The All-Share Index of the Nigerian Exchange Ltd. dropped by 0.33 per cent at the first trading of the week, closing at 46,687.85 points.
The 46, 89.85 points from the 46,842.86 points recorded on April 1, representing a decline of 0.33 per cent.
The shares of telecommunication company, MTN Nigeria and Tier-1 banks, which include; First Bank of Nigeria Holdings (FBNH) United Bank for Africa (UBA), Zenith Bank and Access Bank Holdings (ACCESSCORP) contributed to the overall market’s weak performance.
Consequently, the year-to-date (YTD) return fell to 9.30 per cent.
Also, the market capitalisation shed ₦83.57 billion to close at ₦25.17 trillion as against N24.253 trillion posted on April 1.
”As expected, market started off mixed with a slight recovery in market sentiment, as investors continue to trade in line with earnings report.
” We anticipate further mixed sessions amid bargain hunting activities across board,” said Analysts at Vetiva Research.
Market breadth was positive with 22 stocks against 18 losers.
Redstar Express led the gainers chart, closing with 10 per cent to close at N2.97, followed by NAHCO that grew by 9.79 per cent to close at 4.71k per share.
Meyer increased by 9.72 per cent to close at 79k per share, while Veritask gained 9.52 per cent to close at 23k per share.
Also, UPDC appreciated by 9.21 per cent to close at 83k per share.
On the losers chart, Regal Insurance led with a drop of 9.68 per cent to close at 28k per share, followed by Japaul Gold that depreciated by 8.82 per cent to close at 31k per share
WAPIC down by 6.82 per cent to close at 41k as Linkage Insurance dropped by six per cent to close at 47k per share.
In addition, Jaiz Bank shed 5.71 per cent to close at 60k per share.
In terms of activity levels, total volume dropped by 14.7 per cent to close at 219.5 million unit shares from 257.33 million posted on April 1.
Also, in terms of value, trading decreased by 32.57 per cent to close at N1.93 billion in 5,168 deals from N2.86 billion in 4,586 deals recorded on Friday.
Zenith Bank was the most volume traded stock with 12.79 million units of shares worth N278.4 million, followed by MTN Nigeria traded stock of 1.24 million units of share worth about N264.13 million.
Guaranty Trust Holding Company (GTCO) sold 9.7 million units of shares worth N250.36 million, followed by ACCESSCORP traded stock of 11.96 million units of shares worth about N211.37 million.
