On Monday, Nigerian equities lost more ground as weak investor confidence pushed the benchmark index down 0.02 percent, its lowest level since August 9.
The all-share index fell 6.16 points to 38,915.62 index points, while market capitalization fell to N20.3 trillion. The index has fallen 3.36 percent since January.
As investors lose faith in stocks when compared with those from a year ago, companies in a myriad of sectors failed to improve their financial performance over the past half-year, especially lenders and those that offer dividends.
The move comes at a time when fixed income yields are more attractive, including an upcoming auction of Nigerian Treasury Bills, which managers will likely pursue with equity-weighted funds.
A few tickers that experienced selloffs in the previous week may experience some bargain hunting this week. Market conditions are expected to remain choppy over the medium term
Furthermore, as a result of a recent increase in stop rates at NTB, market participants will be paying close attention to the fixed income space.
Leading the losses Monday were UPDC, FBN Holdings, and Guinness, which were touched by sectors such as real estate, banking, and consumer goods.
Shares of Universal Assurance were the most actively traded stock with 19.4 million worth N3.9 million transacted in 15 transactions. Fidelity shares worth N46.5 million changed hands in 192 transactions totaling 19.3 million priced shares.
In 145 transactions, 16.7 million shares valued at N125 million were traded by FBN Holdings.
A negative market breadth was reported as 21 losers outnumbered 18 gainers.
Top 5 gainers
The price of Morrison increased by 9.37 per cent to N2.10. The price of the Sovereign Trust rose by 8 per cent to N0.27. Linkage Assurance ended trading at N0.60, up 5.26 percent.
Fidelity gained 4.35 percent, reaching N2.40. International Breweries climbed to No. 5, improving by 4.17 percent.
Top 5 losers
SCOA led laggards, falling 10 percent to close at $1.17. Academy shed 7.69 percent to end the day at N0.36
UPDC dropped to N1.51, losing 6.21 percent. ABC Transport dropped to N0.33, a decline of 5.71 percent. A drop of 4.09 percent happened at Oando.