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The Nigerian Exchange began the new trading week on a bearish note, with investors losing N297 billion in market value by the close of trading on Monday.

The All-Share Index (ASI) dropped by 265.42 points, representing a 0.24 per cent decline, to close at 108,467.98 points.

Similarly, the market capitalisation slipped by 0.43 per cent, settling at N68.1 trillion.

Despite the downturn, market activity remained relatively strong as 414.57 million shares were traded across 16,664 deals, with a total market turnover of N10.71 billion.

Compared to the previous session on Friday, May 9, transaction volume decreased by 10 per cent, turnover dropped by 4 per cent, while the number of deals rose by 6 per cent.

Out of 127 listed equities that participated in the session, 39 recorded gains while 28 declined.

Multiverse Mining and Exploration Plc led the gainers, posting a 10 per cent increase to close at N11.00 per share.

Meyer Plc followed with a similar 10 per cent gain to close at N8.80 per share.

Smart Products Nigeria Plc also appreciated by 10 per cent to N0.55 per share, while Beta Glass Company Plc advanced by 9.99 per cent to close at N176.70 per share.

Honeywell McCallum Ltd and Abbey Mortgage Bank Plc gained 9.88 per cent and 9.86 per cent, closing at N4.67 and N7.69 per share, respectively.

On the losing end, E-Tranzact International Plc declined by 10 per cent to N5.40 per share, topping the losers’ chart.

Nigerian Aviation Handling Company Plc fell by 9.64 per cent to N75.00, John Holt Plc dropped by 9.48 per cent to N5.25, and Union Dicon Salt Plc lost 9.47 per cent to close at N7.65.

C&I Leasing Plc and Linkage Assurance Plc also fell by 8.31 per cent and 8.06 per cent, respectively.

In terms of trade volume, Tantalizers Plc led with 49.2 million shares traded, followed by VFD Group Plc with 48.9 million shares, Access Holdings Plc with 29.4 million shares, and Zenith Bank Plc with 24.3 million shares exchanged.

Sectoral performance showed mixed results. The Top 30 Index fell by 0.24 per cent, the Main Board Index declined by 0.11 per cent, and the Banking Index dropped by 0.24 per cent.

However, the Oil and Gas Index gained 0.36 per cent, the Insurance Index rose by 0.29 per cent, and the Industrial Goods Index edged up by 0.12 per cent.

Despite Monday’s decline, the ASI remains in positive territory on broader timelines, with a 1-week gain of 1.66 per cent, a 4-week return of 4.11 per cent, and a year-to-date growth of 5.38 per cent.

Last week, investors on the Nigerian Exchange recorded a total turnover of 2.645 billion shares valued at N77 billion across 86,110 deals, marking an increase from the 2.200 billion shares worth N75.4 billion traded in 70,329 deals the week before.

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