Nigerian Stock Market Loses N1.4 Trillion in One Week as Bearish Sentiment Prevails
NGX Loses N1.4 Trillion in One Week as Market Declines

Nigerian Stock Market Loses N1.4 Trillion in One Week as Bearish Sentiment Prevails

The Nigerian Exchange Limited (NGX) concluded the final week of February 2026 on a decidedly bearish note, with key market indicators plunging into negative territory amid a noticeable decline in overall trading activity. This downturn resulted in a substantial loss of approximately N1.4 trillion in market value, highlighting a week of significant investor caution and market recalibration.

Market Indicators Show Sharp Decline

Data from the trading floor revealed that on Friday, February 27, 2026, the NGX All-Share Index depreciated by 1.11%, closing at 192,826.78 points. More critically, the market capitalisation—representing the total value of all listed equities—declined by 1.12% to N123.763 trillion. This marked a stark drop from the N125.164 trillion recorded at the close of the preceding week, equating to a loss of about N1.4 trillion in investor wealth within just seven days.

Investor participation weakened considerably compared to the previous week. A total turnover of 5.494 billion shares, valued at N196.709 billion, was traded across 370,233 deals. This contrasted sharply with the preceding week's activity of 7.662 billion shares worth N252.566 billion exchanged, indicating a clear pullback in trading volume and value.

Sectoral Performance and Leading Equities

The Financial Services industry, measured by volume, dominated the activity chart. It recorded 3.241 billion shares valued at N82.775 billion traded during the week, contributing a substantial 58.99% to the total equity turnover volume. The Oil and Gas industry followed in second place, while the Services industry ranked third, according to reports.

Trading in the top three equities by volume—Japaul Gold and Ventures Plc, Fortis Global Insurance Plc, and Zenith Bank Plc—accounted for 1.576 billion shares worth N33.46 billion. This represented 28.68% of the total turnover volume for the week, underscoring their significant influence on market liquidity.

Market breadth, a measure of advancing versus declining stocks, also weakened. Only 32 equities appreciated in price, which was significantly lower than the 71 recorded in the previous week. Conversely, 69 equities declined, compared with 41 in the prior week, while 47 equities remained unchanged, higher than the 36 recorded previously.

Friday's Trading: Winners and Losers

On the final trading day of the week, several stocks recorded notable movements. The top price gainers included:

  • Sovereign Trust Insurance Plc: Rose from N2.01 to N2.21, a gain of N0.20 or 9.95%.
  • R.T. Briscoe Plc: Increased from N11.38 to N12.51, up N1.13 or 9.93%.
  • NGX Group Plc: Advanced from N112.95 to N124.00, gaining N11.05 or 9.78%.
  • Ellah Lakes Plc: Moved from N11.85 to N13.00, up N1.15 or 9.70%.
  • Omatek Ventures Plc: Rose from N2.37 to N2.60, a gain of N0.23 or 9.70%.

The top price decliners for the day were:

  • Lotus Halal Equity ETF: Fell from N161.22 to N145.10, losing N16.12 or 10.00%.
  • Mecure Industries Plc: Dropped from N84.25 to N75.85, down N8.40 or 9.97%.
  • Meyer Plc: Declined from N20.70 to N18.65, losing N2.05 or 9.90%.
  • DAAR Communications Plc: Decreased from N2.34 to N2.11, down N0.23 or 9.83%.
  • Champion Breweries Plc: Fell from N19.25 to N18.00, a loss of N1.25 or 6.49%.

Most Traded Equities by Volume

The equities that saw the highest trading volume during the week included:

  • Fortis Global Insurance Plc: 146,622,107 shares valued at N137.289 million.
  • Zenith Bank Plc: 79,357,077 shares valued at N7.124 billion.
  • Japaul Gold & Ventures Plc: 57,154,508 shares valued at N225.057 million.
  • Jaiz Bank Plc: 49,539,598 shares valued at N589.321 million.
  • Access Holdings Plc: 44,770,988 shares valued at N1.185 billion.

Regulatory Action and Market Context

A key highlight of the week involved regulatory intervention by the Exchange. Effective Monday, 23 February 2026, the NGX suspended trading in the shares of Zichis Agro-Allied Industries Plc. This action was taken pursuant to Rule 7.0 of the Exchange’s Rulebook, which empowers it to halt trading in listed securities in the interest of the investing public.

The regulator stated that trading in Zichis Agro-Allied Industries Plc shares would remain suspended pending the conclusion of an investigation into trading activities in the company’s shares. This move underscores the NGX's commitment to maintaining market integrity and protecting investors.

This weekly decline occurs against a broader backdrop where, earlier in the year, Nigeria’s stock market had emerged as Africa’s strongest performer in U.S. dollar terms. Year-to-date, the Nigerian equities market had delivered a 34.39 percent return in dollar terms, outpacing other key African exchanges from a foreign investor’s perspective, despite lingering domestic macroeconomic pressures. The recent downturn highlights the volatile and dynamic nature of the capital market, where gains can be swiftly eroded by shifting investor sentiment and broader economic factors.