NGX Market Crash Wipes Out N2.35 Trillion as MTN, Unilever Lead Massive Selloff

Nigeria’s equities market endured another painful trading session on Monday as investors lost an estimated N2.35 trillion following a broad-based selloff that sent the Nigerian Exchange (NGX) All-Share Index tumbling by 1.57 percent to 228,401.92 points. The sharp decline was driven largely by heavyweight stocks including MTN Nigeria, Unilever Nigeria, and Learn Africa, all of which hit the maximum daily loss limit of 10 percent. The latest downturn further deepens a correction that has erased more than N13 trillion in market value since the NGX reached a historic peak in May.

Market capitalization fell from N148.91 trillion recorded last Friday to N146.56 trillion, while the year-to-date return slipped to 46.78 percent, its lowest level since June 2026. Investor sentiment remained overwhelmingly negative throughout the trading session, with 47 stocks closing in the red compared to only 13 gainers. Analysts noted that selling pressure was widespread across sectors, highlighting growing caution among investors amid ongoing market volatility.

MTN Nigeria emerged as the biggest drag on the benchmark index after shedding N83 per share to close at N747.00. As one of the most valuable companies listed on the NGX, its decline had a significant impact on the broader market. Unilever Nigeria also suffered a steep drop, losing N14 to close at N126.00, while Learn Africa fell to N9.00. Banking stocks added to the pressure, with major lenders including GTCO, Zenith Bank, UBA, Access Holdings, and First HoldCo all recording losses, weakening one of the market’s most influential sectors.

Despite the bearish performance, trading activity surged dramatically, suggesting that institutional investors were actively repositioning their portfolios. Total trading volume jumped by more than 171 percent to 1.06 billion shares, while the value of transactions rose 142 percent to N44.60 billion. Ikeja Hotel dominated market activity with an exceptional block trade of over 305 million shares valued at N13.21 billion, while Access Holdings followed closely with nearly 290 million shares traded. The unusually high turnover indicates that major investors are adjusting positions rather than exiting the market entirely.

Although a handful of stocks such as UPDC, Sovereign Trust Insurance, Cornerstone Insurance, and Neimeth International Pharmaceuticals posted gains, they were unable to offset the broader market weakness. Monday’s decline ranks as the second-largest single-day loss since the market correction began in June and underscores the challenges facing investors after months of strong gains. With the NGX now down nearly 10 percent from its all-time high and institutional activity increasing, market participants will be closely watching upcoming sessions for signs of stabilization or further downside pressure.

source: nairametrics