On Monday, the Nigerian stock market maintained a downward trend as it suffered losses in several highly valued equities, including MTN Nigeria and Guaranty Trust Holding Company GTCO, among others.
Additionally, the market capitalization fell by N312,44 billion, or 1.11 percent, to settle at N27,718 trillion from N28.031 trillion on Friday.
The All-Share-Index dropped from 51,979.92 points on Friday to 51,400.53 points, a 1.11 percent loss, or 111 basis points.
As a result, it showed an enhanced return of 21.33 percent Year-to-Date (YTD).
The Nigerian stock market opens the week in the red, according to analysts at GTI, as investors continue to respond negatively to the recent increase in interest rates and the ongoing sovereign risk.
“We anticipate that the trend will continue throughout the week.”
13 companies made gains while 17 stocks made declines, resulting in negative market breath.
According to a breakdown of the price movement chart, the top three gainers were CAP, FTNCocoa, and NAHCO, each of which gained 10% to close at N18.17, 33k, and N6.05 a share, respectively.
While Unity Bank increased by 7.14 percent to settle at 45k per share, Multiverse Mining and Offshore Technology trailed with 7.89% to close at N2.05.
In addition, Mutual Benefits Assurance increased by 4.17% to close at 25 k, while Fidelity Bank marginally increased by 3.37% to close at N3.37 per share.
UCAP decreased by 5.51% to close at N12, while Cutix decreased by 5.56% to close at N2.25 per share.
While Sovereign Insurance fell by 3.70% to close at 26k per share, RT Briscoe fell by 5% to close at 38k.
In total, 4,314 transactions involved 98.85 million shares for N2.51 billion.
In comparison, 3,600 transactions totaling 205.06 million shares for N3.06 billion were made on Friday.
Investors were delighted with the United Bank for Africa (UBA), which accounted for 15.85 million shares for N141.23 million.
Transcorp sold 5.43 million shares valued at N6.19 million, while Zenith Bank sold 12.27 million shares for N262.25 million.
Dangote Sugar traded 4.18 million shares for N66.83 million, while GTCO exchanged 5.7 million shares worth N105.72 million.