The Nigerian equities market started June 2026 on a bearish note, wiping out a staggering N2.29 trillion in market capitalisation within just two trading sessions. The decline, recorded across Monday and Tuesday, reflects sustained sell pressure on high-cap banking and industrial stocks, dragging the Nigerian Exchange (NGX) All-Share Index lower.
On Tuesday alone, investors lost about N478.7 billion as market capitalisation fell to N158.22 trillion from N158.72 trillion the previous day. This followed Monday’s sharper N1.81 trillion decline, pushing the market into one of its weakest opening-week performances of the year. The All-Share Index also slipped further to 246,686.66 points, extending its losing streak.
The banking sector bore the brunt of the sell-offs, with the Banking Index dropping 1.63% on Tuesday after a 1.49% decline on Monday. Heavyweights such as First HoldCo, Wema Bank, and Zenith Bank led the losses, signaling strong profit-taking activity. Other sectors, including consumer goods and insurance, also closed lower, further weighing on overall market performance.
Despite the downturn, a few stocks managed to post gains. International Energy Insurance, Trans-Nationwide Express, and Nem Insurance were among the top performers. However, losses in major consumer names like PZ Cussons and ABC Transport overshadowed the gainers, reinforcing the market’s bearish tone. Trading activity also slowed significantly, with volume, value, and deals all declining compared to the previous session.
Market analysts say the two-day slump reflects intensified institutional selling and profit-taking after months of strong gains earlier in the year. Although the NGX remains up significantly year-to-date, the recent correction has trimmed investor returns and cooled sentiment. Going into midweek trading, investors are expected to remain cautious, focusing on fundamentally strong stocks with more attractive entry valuations.
source: nairametrics