The first trading session of the week on the floor of the Nigerian Exchange (NGX) Limited ended on a negative note with a 0.11 per cent loss on Monday.
The bearish performance was influenced by profit-taking activities by investors rebalancing their portfolios and reducing their exposure to Nigerian stocks.
According to data from Customs Street, the insurance sector lost 1.69 per cent, the energy index depreciated by 1.07 per cent, and the banking space slumped by 0.40 per cent.
However, the consumer goods counter appreciated by 1.35 per cent, and the industrial goods industry improved by 0.12 per cent as a result of profit-taking activities.
When the bourse closed for the day, the All-Share Index (ASI) moderated by 116.21 points to 107,937.74 points from 108,053.95 points and the market capitalisation shrank by N72 billion to N67.346 trillion from the N67.418 trillion it ended last Friday.
Business Post reports that investor sentiment was weak yesterday after the NGX finished with 20 price gainers and 42 price losers, representing a negative market breadth index.
Learn Africa and Ikeja Hotel went down by 10.00 per cent each to sell for N3.87 and N12.60 apiece, Cornerstone Insurance depreciated by 9.80 per cent to N3.13, UPDC dropped 9.79 per cent to trade at N3.41, and VFD Group crumbled by 9.66 per cent to N52.40.
On the flip side, Nigerian Breweries gained 10.00 per cent to trade at N36.30, Cadbury Nigeria appreciated by 9.97 per cent to N32.00, The Initiates jumped by 9.88 per cent to N4.45, International Energy Insurance rose by 9.87 per cent to N2.45, and the Nigerian Enamelware increased by 9.43 per cent to N23.20.
A total of 511.1 million stocks worth N12.8 billion exchanged hands in 17,095 deals during the session versus the 478.8 million stocks valued at N13.9 billion transacted in 15,613 deals in the preceding trading day, indicating a decline in the trading value by 7.91 per cent, and a surge in the trading volume and number of deals by 6.75 per cent and 9.49 per cent, respectively.
Access Holdings topped the activity chart with 143.7 million equities sold for N4.0 billion, AIICO Insurance traded 24.6 million shares worth N42.8 million, UPDC transacted 20.4 million stocks valued at N76.7 million, Fidelity Bank exchanged 19.9 million equities worth N384.1 million, and UBA traded 17.9 million stocks valued at N688.2 million.