NGX extends losing streak, investors lose N1.65 trillion in two days

The Nigerian equities market lost N1.005 trillion in market capitalisation on Thursday, July 30, 2026, extending the negative reaction to two consecutive trading sessions as price depreciation in HBM Nigeria, NGX Group, NASCON Allied Industries, First HoldCo and Zenith Bank weighed heavily on the index.

The benchmark NGX All-Share Index (ASI) declined 0.66% to close at 245,362.26 points, down from 246,980.17 points in the previous session. Market capitalisation fell to N158.34 trillion from N159.34 trillion, pulling the market’s year-to-date return down to +57.67%.

Investor sentiment remained decidedly negative, with 45 decliners outpacing 17 advancers, a market breadth ratio of 0.4x, underscoring the depth of the session’s selling pressure.

Market summary:

• All-Share Index (ASI): 245,362.26 points, down -0.66%.
• Market capitalization: N158.34 trillion, down -0.63%.
• Year-to-date (YTD) market return: +57.67%.
• Total deals: 48,231, down -12.71%.
• Trading volume: 2.10 billion shares, up +177.01%.
• Market turnover (value traded): N230.83 billion, up +583.04%.
• Market Breadth: 17 stocks gained during the session while 45 stocks declined.

Top 5 Gainers:

• Legend Internet: up +8.64% to N4.40.
• Daar Communications: up +7.32% to N1.76.
• Sterling Financial Holdings Company: up +6.67% to N8.00.
• Sovereign Trust Insurance: up +5.73% to N2.03.
• Royal Exchange: up +4.69% to N1.34.

Top 5 Losers:

• Tripple Gee & Company: down -10.00% to N2.88.
• Lasaco Assurance: down -9.92% to N2.18.
• C&I Leasing: down -9.84% to N5.50.
• Mutual Benefits Assurance: down -9.80% to N3.22.
• Trans-Nationwide Express: down -9.03% to N2.82.

Driving the numbers:

The session’s losses were dominated by large and medium-cap names, with HBM Nigeria, NGX Group, NASCON Allied Industries, First HoldCo and Zenith Bank leading the market’s decline.

• Tripple Gee & Company shed its maximum 10.00% to close at N2.88.
• Lasaco Assurance fell 9.92% to N2.18, while C&I Leasing declined 9.84% to N5.50.
• Mutual Benefits Assurance dropped 9.80% to N3.22, and Trans-Nationwide Express slipped 9.03% to N2.82.

On the upside, Legend Internet posted the session’s highest gain at 8.64%, closing at N4.40, followed by Daar Communications (+7.32% to N1.76), Sterling Financial Holdings (+6.67% to N8.00), Sovereign Trust Insurance (+5.73% to N2.03), and Royal Exchange (+4.69% to N1.34).

Sector performance:

Sectoral performance was mostly negative, with Insurance leading the decline at -2.26% to 1,191.15 points, followed by Banking (-2.04% to 2,480.57 points), Consumer Goods (-1.10% to 4,435.46 points), and Industrial (-0.70% to 10,514.45 points). Oil & Gas bucked the trend, edging up 0.01% to 5,247.25 points, while the Commodity Index remained flat at 1,743.68 points.

• Market breadth stayed firmly negative, with 45 decliners outnumbering 17 advancers by more than 2.5 to 1, reflecting broad-based selling pressure rather than weakness in a single segment.
• Trading activity, however, surged dramatically with total volume traded jumping 177.01% to 2.10 billion shares, valued at N230.83 billion, an increase of 583.04% in value, even as deal count fell 12.71% to 48,231 transactions.
• First HoldCo dominated trading activity, recording the highest volume and value on the day at 1.57 billion units worth N196.20 billion, representing the bulk of the session’s total turnover.
• Access Holdings followed with 37.40 million shares worth N998.51 million, while Sterling Financial Holdings traded 36.01 million shares valued at N286.80 million.

Ellah Lakes traded 34.75 million shares worth N297.83 million, and Zenith Bank transacted 33.10 million shares worth N4.03 billion.

What you should know:

Thursday’s decline marks a second consecutive session of losses, following Wednesday’s N648 billion sell-off, and brings the market’s two-day cumulative loss to more than N1.65 trillion.

The sharp spike in trading volume and value, even as the index fell, points to heavy institutional transactions concentrated in large-cap names, particularly First HoldCo, whose single-session turnover of N196.20 billion accounted for the vast majority of the day’s total value traded.

The pullback in First HoldCo, Zenith Bank, and other banking heavyweights extended the sector-wide weakness that dragged the Banking Index down 2.04%, while Insurance names bore the brunt of the broader sell-off, declining 2.26%.

With the market’s year-to-date return now down to +57.67% from a May peak closer to 60%, the sustained profit-taking suggests investors are locking in gains after the sharp rally recorded earlier in July.

Looking ahead, analysts at Cowry Asset Management Limited said the market is expected to continue its downward trend as persistent profit-taking activity continues to weigh on investor sentiment across most sectors.