The Nigerian stock market opened the second quarter on a negative note as investors resumed trading after the Eid-el-Fitr holidays.
The market lost N72 billion on Wednesday as cautious sentiment dominated the first session of April.
The All-Share Index closed at 105547.16 points compared to the previous close of 105660.64 points representing a 0.11 percent decline.
Market capitalisation also dropped from N66.257 trillion to N66.185 trillion reflecting the value erosion recorded during the session.
The decline was largely driven by losses in mid and large-cap stocks. UACN posted the highest loss after shedding 10 percent to close at N31.95.
University Press followed with a 9.95 percent drop to settle at N3.89. Sunu Assurances declined by 9.92 percent closing at N5.99 while Consolidated Hallmark Holdings and Learn Africa lost 9.78 percent and 9.64 percent respectively.
Despite the decline, trading activity remained strong as 431.22 million shares valued at N11.78 billion were exchanged in 17082 deals.
Fidelity Bank, Mutual Benefits, Nigerian Breweries, GTCO, and Zenith Bank featured among the most actively traded stocks for the day.
Market analysts expect mixed performances in the coming sessions as investors turn attention to full-year earnings releases and dividend declarations.
Some analysts project a mild recovery driven by bargain hunting and repositioning for corporate actions while others maintain a cautious stance due to elevated yields in the fixed-income market.
The equities market had already recorded a negative close in March with a 1.99 percent decline amid profit-taking and concerns around monetary tightening.
With the start of April showing early weakness, attention is now shifting to whether anticipated earnings announcements will provide the needed catalyst for market recovery.
Market operators remain focused on sector-specific performances and possible price adjustments ahead of dividend qualification periods.
