NGX YTD return slips below 50% first time in 2026, erasing N982.96 billion

The Nigerian Exchange (NGX) All-Share Index’s year-to-date return sank below the psychological threshold of 50% for the first time in 2026, closing at 49.12% — a level that marks a dramatic retreat from above 60% peaks recorded earlier in the month of May.

The market has now shed more than eight percentage points of its earlier YTD return after a sustained bear run in less than two weeks.

The NGX All-Share Index fell 0.66% to close at 232,049.02 points on Friday, down from 233,580.83 points recorded in Thursday’s session.

The decline erased N982.96 billion from investor wealth in a single day as Market capitalisation closed at N148.91 trillion. It was the third consecutive session of losses.

Aradel Holdings led the losers’ chart with a 10% maximum daily decline. Four FUGAZ banks — GTCO, First HoldCo, Access Holdings, and Zenith Bank — also fell, adding broad institutional weight to the session’s selloff.

What the data is saying:

Selling pressure was relentless throughout Friday’s session. All seven tracked sectoral indices closed in negative territory. Highlights of Friday’s trading:

• All-Share Index: 232,049.02 points, down 0.66%
• Market Capitalisation: N148.91 trillion, down N982.96 billion
• Volume Traded: 388.69 million shares, down 1.26%
• Value Traded: N18.43 billion, down 4.07%
• Deals: 44,631 transactions, down 2.58%
• Year-to-Date Return: 49.12%
• Market Breadth: 13 gainers vs 37 losers (0.35x)

Top 5 Gainers:

• Universal Insurance — up 6.32% to N1.01
• McNichols — up 5.52% to N8.60
• Linkage Assurance — up 4.67% to N1.57
• Nigerian Exchange Group — up 4.35% to N120.00
• Transnational Corporation — up 3.62% to N41.50

Top 5 Losers:

• Aradel Holdings — down 10% to N1,417.50
• International Energy Insurance — down 9.95% to N5.79
• Trans-Nationwide Express — down 9.89% to N3.28
• eTranzact International — down 9.79% to N14.75
• UPDC — down 9.72% to N3.25

Top stocks by volume:

• Access Holdings — 33.22 million shares valued at N758.26 million
• Wema Bank — 24.34 million shares valued at N680.38 million
• Deap Capital Management & Trust — 24.07 million shares valued at N97.32 million
• Chams Holding Company — 18.97 million shares valued at N75.31 million
• Sterling Financial Holdings — 17.32 million shares valued at N131.60 million

More insights

Aradel Holdings hit the maximum 10% downside limit for the second consecutive session. It closed at N1,417.50 from N1,575.00 on Thursday.

Despite the sharp price decline, Aradel led the market by traded value. It accounted for N4.29 billion, equivalent to 23.29% of total session value.

Four of the five FUGAZ banks declined simultaneously.

• GTCO lost 1.62%.
• First HoldCo declined 0.66%.
• Access Holdings eased 0.22%.
• Zenith Bank slipped a marginal 0.04%.

Their combined weight on the NGX Banking Index eased 0.28% lower at 2,130.27 points.

When the FUGAZ names and Aradel coupled with a 2.86% fall in Dangote Sugar move in the same direction, the market has little structural support to hold its ground.

• The Oil & Gas Index took the sharpest sectoral plunge of 4.66% to 5,081.62 points from 5,330.13 points.
• This was the steepest single-day sectoral loss across all indices.
• The Commodity Index followed with a 3.13% fall to 1,752.64 points.
• The Insurance Index shed 2.23% to 1,117.15 points.
• The NGX Pension Index declined 1.26% to 11,298.99 points.
• The Consumer Goods Index fell 0.96% to 4,624.77 points.
• The NGX Industrial Index was effectively flat, losing just 0.002% to close at 10,201.73 points.

All the NGX main indices recorded varying amount of decline, confirming the session’s wide and indiscriminate selling pattern.

On the gainers’ side, Universal Insurance topped the chart with a 6.32% advance to N1.01.

• NGX Group gained 4.35% to close at N120.00.
• Transcorp rose 3.62% to N41.50.

These moves were isolated bright spots. They carried insufficient market weight to offset the day’s broader losses.

UPDC hit a fresh 52-week low during the session. It closed at N3.25. The stock’s continued descent reflects the persistent pressure on smaller-cap names during the correction cycle.

What you should know:

The 49.12% year-to-date return recorded on Friday, June 26, is the lowest point of 2026 for the NGX benchmark index return after the YTD accelerated above 55% threshold as of April 30, 2026.

• It marks the first time since April 30 that the market’s YTD return has fallen below 50%.
• The ASI has now retreated to 232,049.02 points. This is more than 20,400 points — or approximately 8.1% — below the all-time high of 252,508 points reached in May 2026.
• Market capitalisation has fallen to N148.91 trillion. It was above N160 trillion at the market’s peak just weeks ago. Cumulative losses from the peak now exceed N11 trillion.

The consecutive sessions of decline have deepened a correction that has now lasted several weeks. It began after the market’s historic rally in the first five months of 2026.

Aradel Holdings’ back-to-back maximum-limit declines are a defining feature of this correction phase. The stock had been the year’s single best-performing large-cap name before the pullback began.