The Nigerian Exchange (NGX) closed Thursday’s session on a negative note, extending its losing streak as widespread sell-offs in large- and mid-cap stocks dragged the market down, erasing about ₦358 billion from investors’ wealth.
Market capitalisation fell to ₦91.90 trillion, down from ₦92.26 trillion in the previous session. The All-Share Index (ASI) shed 497.77 points, or 0.34%, closing at 145,367.03 points. This brought the market’s one-week loss to 0.82%, despite a robust 11.58% gain over the past four weeks and an impressive 41.23% year-to-date growth.
The decline was largely driven by profit-taking activities following recent market rallies, as investors moved to lock in gains in blue-chip stocks. Analysts say the market is experiencing a “healthy correction,” but caution that continued sell pressure in the banking, oil & gas, and consumer goods sectors could dampen momentum in the short term.
“After weeks of bullish run, it’s not unusual to see investors rebalance portfolios,” said Adewale Ajayi, an equity research analyst at Lagos-based investment firm GrowthVest. “However, if macroeconomic indicators, such as inflation and interest rate trends, fail to improve, the bearish sentiment could linger.”
Despite the downturn, market activity improved significantly. A total of 2.46 billion shares valued at ₦22.22 billion exchanged hands in 43,505 deals — representing an 83% increase in volume, a 10% rise in value, and a 42% boost in transactions compared to the previous day.
Top Gainers:
Juli Plc surged 10% to close at ₦9.90.
Austin Laz & Company rose 9.91% to ₦2.33.
NCR Nigeria gained 9.43% to ₦8.70.
Thomas Wyatt Nigeria advanced 8.19% to ₦3.70.
Top Losers:
Wema Bank fell 10% to ₦20.70.
C&I Leasing, UPDC, and Lasaco Assurance each dropped 10% to close at ₦7.20, ₦7.20, and ₦4.50 respectively.
Universal Insurance topped the volume chart with 390.40 million shares worth ₦577.44 million. It was followed by:
Aiico Insurance – 236.57m shares, ₦1.11bn.
Linkage Assurance – 214.27m shares, ₦589.19m.
Mutual Benefits Assurance – 157.53m shares, ₦638.66m.
On the value chart, Nigerian Breweries led with ₦1.87bn worth of trades, followed by Ellah Lakes (₦1.77bn), Access Holdings (₦1.29bn), and Zenith Bank (₦1.15bn).
Sectoral performance was mixed:
Gainers: Industrial Index (+0.11%), Premium Index (+0.03%).
Losers: Top 30 Index (-0.15%), Oil & Gas Index (-0.11%), Consumer Goods Index (-0.2%), Pension Index (-0.25%).
With the current correction phase, analysts expect volatility to persist as investors digest recent corporate earnings while positioning ahead of macroeconomic policy updates from the Central Bank of Nigeria.
Ajayi added: “Investors should focus on fundamentally strong stocks, especially in banking, industrials, and telecoms, as these sectors are likely to outperform in the medium term. The recent dip may present entry opportunities for long-term players