The Nigerian Exchange extended its losing streak on Monday, shedding N8bn as investors continued to react to market headwinds.

The benchmark All-Share Index declined by 155.96 points, or 0.15 per cent to close at 105,799.17 points, dragging the market capitalisation down to N66.3tn.

Despite the market’s recent losses, the All-Share Index still maintains a year-to-date gain of 2.79 per cent.

The downturn in equities was driven by sustained sell-offs, with 35 stocks recording losses against 18 gainers. E-Tranzact International led the losers’ chart, declining by 10 per cent to close at N5.85 per share, followed by Sunu Assurances Nigeria, which lost 9.92 per cent. Prestige Assurance Company and Sovereign Trust Insurance also posted significant losses, falling by 8.26 per cent and 7.77 per cent, respectively.

On the gaining side, Academy Press led with a 9.92 per cent increase to close at N2.88 per share. Neimeth International Pharmaceuticals followed, rising by 8.43 per cent, while Tantalizers and Dangote Sugar Refinery gained 6.83 per cent and 4.71 per cent, respectively.

The market recorded a total trading volume of 477.5 million shares in 13,520 deals, with a total turnover of N7.05bn. This represented a 36 per cent decline in both volume and value compared to the previous trading session on Friday, March 14.

Despite the overall dip in market activity, there was a 28 per cent improvement in the number of deals executed.

Banking stocks dominated trading, with Jaiz Bank emerging as the most traded stock, recording 197 million shares in transactions. Zenith Bank followed with 26 million shares, while Sovereign Trust Insurance and Prestige Assurance recorded 19.3 million and 18.5 million shares, respectively.

In terms of sectoral performance, the Top 30 Index fell by 0.12 per cent, while the Premium Index dropped by 0.09 per cent. The Pension Index and Oil & Gas Index also recorded declines of 0.17 per cent and 0.19 per cent, respectively. However, the Industrial Index remained flat, reflecting a 1.12 per cent year-to-date gain.

The PUNCH reported that the Nigerian Exchange recorded a N365bn loss last week as market capitalisation declined to N66.35tn from N66.72tn the previous week, reflecting a 0.55 per cent depreciation. The All-Share Index also fell from 106,545.85 to 105,955.13 points.