NGX Extends Losing Streak As Investors Lose N106bn
The Nigerian Exchange Limited (NGX) closed lower on Monday, extending a bearish run that has now wiped value off the local bourse for a second consecutive session, as investors continued to offload banking and insurance stocks.
The All-Share Index (ASI) shed 0.07 per cent to close at 242,454.65 points, down from 242,619.20 points at the previous close on Friday. Market capitalisation of listed equities correspondingly fell by N106.24bn, from N156.62tn to N156.52tn. The decline pushed the market’s year-to-date return down to 55.81 per cent, according to figures reported by the Nigerian Exchange.
Across the five sessions of the trading week, the ASI touched a high of 246,723.57 points and a low of 242,454.65 points, averaging 243,756.38 points. Board level indices reflected the broadly cautious mood, with the NGX Main Board Index settling at 10,910.62 points, the NGX 30 Index at 8,890.47 points and the NGX Premium Index easing to 28,662.38 points. Sector indices were mixed but largely subdued: the NGX Banking Index closed at 2,536.29 points, the NGX Insurance Index at 1,112.05 points and the NGX Industrial Index nearly flat at 10,378.76 points. Not all sectors retreated, however. The NGX Consumer Goods Index advanced from 4,037.91 points to 4,055.29 points, while the NGX Sovereign Bond Index inched up to 670.82 points.
Trading volume for the session totalled 1.33 billion shares executed in 45,439 deals, with the Main Board accounting for the bulk of activity at 1.24 billion shares across 25,549 trades, and the Premium Board recording 72.48 million shares in 16,705 transactions. LASACO Assurance led activity by volume with 730.69 million shares traded, followed by Consolidated Hallmark Holdings with 154.26 million shares and Cornerstone Insurance with 106.11 million shares.
Among individual counters, gainers included AVA Capital, which rose 9.72 per cent to N7.90, Trans-Nationwide Express, up 9.86 per cent to N3.12, and Thomas Wyatt Nigeria, which advanced 9.09 per cent to N3.00. Dangote Sugar Refinery also posted a notable gain of 8.60 per cent to close at N70.10. On the losing side, RT Briscoe and Fortis Global Insurance each declined by close to the daily limit, settling at N10.45 and N2.37 respectively, while NEM Insurance lost 8.83 per cent to N30.45 and Cutix dropped 6.53 per cent to N2.29.
Monday’s dip should be read against a backdrop of a market that remains firmly positive for 2026. Data reviewed separately shows the NGX’s market capitalisation has climbed by roughly N57tn, or about 57 per cent, since the start of the year, rising from N99.38tn at the close of trading on 31 December 2025 to above N156tn by mid August. The current pullback follows a sharper weekly decline reported for the week ending 14 August, when the index fell by about 1.2 per cent and market capitalisation dropped by nearly N1.9tn, driven largely by profit taking in insurance, consumer goods and banking counters after a strong earlier rally.
Analysts tracking the market have attributed the recent softening chiefly to investors booking gains after months of sustained appreciation, alongside renewed caution in the banking sector ahead of the industry’s ongoing recapitalisation exercise. The insurance sector, in particular, has recorded some of the sharpest single week declines this month, a pattern consistent with Monday’s session, where names such as NEM Insurance and Fortis Global Insurance featured among the worst performers.
Whether the current dip develops into a sustained correction or proves a brief pause within a broader bull run will depend on how the coming sessions play out, particularly given the scale of gains already banked by investors this year and the sensitivity of the market to sectoral developments in banking and insurance.