The Nigerian equities market extended its bearish run on Thursday as a broad-based selloff swept through all major sectors, pushing the NGX All-Share Index lower by 1.41% and erasing N2.18 trillion from investors’ wealth.
This marks the second heavy single-session loss in two weeks after a N2.28 trillion loss fortnight ago, precisely June 3, that dragged market capitalization down to N155.94 trillion.
Trading data from the Nigerian Exchange (NGX) showed the ASI settled at 237,404.92 points, dragging market capitalisation down to N152.27 trillion.
Market breadth was firmly negative, with 40 decliners firmly outpacing 13 advancers, and largely driven by heavy losses in industrial, insurance, and banking stocks.
The decline deepened the market’s retreat from its historic peak of 252,508 points recorded in May 2026, pulling the year-to-date return further down to +52.56% from levels above + 58.53% on Tuesday, June 2.
What the data is saying:
Investor sentiment remained broadly negative throughout the session, with no sector escaping the brokers’ long knives. Highlights of Thursday’s trading:
All-Share Index: 237,404.92 points, down -1.41%
- Market Capitalisation: N152.27 trillion, down -N2.18 trillion
- Volume Traded: 691.64 million shares, up +4.33%
- Value Traded: N116.85 billion, up +192.28%
- Year-to-Date Return: +52.56%
- Market Breadth: 40 losers vs 13 gainers (0.325x)
Top 5 Gainers:
- Legend Internet (LEGENDINT) — up 9.52% to N5.75
- NPF Microfinance Bank (NPFMCRFBK) — up 9.18% to N5.35
- Transcorp (TRANSCORP) — up 7.32% to N44.00
- Neimeth International Pharmaceuticals (NEIMETH) — up 7.03% to N9.90
- Daar Communications (DAARCOMM) — up 5.29% to N1.79
Top 5 Losers:
- African Prudential (AFRIPRUD) — down 10.00% to N11.70
- Tripple Gee & Company (TRIPPLEG) — down 10.00% to N3.60
- Cadbury Nigeria (CADBURY) — down 10.00% to N62.10
- John Holt (JOHNHOLT) — down 9.93% to N12.25
- McNichols (MCNICHOLS) — down 9.33% to N6.80
More insights:
Thursday’s session was characterised by sell-offs in heavily capitalized stocks, a trend that has defined the ongoing market correction but a robust turnover suggesting active institutional repositioning rather than outright exit.
- Three stocks hit the maximum 10.00% daily downside limit: African Prudential, Tripple Gee & Company, and Cadbury Nigeria, reflecting the intensity of selling pressure in consumer and industrial names.
- The Industrial Goods Index bore the heaviest sectoral blow, shedding -3.42% to close lower at 11,194.09 points as selling in manufacturing and capital goods stocks intensified; its steepest single-session loss in the current correction phase.
- The Insurance Index fell -2.83% to 1,186.46 points, extending a run of weakness that has made the sector one of the worst performers during the correction period.
- The Banking Index declined -1.48% to 2,152.96 points, continuing its retreat from recent highs, while Consumer Goods shed -0.59% and Oil & Gas eased -0.14%.
- The Commodity sector was the sole index to close flat.
Despite the broad decline, trading activity told a more nuanced story. While volume rose only modestly by +4.33% to 691.64 million shares, the value of transactions surged +192.28% to N116.85 billion, a significant increase that points to significant block activity in higher-priced counters during the session.
What you should know:
Thursday’s N2.18 trillion loss is the second heavy single-session wipeout recorded within a two-week window, following an earlier N2.28 trillion decline that extended the resumed bearish run to three consecutive sessions since this week.
Analysts expect the bearish trend to persist into the next session, weighed down by continued profit-taking and lingering macroeconomic uncertainties, though the elevated turnover levels suggest that bargain hunting by institutional investors may begin to provide intermittent support at current price levels.
