Nigerian stocks eased by 0.07 per cent on Monday, extending the decline that started at the previous session as a majority of bank shares put up for sale failed to find buyers.
Big lenders UBA and GTCO led the slide, which happened against a background of 64 per cent decline in volume.
The NGX Banking Index depleted by 0.91 per cent, the steepest fall of all the five sector indexes tracked by the bourse.
“This week, we expect to see the last of Q1 rallies as investors will purchase stocks for remaining on the register for dividend payments,” said analysts at investment bank United Capital.
“However, we expect the equity market to trade relatively sideways in the coming week.”
Market breath was negative, with 22 losers recorded compared to 15 gainers.
The all-share index closed 30.74 points lower at 47,251.93. Market capitalisation declined to N25.5 trillion.
Year to date, the index is down by 10.6 per cent.
TOP FIVE GAINERS
Guinness led gainers, growing by 10 per cent to close at N71.50. Royal Exchange gained 8.33 per cent, jumping to N1.30. Mutual Benefits leapt to N0.27, notching up 8 per cent in the process. Lasaco rose by 6 per cent to N1.06. Livestock completed the top 5, climbing up by 5.62 per cent to N1.69.
TOP FIVE LOSERS
UBA topped the losers’ table, declining by 10.40 per cent to close at N7.75. RT Briscoe shrank by 10 per cent to end the day at N0.72. NPF Microfinance Bank fell to N7.50, losing 9.64 per cent. Ikeja Hotel dipped to N1.25, recording 8.76 per cent depreciation. Champion closed at N2.05, going down by 8.07 per cent.
TOP FIVE TRADES
In all, 213.6 million shares worth N2.7 billion were traded in 4,485 deals.
Access Bank was the most preferred stock with 27.2 million units of its shares worth N265.4 million traded in 311 deals. Zenith Bank shares of 19.9 million units priced at N534.7 million exchanged hands in 427 transactions. UBA had 18.7 million shares valued at N145 million traded in 324 deals. GTCO traded 18.4 million shares estimated at N482.4 million in 465 transactions. Transcorp traded 15.1 million shares valued at N17.1 million in 109 deals.