Investors faced significant losses at the start of the week as the Nigerian Exchange (NGX) All-Share Index dropped by 136 basis points (bps), leading to N748.66 billion decline in market capitalization.

The index closed at 95,781.68 points, its lowest level since January 22nd, driven by substantial sell-offs in key industrial and banking stocks.

The bearish sentiment was driven by significant losses in key stocks, particularly in the industrial and banking sectors.

Industrial heavyweight Dangote Cement (DANGCEM) saw a sharp decline of 10.00 per cent, contributing heavily to the overall market downturn.

Additionally, Tier-1 banks such as Guaranty Trust Holding Company (GTCO) and First Bank of Nigeria Holdings (FBNH) recorded losses of 0.43 per cent and 0.95 per cent, respectively. Despite these losses, the market saw gains in BUACEMENT (+3.73%), Transcorp Hotels (TRANSCOHOT) (+6.25%), and United Bank for Africa (UBA) (+1.11%), which helped to mitigate the overall decline.

As a result of the bearish performance, the year-to-date (YTD) return fell to 28.10 per cent, while the market capitalization decreased by N748.66 billion, closing at N54.38 trillion.

In terms of market activity, trade turnover increased slightly, with the value of transactions rising by 2.47 per cent compared to the previous session.

A total of 3.55 billion shares worth N7.65 billion were traded across 9,291 deals.

GTCO led both the volume and value charts, with 59.25 million units exchanged in transactions totaling N2.73 billion. Market breadth closed positive, with a 1.82-to-1 ratio of advancing to declining issues.

SKYAVN led the gainers’ chart with a 10.00 per cent increase, followed by 30 other advancing stocks, while DANGCEM topped the laggards’ table with a 10.00 per cent decline, leading 16 other losers.