The Nigerian equities market resumed trading for the week on Monday, closing with a decline of 0.22 percent, ahead of Easter celebration.
The All Share Index (ASI) shed 64.56 points, representing a dip of 0.22 percent to close at 29,495.91 compared with 29,560.47 achieved on Friday.
Similarly, investors’ wealth reduced by N24 billion or 0.22 percent as market capitalization closed lower at N11.079 trillion against N11.103 trillion recorded on Friday.
According to source, performance was influenced by price depreciation in medium and large capitalized stocks.
Among these are Nestle Nigeria, Dangote Cement, Flour Mills Nigeria, Ecobank Transnational Inc (ETI) and United Bank for Africa (UBA).
Analysts at Afrinvest Limited, an independent investment banking firm said: Following the negative performance and weakened investor sentiment, we expect sustained low activity this week, barring any major economic events.
Our outlook remains bearish, but we do not rule out bargain hunting toward the end of the week as witnessed last week.
Looking into this week, analysts at United Capital Plc expected bargain hunters looking to take advantage of cheaply priced stocks to guide sentiments in the near term as Relative Strength Index (RSI) hovers below its oversold region.
Market breadth closed positive with 26 gainers against 17 losers.
Initiates recorded the highest price gain of 9.59 percent to close at 80k per share.
Dangote Flour Mills followed with a gain of 9.52 percent to close at N9.20, while First Aluminium rose by 9.38 percent to close at 35k per share.
Cadbury appreciated by 8.91 percent to close at N11, while Consolidated Hallmark Insurance went up by 8.33 percent to close at 26k per share.
Conversely, Associated Bus Company led the losers’ chart by 10 percent to close at 36k per share.
A.G. Leventis (Nigeria) followed with a decline of 9.68 percent to close at 28k, while Niger Insurance declined by 9.09 percent to close at 20k per share.
Royal Exchange declined by eight per cent to close at 23k, while United Bank for Africa (UBA) was down by 4.62 percent to close at N6.20 per share.
Total volume traded went down by 4.6 per cent to 223.78 million shares valued at N1.79 billion exchanged in 3,175 deals.
This was in contrast to a turnover of 232.77 million shares worth N1.97 billion transacted in 2,677 deals on Friday.
Sovereign Trust Insurance was the toast of investors with 45.72 million shares worth N10.96 million.
Chams accounted for 36.84 million shares valued at N10.93 million, while Union Bank of Nigeria traded 26.22 million shares worth N178.41 million.
Guaranty Trust Bank sold 14.36 million shares valued at N503.35 million, while UBA transacted 13.65 million shares worth N86.38 million.
Source: Voice of Nigeria