The Nigerian Exchange Limited recorded a significant downturn on Monday, as widespread sell-offs in blue-chip stocks reversed recent gains and brought an end to a 14-day bullish streak.
The market shed N1.365 trillion in value, with total capitalisation declining by 0.94 percent to close at N143.969 trillion, compared to N145.334 trillion recorded in the previous trading session. Similarly, the All-Share Index dropped by 2,120.20 points, or 0.94 percent, falling from 225,722.49 to 223,602.29.
Despite the sharp decline, the market continues to maintain a strong year-to-date return of 43.69 percent, reflecting sustained investor interest over the longer term.
Market sentiment, however, weakened during the session, with breadth closing in negative territory. A total of 40 stocks recorded losses, outweighing the 36 that posted gains.
The downturn was largely driven by declines in major blue-chip stocks. FirstHoldCo, United Bank, and Trans-Nationwide Investment Company each recorded a 10 percent drop, closing at N67.50, N49.50, and N7.11 per share, respectively. Access Corporation also fell by 9.90 percent to N28.20, while Fidelity Bank declined by 9.87 percent to N20.10.
On the gaining side, Abbey Mortgage Bank led the chart with a 9.26 percent increase to close at N5.90.
Zichis Agro Allied Industries followed with an 8.91 percent rise to N16.99, while Wema Bank advanced by 8.80 percent to N34 per share. NPF Microfinance Bank and WAPIC also recorded notable gains.
Trading activity showed improvement despite the market decline, with total volume rising by 8.06 percent to 678.17 million shares valued at N44.14 billion across 83,838 deals.
Zenith Bank emerged as the most actively traded stock, recording the highest volume and value with 76.07 million shares worth N9.53 billion. This accounted for 11.22 percent of total volume and 21.60 percent of the total value of trades during the session.
The overall performance reflects a market correction phase following an extended rally, with investors taking profits from previously gained positions.
