The Nigerian equities market experienced a downturn on Monday, July 24, 2026, as the All-Share Index (ASI) declined by 0.50% to close at 98,500 points. The sell-off was largely driven by significant losses in heavyweight stocks, particularly Nestle Nigeria and BUA Foods, which dragged down the overall market performance.
Market Performance and Key Losers
The market capitalization of listed equities on the Nigerian Exchange Limited (NGX) fell by approximately N280 billion to settle at N56.2 trillion. Nestle Nigeria led the decliners, dropping by 10.00% to close at N1,800 per share, while BUA Foods followed closely with a 9.95% decline to N250 per share. Other notable losers included MTN Nigeria, which fell by 2.50% to N200, and Dangote Cement, which shed 1.80% to N350.
According to analysts at United Capital Plc, the sell-off was primarily driven by profit-taking in blue-chip stocks after a recent rally. “Investors are locking in gains ahead of the upcoming earnings season, leading to a temporary pullback in the market,” they noted in a morning note to clients.
Breadth of the Market
The market breadth was negative, with 28 stocks declining against 12 advancers. Among the gainers, Seplat Energy rose by 3.20% to N2,100, while Guaranty Trust Holding Company (GTCO) gained 1.50% to N45.50. The total volume of trades decreased by 15% to 250 million shares, valued at N4.5 billion, indicating reduced investor participation.
Analysts at Cordros Capital attributed the decline to a combination of factors, including profit-taking and cautious sentiment ahead of the Central Bank of Nigeria’s (CBN) monetary policy committee meeting scheduled for next week. “The market is awaiting clarity on interest rates, which could impact valuations across sectors,” they said.
Sectoral Performance
All major sectoral indices ended in the red. The NGX Consumer Goods Index dropped by 1.20%, dragged down by Nestle and BUA Foods. The NGX Industrial Index fell by 0.80%, while the NGX Oil & Gas Index declined by 0.30%. The NGX Banking Index shed 0.40%, despite the uptick in GTCO.
Looking ahead, market participants expect continued volatility as investors digest corporate earnings reports and macroeconomic indicators. The NGX ASI is down 2.10% year-to-date, reflecting broader economic challenges including inflation and currency volatility.
