Nigerian Exchange Slips 0.25% Amid Industrial, Insurance Sell-offs

The Nigerian Exchange Limited experienced a 0.25% decline last week, primarily due to sell-offs in industrial and insurance stocks. This downturn erased billions from investors' portfolios, even as banking and oil equities showed gains. The NGX All-Share Index closed the week ended May 22, 2026, at 249,712.37 points, down from 250,330.92 points the prior week. Consequently, the total market capitalization of listed equities depreciated by 0.23% to N160.077tn.

The manufacturing and retail protection segments were heavily impacted, with the NGX Industrial Goods Index dropping 1.24% and the NGX Insurance Index shedding 1.77%. In contrast, the banking sector offered a buffer, with the NGX Banking Index advancing 1.11%.

Market liquidity contracted significantly. A total of 3.875 billion shares worth N161.76bn were traded in 334,745 deals, a stark contrast to the previous week's 7.772 billion shares valued at N374.04bn. This represents an approximate 50% contraction in asset turnover. The Financial Services Industry led activity, accounting for 2.410 billion shares worth N69.71bn. The banking sector alone contributed 62.19% to the total equity turnover volume and 43.10% to the value. Trading in top equities like Sterling Financial Holdings Company Plc, Fidelity Bank Plc, and Access Holdings Plc accounted for a substantial portion of the weekly turnover.