.