The Nigerian Exchange (NGX) experienced a sharp downturn on Monday, erasing approximately ₦121 billion from its market capitalization following the Central Bank of Nigeria’s (CBN) announcement to phase out its COVID-era forbearance measures for commercial banks.
Investor sentiment turned negative, triggering a wave of sell-offs particularly in the banking sector, where traders rushed to lock in profits amid uncertainty about the impact of the policy withdrawal. The All-Share Index (ASI) declined by 191.30 basis points, closing at 115,238.24 — a 0.17% drop.
Banking stocks bore the brunt of the pressure, with the sectoral index plunging by 3.98%. Notable decliners included ACCESSCORP, ZENITHBANK, UBA, NNFM, and other tier-2 financial institutions.
Market breadth remained negative, with 21 gainers against 43 losers. NNFM recorded the steepest drop at -10%, trailed by ACCESSCORP (-8.28%), FIRSTHOLDCO (-7.5%), and UBA (-5.7%). On the flip side, GUINEAINS led the gainers’ list with a 10% increase, followed by ELLAHLAKES (+9.93%) and LEGENDINT (+9.87%).
Despite the bearish mood, trading activity displayed a mixed pattern. Total trade volume declined by 33.72%, while transaction value rose by 5.75%, according to a trading summary by Atlass Portfolio Limited. About 618.55 million units worth ₦18.98 billion were exchanged in 18,835 deals.
ACCESSCORP led the volume chart, accounting for 12.86% of total trades, followed by UBA (12.57%), ZENITHBANK (10.66%), FIDELITYBK (6.94%), and GTCO (5.61%). ZENITHBANK was the most traded in value terms, representing 16.16% of the day’s total.
Sectoral performance was mixed: while the consumer goods sector advanced by 1.98%, the oil & gas, insurance, and banking indices recorded respective losses of 0.90%, 0.49%, and 3.98%. The industrial goods sector remained unchanged.
At close, the NGX’s total market value fell to ₦72.67 trillion, cementing investor anxiety about policy clarity as a major short-term driver of market behavior.
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