The Nigerian Exchange Limited began the new trading week on a bearish note as the market capitalisation declined by N121bn, driven largely by sell-offs in banking stocks following a directive from the Central Bank of Nigeria.
The directive, which suspended dividend payments, bonuses, and new foreign investments by banks operating under regulatory forbearance, triggered panic selling among investors, leading to a sharp downturn in key market indicators.
At the close of trading on Monday, the All-Share Index depreciated by 170.77 points, representing a 0.15 per cent decline, to close at 115,258.77 points.
This was down from 115,429.54 points recorded at the end of trading last Friday. Consequently, the overall market capitalisation dropped from N72.82tn to N72.70tn, marking a day-on-day loss of N121bn.
NIGERIAN EXCHANGE SHEDS N121BN AS INVESTORS REACT TO CBN’S DIRECTIVE
