The Nigerian equities market continued its downward trajectory for a third consecutive session on Wednesday, as sustained selloffs erased N2.28 trillion from investors’ portfolios. The NGX All-Share Index declined by 1.44% to close at 243,132.61 points, dragging market capitalisation down to N155.94 trillion.
Data from the Nigerian Exchange (NGX) revealed that heavy profit-taking in large-cap stocks—including MTN Nigeria, Lafarge Africa, First HoldCo, and NGX Group—weighed significantly on investor sentiment. The bearish performance moderated the market’s year-to-date return to 56.24%, down from 58.53% recorded in the previous session. Market breadth remained firmly negative, with 43 decliners outpacing 15 gainers.
Despite the overall decline, trading activity strengthened considerably, reflecting sustained market participation as investors repositioned their portfolios amid ongoing profit-taking. Sectoral performance was broadly negative, with Insurance stocks leading losses at 2.76%, followed by Banking (-1.53%), Industrial Goods (-1.55%), Consumer Goods (-0.28%), and Oil & Gas (-0.05%). The Commodity Index closed flat.
Lafarge Africa topped the losers’ chart, shedding 9.97% to close at N307.90. John Holt and Learn Africa recorded near-maximum declines of 9.80% each, while Consolidated Hallmark Holdings and NEM Insurance completed the top five laggards. On the gainers’ table, Abbey Mortgage Bank recorded the strongest advance, rising 9.93%, followed by International Energy Insurance, Tripple Gee & Company, Universal Insurance, and Royal Exchange.
Financial Services remained the most active sector by volume, accounting for over 629 million shares traded. The ICT sector dominated value traded with N17.81 billion, largely supported by MTN Nigeria transactions. The market downturn was primarily driven by aggressive selloffs in heavyweight counters.
Wednesday’s decline extends the market’s recent correction phase after the NGX All-Share Index climbed to a historic peak of 252,508 points in May 2026. Analysts expect market sentiment to remain cautious in the near term as investors continue to lock in profits following the market’s strong rally earlier in the year, although bargain hunting may emerge in fundamentally strong counters.
In related market developments, the Dmo Opens June with a fresh bond auction, while the Ngx Loses N478.7 billion in a single session earlier this week. Meanwhile, the Dangote Refinery Targets increased production capacity, which could influence Nigeria Business Confidence in the coming months. Investors are also watching the performance of Abbey Mortgage Bank, which led gainers on Wednesday, as a potential indicator of sectoral shifts.
