Primary drivers of the performance of the market were stocks such as Oando, WAPCO, and Zenith, Fidelity and Access banks.
Nigerians are going to benefit from reduced fuel prices as there would be competition among the industry players.
FBN Holdings topped the activity chart with 34.84 million shares valued at N265.09 million.
In all, investors bought and sold a total of 209.19 million shares worth N2.01 billion in 3,240 deals, representing an increase 1.82 per cent.
Experts say subsequent direction of the capital market will depend on the outcome of the Monetary Policy Committee (MPC) meeting slated for May 24 and 25.
BUA Cement, Portland Paints, SCOA, FBN Holdings and Zenith Bank stocks saw price depreciation.
The All-Share Index lost 226.26 points.
Analysts attributed the persistent lull to increasing rates in the fixed income market.
Although Nigeria is the largest producer of onion in sub-Saharan Africa, investment in the agric sub-sector has been stagnant for years.
