NGX loses N3.54trn as investors extend four-day sell-off

Nigerian equities investors have lost N3.54 trillion in four sessions as sustained profit-taking in consumer goods and major banking stocks extended the market’s post-record correction, with another N613.09 billion wiped from investors’ wealth on Thursday.

The NGX All-Share Index fell 0.39 per cent to 243,017.38 points, while market capitalisation dropped to N156.88 trillion from N157.49 trillion the previous session.

Thursday’s decline extended the market’s losing streak to four consecutive sessions following Monday’s record close, when market capitalisation crossed N160 trillion to reach N160.42 trillion, and the ASI climbed to 248,529.75 points.

Since that peak, investors have lost approximately N3.54 trillion, representing a 2.2 per cent decline in market value, while the benchmark index has shed about 5,512 points.

The market’s year-to-date return consequently moderated further to 56.17 per cent, although equities remain substantially higher than at the start of the year.

Consumer goods stocks remained the biggest source of selling pressure, with Unilever Nigeria plunging 9.97 per cent to N118.30, wiping N13.10 from its share price in one session.

Chellarams also fell 9.66 per cent to N10.75, while Nigerian Breweries declined 1.13 per cent to N69.70, dragging the NGX Consumer Goods Index down 1.22 per cent to 4,056.39 points.

Other major counters also came under pressure. Access Holdings declined 3.28 per cent to N26.50, Zenith Bank fell 2.24 per cent to N122, while Transcorp dropped 2.63 per cent to N37. GTCO eased 0.39 per cent to N128.

The banking index consequently fell 0.27 per cent to 2,553.87 points, while the Industrial Index declined 0.75 per cent and the Insurance Index fell 0.54 per cent.

Despite the broad correction, selected banking stocks attracted buying interest. Ecobank Transnational Incorporated gained 3.64 per cent to N74, Fidelity Bank rose 2.33 per cent to N22, Wema Bank advanced 2.94 per cent to N29.80, while UBA gained 1.21 per cent to N46.

Neimeth International Pharmaceuticals also rose 6.21 per cent to N8.55.

The contrast between the benchmark’s decline and continued gains in selected stocks suggests that investors are increasingly rotating portfolios rather than exiting the market wholesale.

Trading activity strengthened sharply as investors repositioned. Total volume traded surged 191.22 per cent to 4.24 billion shares, while turnover jumped 141.92 per cent to N50.65 billion across 41,454 transactions.

The increase in trading value and volume alongside falling prices suggests that profit-taking and portfolio rebalancing have intensified as investors lock in gains accumulated during the market’s strong 2026 rally.

Market breadth also weakened, with 40 stocks declining against 27 gainers, compared with the more balanced market recorded in the previous session.

International Energy Insurance led the gainers with a 10 per cent increase to N4.84, followed by John Holt, which rose 9.89 per cent to N10.

On the downside, Unilever Nigeria recorded the steepest decline, followed by Chellarams, NIDF, Daar Communications and Cornerstone Insurance.

The latest correction therefore represents a significant test for the NGX after its powerful rally earlier in the year. While the market has retained a 56.17 per cent year-to-date gain, the concentration of losses in large-cap consumer and financial stocks means further weakness in these counters could deepen the correction.

The key question for investors in coming sessions is whether the current profit-taking will stabilise around existing valuations or trigger a broader retreat from large-cap equities. The sharp increase in turnover suggests that investors remain active, but the direction of that capital will determine whether the four-session sell-off marks a temporary correction or the beginning of a more sustained market pullback.