The Nigerian equities market extended its bearish run on Monday, with market capitalisation shedding N137 billion amid profit taking in banking and insurance stocks.

Market capitalisation declined from N154.533 trillion at the previous close to N154.396 trillion, representing a loss of N137 billion.

Similarly, the All-Share Index (ASI) fell by 265.99 points, or 0.11 per cent, from 239,351.16 to 239,085.17.

Consequently, the market’s year-to-date return declined to 53.64 per cent, while market breadth remained negative.

A total of 32 stocks recorded losses, compared with 18 gainers.

International Energy Insurance led the gainers’ chart by 9.82 per cent, settling at N3.49.

Neimeth International Pharmaceutical went down by 9.38 per cent, finishing at N7.25 and Fidelity Bank shed by 6 per cent, ending the session at N18.80 per share.

Guinea Insurance lost by 5.19 per cent, finishing at 73k while NPF Microfinance Bank dipped by 4.82 per cent, closing at N3.95 per share.

Conversely, Red Star Express topped the gainers’ chart by 9.86 per cent, settling at N16.15, University Press trailed by 9.38 per cent, closing at N5.25.

UPDC Real Estate Investment Trust gained by 5.97 per cent, finishing at N3.55 per share.

Haldane McCall increased by 3.90 per cent, ending the session at N4 and Sunu Assurances grew by 3.33 per cent, closing at N3.10 per share.

Analysis of the market activity revealed a decline in the market value but growth in the volume and deals as 668.72 million shares valued at N23.83 billion were traded across 45,894 transactions.

This is compared with Friday’s 416.67 million shares worth N35.63 billion that were exchanged in 36,324 deals.

Fortis Global Insurance led trading by volume with 206.72 million shares, accounting for 30.91 per cent of the day’s total volume.

First Holdco recorded the highest value of transactions at N7.90 billion, representing 33.15 per cent of the total value traded.