The Nigerian Exchange (NGX) recorded another difficult trading session on Thursday as investors lost an estimated N877.9 billion following widespread sell-offs across key sectors of the market. The NGX All-Share Index (ASI) declined by 0.61 percent to close at 224,321.97 points, extending a bearish trend that has persisted since the market reached its historic peak in May. Market capitalisation also dropped to N144.11 trillion, while the year-to-date return weakened further to 44.15 percent.
Leading the decline were major banking and industrial stocks, with First HoldCo, Zenith Bank, FCMB, and Lafarge Africa (WAPCO) posting significant losses. First HoldCo shed 8.22 percent, FCMB fell 8.59 percent, while Zenith Bank lost 3.52 percent. WAPCO’s 6.45 percent decline added further pressure on the Industrial Goods Index, highlighting the extent of the sell-off among heavyweight stocks that traditionally provide support for the market.
Investor sentiment remained largely negative throughout the day, reflected in the market breadth of 12 gainers against 36 losers. The Insurance Index emerged as the worst-performing sector, dropping 2.5 percent, while the Banking Index followed closely with a 2.2 percent decline. Other sectors were not spared as losses spread across oil and gas, consumer goods, and industrial stocks. Oando, Transcorp, Dangote Sugar, and several insurance firms all closed lower, reinforcing the bearish mood that dominated trading activities.
Despite the market downturn, trading activity surged significantly. Total volume traded jumped by 75.25 percent to 855.32 million shares, while the value of transactions more than doubled to N28.37 billion. Sterling Financial Holdings accounted for more than half of the total market volume, with 459.59 million shares exchanged, suggesting intense investor repositioning ahead of the company’s planned share reconstruction. Analysts noted that the sharp increase in trading activity points to active institutional participation rather than a complete withdrawal from the market.
The latest decline underscores the depth of the ongoing market correction, with the ASI now down more than 28,000 points from its all-time high of 252,508 points recorded in May 2026. Since then, the market has erased over N15 trillion in value, while the year-to-date return has dropped by more than 16 percentage points. Although a handful of stocks, including Austin Laz, Learn Africa, UPDC, and Caverton, recorded strong gains, they were unable to offset the pressure from large-cap stocks. Market watchers say investors will be closely monitoring corporate earnings, monetary policy signals, and broader economic developments for clues on when the market may regain its footing.
source: nairametrics
