It was a brutal start to the week on the Nigerian Exchange, as the All-Share Index plunged by 123 basis points to close at 104,216.88 points, marking one of the steepest daily declines in recent sessions. The selloff was broad-based, but the banking sector bore the brunt, dragging the overall market deep into the red.
Tier-one names were hit hard, with GTCO (-5.62%), UBA (-7.60%), Zenith Bank (-5.01%), Access Holdings (-9.27%), and FirstHoldCo (-6.35%) all closing significantly lower. Other banks weren’t spared either, as Fidelity Bank (-9.52%) and Sterling Bank (-8.88%) also dipped sharply.
Sentiment remained sour across other major counters, with notable losses in Transcorp (-5.82%), Oando (-10.00%), Nigerian Breweries (-5.88%), and Honeywell Flour (-9.98%), intensifying the market’s downward spiral.
The gainers’ chart was thin, offering little reprieve. Total Energies (+9.61%), Dangote Sugar (+2.03%), and FCMB (+2.76%) were among the few names in green.
Market turnover settled at ₦11.1 billion ($7.2 million), with trading activity dominated by GTCO, Zenith Bank, Aradel, Fidelity, and UBA. Following today’s sharp drop, the market’s year-to-date return has moderated to +1.19%, reflecting growing investor caution.
With global equities also under pressure and sentiment turning risk-off, the selloff may extend into tomorrow’s session. Investors should brace for continued volatility as earnings season rolls on and macro headwinds remain in play.