The Nigerian equities market reopened for the month of April on a downturn, as market capitalisation declined by N91 billion after yesterday’s trading .

The market capitalisation of listed equities declined by N91 billion to N66.166 trillion from N66.257 trillion reported the previous day.

The all-share index (ASI) also depreciated by 144.65 basis points or 0.1 per cent to 105515.99 points from 105660.64 points traded last week Friday.

The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are: UACN, NASCON, Oando, Custodian &Allied, FirstHolco, Livestock Feeds, Sunu Assurance and Honeywell mills.

Trading activity was subdued, with total transaction volume and value declining by 19.99 per cent and 44.41 per cent, respectively.

The insurance, consumer goods, oil and gas and commodity sectors recorded losses of 2.6 per cent 0.01 per cent, 0.5 per cent, and 0.2 per cent, respectively, while the banking sector edged up by 0.07 per cent and the commodities sector remained flat.

On what will shape the market in the next trading session, analysts at Vetiva Dealings and Brokerage said: “The market remains in a consolidation phase, with selective buying in Banking sector stocks offsetting broad-based weakness in insurance and oil and gas counters. Investors should expect some volatility, with potential bargain-hunting in key sectors.”

On the price movement chart, UPDReit led gainers table with 10 per cent to close at N6.05 kobo, Afriprudential and VFD group followed with a gain of 9.96 per cent each to close at N14.35 kobo and N51.90 kobo, respectively, Union Dicon added 9.28 per cent to close at N5.30 kobo, May & Baker gained 6.17 per cent to close at N8.60 kobo.

On the contrary, UACN topped losers chart, dropping by 10 per cent to close at N31.95 kobo, UPL trailed with a loss of 9.95 per cent to close at N3.89 kobo, SUNU Assurance was down by 9.92 per cent to close at N5.99 kobo.

Conhall Plc dipped by 9.78 per cent to close at N3.23 kobo, Learn Africa declined by 9.64 per cent to close at N3.

Volume of trades also declined by 109.48 million, representing 19.99 per cent as investors traded 438.094 million shares valued at N12.016 billion in 17286 deals against 547.574 million shares cost N21.617 billion in 13244 deals.

Transaction in the shares of Fidelity Bank led market activities with 41.725 million valued N783.259 million, Mutual Benefits followed with account of 35.994 million shares cost N382.157 million.

Nigerian Breweries traded 35.614 million shares cost N1.221 billion, GTCO Plc sold a total of 33.046 million shares cost N2.303 billion, Zenith Bank exchanged 28.635 million shares worth N1.345 billion.