NGX Suffers Sharp Selloff as Market Capitalization Drops by N984bn on Heavy Profit-Taking

The Nigerian equities market opened the week on a bearish note as sustained profit-taking and widespread selloffs pushed the Nigerian Exchange (NGX) into negative territory, wiping out about N984 billion in investor wealth. The downturn reflected weakening sentiment across key sectors, as investors reacted cautiously to ongoing market uncertainties.

According to data from the NGX, the All-Share Index (ASI) dropped by 1,534.01 points, or 0.63%, to close at 243,204.73 points. In the same trading session, market capitalisation fell sharply to N155.986 trillion, extending losses driven largely by pressure on medium- and large-cap stocks.

Heavyweight stocks such as Aradel Holdings Plc, Nigerian Aviation Handling Company Plc, Oando Plc, First Holdco Plc, and Transnational Corporation of Nigeria Plc led the decline, dragging overall market performance lower as investors locked in profits.

Market breadth remained negative, with 15 gainers against 48 losers, underscoring weak investor confidence. On the gainers’ table, stocks such as Royal Exchange, Ikeja Hotels, Consolidated Hallmark Holdings, University Press, and AXA Mansard Insurance recorded modest gains, while major decliners included International Energy Insurance, eTranzact International, Neimeth International Pharmaceuticals, Oando, and Abbey Mortgage Bank.

Trading activity also slowed significantly, with volume dropping 39.3% to 744.90 million shares valued at N36.40 billion across 80,873 deals. Analysts at Cowry Assets Management Limited noted that bearish sentiment could persist in the near term, citing ongoing profit-taking and uncertainty in the oil and gas sector amid geopolitical tensions and shifting global supply conditions.

source: Leadership