The Nigerian stock market continued its downward trend on Monday as panic sell-offs by investors wiped out N2.36 trillion in market capitalization. The Nigerian Exchange (NGX) All-Share Index (ASI) dropped by 3,682.70 points to close at 228,366.32 points, down from 232,049.02 points in the previous session. Market capitalization declined to N146.542 trillion from N148.905 trillion, reflecting sustained bearish sentiment across major sectors.
Broad-Based Selling Pressure Across Key Sectors
The selling pressure was widespread, hitting insurance, banking, consumer goods, industrial goods, and energy stocks. The NGX Insurance Index led the losers, shedding 1.33%, followed by the NGX Banking Index, which fell by 1.22%. The NGX Consumer Goods Index declined by 0.63%, while the NGX Industrial Goods Index and NGX Energy Index dropped by 0.39% and 0.06%, respectively.
Market breadth remained negative, with only 17 equities closing higher against 45 decliners. This indicates that investor sentiment is still weak, as profit-taking continues to dominate trading activities.
Top Losers and Gainers
Among the biggest losers were Learn Africa, which dropped 10.00% to close at N9.00, and MTN Nigeria, which also fell by 10.00% to N747.00. Unilever Nigeria declined by 10.00% to N126.00, while Austin Laz and Universal Insurance shed 9.94% and 9.90%, closing at N3.17 and N28.12, respectively.
On the gainers' side, Sovereign Trust Insurance led with a 4.08% rise to N2.04. Cornerstone Insurance gained 3.45% to trade at N6.00, Neimeth appreciated by 3.03% to N8.50, Livestock Feeds advanced 1.92% to N7.95, and C&I Leasing increased by 1.90% to N5.35.
Surge in Trading Activity
Trading activity saw a significant increase compared to the previous session. Investors exchanged 996.5 million shares valued at N43.7 billion in 61,813 deals. Ikeja Hotel led the activity chart with 305.5 million shares worth N13.2 billion, followed by Access Holdings with 289.9 million shares valued at N6.6 billion. Other actively traded stocks included Dangote Sugar (29.4 million shares, N1.9 billion), Chams (22.0 million shares, N87.9 million), and Zenith Bank (21.2 million shares, N2.4 billion).
Market Outlook and Investor Sentiment
The continued losses reflect ongoing uncertainty among investors, who are taking profits amid concerns over economic conditions and corporate earnings. The NGX has been under pressure in recent weeks, with the all-share index declining steadily. Analysts suggest that the market may remain volatile until clearer signals emerge from the macroeconomic environment.
In related news, investors are positioning ahead of the Initial Public Offering (IPO) of Dangote Group's refinery, which is expected to launch in September 2026. President and Chief Executive Aliko Dangote confirmed the timeline during an interaction with journalists. The IPO has already attracted significant interest, with demand approaching $2 billion.
