FRI JULY 31 2026-theGBJournal| Nigerian equities fell for a second consecutive session on Thursday as renewed selling in heavyweight banking stocks overshadowed gains in select mid-cap counters, while the naira extended its losing streak for a fourth straight trading day, highlighting sustained demand pressures in the foreign exchange market.
The NGX All-Share Index shed 0.66% to close at 245,362.26 points, trimming the market’s year-to-date return to 57.67% from 58.71%, while market capitalisation declined 0.63% to ₦158.34 trillion.
The selloff was led by Wema Bank, First HoldCo and Zenith Bank, which fell 5.65%, 3.96% and 3.60%, respectively, outweighing advances in Legend Internet, Sterling Financial Holdings and Fidson Healthcare.
Despite the weaker close, trading activity surged as investors exchanged 2.10 billion shares worth ₦230.83 billion, up 177% and 583%, respectively, from the previous session.
First HoldCo dominated activity with 1.57 billion shares traded, accounting for ₦196.20 billion of turnover, suggesting continued institutional repositioning in the counter.
Market breadth remained firmly negative, with 43 decliners against 18 gainers, underscoring broad-based risk aversion.
Legend Internet led gainers with an 8.64% rise, while Tripple Gee & Company slumped 10% to top the losers’ chart.
In contrast, the NASD OTC market outperformed, with the NASD Security Index rising 1.46% to 4,388.17 points, lifting market capitalisation to ₦2.63 trillion and improving its year-to-date return to 23.88%.
Trading volume climbed more than eleven-fold to 2.56 million units, while turnover increased nearly five-fold to ₦88.29 million.
In the foreign exchange market, the naira weakened a further 0.2% to close at ₦1,367.28 per U.S. dollar, extending its depreciation to a fourth consecutive trading session.
The currency has now lost about 0.36% cumulatively this week, slipping from around ₦1,362.32/$ at the start of the week as persistent corporate and importer demand for dollars continued to outweigh FX supply, prompting gradual adjustments in the official market.
Journal|email:gbj@govbusinessjournal.com|govandbusinessj@gmail.com
