Nigerian Stock Market Extends Losses, Sheds N440 Billion

The Nigerian stock market extended its downturn for the eighth consecutive session, marking its longest losing run of 2026. The market capitalization shed N440 billion, closing at N154.977 trillion, while the Nigerian Exchange Limited All-Share Index (NGX ASI) decreased by 0.30 percent to 240,037.80 basis points.

Investor sentiment was predominantly negative, with 28 stocks declining compared to 14 advancers. Among the gainers, Haldane McCall saw the highest increase at 9.38 percent, followed by Trans-Nationwide Express and McNichols. On the losing side, International Energy Insurance led the decline with a 9.85 percent drop, trailed by Wapic Insurance and Fortis Global Insurance.

Despite the overall bearish trend, total traded volume surged by 140.7 percent to 2.87 billion units, valued at N33.995 billion, across 34,725 deals. Fortis Global Insurance dominated trading activity, with 255.544 million shares worth N5.238 billion exchanged. Looking ahead, analysts at Cowry Assets Management Limited anticipate the market will likely sustain its bearish trend due to ongoing profit-taking, although residual optimism could trigger a recovery through portfolio adjustments.