The Nigerian equities market closed on a broadly negative note on Monday as sell pressure intensified across key sectors, dragging heavyweight banking stocks lower and outweighing gains recorded in select counters.

The All-Share Index (ASI) declined by 0.94 per cent to settle at 223,602.29 points, pulling the year-to-date return down to +43.69 per cent and wiping out N1.37 trillion from market capitalisation, which closed at N143.97 trillion.

Data from the Nigerian Exchange (NGX) shows that 40 stocks declined compared to 36 gainers, underscoring a bearish market breadth as investors locked in profits following recent rallies.

Leading the losers’ chart was FirstHoldCo, which shed 10 per cent to close at N67.50, followed by Transcorp Express, also down 10 per cent to N7.11. Tier-one banking stocks came under significant pressure, with United Bank for Africa (UBA) dropping 10 per cent to N49.50, while AccessCorp declined by 9.9 per cent to N28.20. Fidelity Bank also recorded a sharp loss of 9.87 per cent to close at N20.10.

The heavy sell-off in banking equities contributed significantly to the day’s negative sentiment, suggesting a wave of profit-taking by both institutional and retail investors.

On the gainers’ side, Abbey Mortgage Bank led with a 9.26 per cent increase to N5.90. Zichies Agro Allied Industries followed closely, rising by 8.91 per cent to N16.99, while Wema Bank gained 8.8 per cent to close at N34.00. Other notable advancers included NPF Microfinance Bank and Wapic Insurance, which posted gains of 8.19 per cent and 7.26 per cent, respectively.

Despite the overall downturn, trading activity remained robust. Zenith Bank emerged as the most actively traded stock by volume, with over 76 million shares exchanged in 8,889 deals, valued at approximately N9.53 billion. The stock, however, declined by 4.17 per cent to close at N121.85, reinforcing the broader bearish mood.

Market analysts attribute the mixed performance to a combination of profit-taking, portfolio rebalancing, and cautious sentiment among investors following recent market highs. The sharp declines in large-cap banking stocks, in particular, signal a temporary pullback after sustained bullish momentum in previous sessions.

With declining stocks outpacing gainers and key indices under pressure, market participants are expected to closely monitor trading patterns in the coming sessions for signs of stabilisation or further correction.

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