The Nigerian Exchange closed trading on Monday in steep decline, with the All-Share Index losing 1,386.2 points to finish at 249,738.8. The drop wiped roughly N810 billion from market capitalisation and marked the index's slip below the 250,000-point level that investors had been watching closely.
Dangote Sugar and Transcorp Power led the sell-off, with both stocks among the day's heaviest decliners. The weakness across these major holdings reflected broader pessimism that gripped the market during the session.
The retreat comes as the bourse continues to show vulnerability after recent gains. Investors have grown jittery about valuations at current levels, and the Monday decline suggests that appetite for equities remains fragile. The loss of the 250,000-point support is psychologically significant for market participants who view round numbers as key technical indicators.
Analysts will be watching closely to see whether the index finds footing above 249,000 or continues sliding further in coming sessions. The performance of heavyweight stocks like Dangote Sugar will be crucial in determining whether the downward momentum persists or reverses.
