Significant sell‑offs in blue‑chip stocks pulled the Nigerian Exchange Limited (NGX) into a sharp decline on Monday, erasing N1.365 trillion in market value and snapping a 14‑day winning streak.
The All‑Share Index fell 2,120.20 points, or 0.94 percent, to 223,602.29 from 225,722.49. Market capitalisation dropped 0.94 percent to N143.969 trillion, down from N145.334 trillion recorded in the previous session.
Despite the one‑day drop, the market retained a strong year‑to‑date gain of 43.69 percent. Investor sentiment, however, turned negative as market breadth closed in the red, with 40 stocks posting losses against 36 gainers.
Losses were led by major blue‑chip issuers. FirstHoldCo, United Bank and Trans‑Nationwide Investment Company each shed about 10 percent, closing at N67.50, N49.50 and N7.11 per share respectively. Access Corporation fell 9.90 percent to N28.20, while Fidelity Bank declined 9.87 percent to N20.10 per share.
On the upside, Abbey Mortgage Bank posted the biggest gain, rising 9.26 percent to N5.90. Zichis Agro Allied Industries added 8.91 percent to close at N16.99, and Wema Bank advanced 8.80 percent to N34.00. NPF Microfinance Bank and WAPIC also recorded gains of 8.19 percent and 7.26 percent, ending at N5.68 and N2.66 respectively.
Trading activity improved, with total volume up 8.06 percent to 678.17 million shares valued at N44.14 billion across 83,838 transactions. Zenith Bank dominated the activity chart, handling 76.07 million shares worth N9.53 billion – 11.22 percent of total share volume and 21.60 percent of total trade value.
The sharp reversal underscores the sensitivity of the NGX to movements in its blue‑chip segment. Market participants will be watching whether the broader rally sustains amid the heightened volatility.
