TUE JUNE 30 2026-theGBJournal| Nigeria’s stock market began the week sharply lower, with investors wiping about N2.34 trillion off the value of listed equities after heavy selling in blue-chip telecommunications and consumer goods stocks overshadowed gains elsewhere in the market.
The Nigerian Exchange (NGX) All-Share Index fell 1.57% to close at 228,401.92 points, reducing its year-to-date gain to 46.78%.
Market capitalisation declined to N146.56 trillion from the previous session, reflecting an estimated N2.34 trillion loss in investors’ wealth.
The selloff was driven primarily by steep declines in heavyweight stocks, with MTN Nigeria Communications Plc plunging 10%, while Unilever Nigeria and Cadbury Nigeria lost 10% and 9.82%, respectively.
Their declines more than offset gains in Sovereign Trust Insurance, which rose 4.08%, Cornerstone Insurance, up 3.45%, and Neimeth International Pharmaceuticals, which advanced 3.03%.
Despite the broad decline in share prices, investor participation strengthened considerably.
Total trading volume jumped 156.37% to 996.47 million shares, while the value of transactions climbed 137.27% to N43.73 billion, indicating robust market activity despite the negative sentiment.
Ikeja Hotel Plc dominated trading activity, accounting for the largest volume and value of transactions after 305.54 million shares worth N13.21 billion changed hands during the session.
Market breadth remained firmly negative, underscoring the weakness across equities. Forty-five stocks closed lower compared with just 17 gainers, resulting in a market breadth ratio of 0.38.
Learn Africa led the losers with a 10% decline, while Sovereign Trust Insurance topped the gainers’ chart.
The bearish sentiment also extended to the NASD Over-the-Counter Securities Exchange, where the NASD Security Index declined 0.36% to 4,261.56 points.
Market capitalisation fell by the same margin to N2.56 trillion, reducing the market’s year-to-date return to 20.26%.
Trading activity on the OTC platform weakened sharply. Total volume traded slumped 75.99% while transaction value fell 17.78%. Investors exchanged 229,314 shares worth N24.59 million across 34 deals.
SD CSCS Plc emerged as the day’s best-performing OTC stock with a 4.29% gain, while FCWAMCO led the decliners after falling 9.48%.
In the foreign exchange market, the naira strengthened by 1.3% at the official window to close at N1,365.00 per U.S. dollar, providing a positive backdrop amid weakness in the domestic equity market.
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