NGX Sheds N2trn in Two Days as Sell Pressure Deepens

Samuel Mobolaji

The bearish streak on the Nigerian Exchange (NGX) intensified on Wednesday as equity investors lost a further ₦662.50 billion, extending total market losses to ₦2 trillion in just two days.

The All-Share Index (ASI) fell by 0.73 per cent or 955.76 points to close at 141,566.30, dragging the year-to-date return down to 37.54 per cent. Market capitalisation slipped below the ₦90 trillion threshold, settling at ₦89.56 trillion.

Profit-taking in recently active stocks, including GUINNESS (-9.98%), CONOIL (-9.98%), TRANSCORP (-5.72%), and STANBIC (-2.46%), fuelled the downturn. In total, 50 stocks closed lower, outweighing 18 gainers, leaving market breadth deeply negative.

Sectoral performance was broadly weak, led by the Insurance index, which plunged 7.20 per cent as selloffs in AIICO (-8.37%) and NEM (-6.79%) dragged the sector to its lowest point this month.

Consumer Goods shed 1.90 per cent, Banking dropped 1.22 per cent, and Industrials slipped 0.01 per cent. Oil & Gas was the sole gainer, up 0.11 per cent on renewed demand for OANDO (+4.04%).

Market activity was subdued as investors traded 721.82 million units worth ₦12.94 billion across 28,745 deals, representing a decline of 29.37 per cent in volume and 25.79 per cent in value. CHAMPION (+9.97%) led by volume with 54.52 million shares, while ZENITHBANK (+1.42%) dominated by value with ₦2.13 billion in trades.

Top advancers included AUSTINLAZ (+10.00%), NCR (+9.77%), MULTIVERSE (+8.82%), and ENAMELWA (+8.64%). Conversely, GUINNESS and CONOIL led the losers’ chart, each dropping 9.98 per cent, followed by CONHALLPLC (-9.94%) and ELLAHLAKES (-9.81%).

With two straight sessions of sharp declines, analysts say the market is firmly under profit-taking pressure, particularly in the financial services and consumer goods sectors, as investors rebalance portfolios in search of value.