The Nigerian equities market extended its losing streak on Wednesday as aggressive selloffs in Geregu Power, Okomu Oil Palm, and other heavyweight counters pushed the NGX All-Share Index lower by 0.49%, wiping approximately N762 billion from market capitalisation to close at N154.45 trillion.
- +Geregu, Okomu Oil drag market lower as investors lose N762 billion
Trading data from the Nigerian Exchange (NGX) showed that the broad-based decline was driven by sharp losses in high-priced stocks, overwhelming gains in the shares of GTCO, Neimeth International Pharmaceuticals, Oando, and Dangote Sugar.
Trading data from the Nigerian Exchange (NGX) showed that the broad-based decline was driven by sharp losses in high-priced stocks, overwhelming gains in the shares of GTCO, Neimeth International Pharmaceuticals, Oando, and Dangote Sugar.
The session deepened the market’s resumed bear trend after historic peak of 252,508 points recorded in May 2026, with the year-to-date return moderating further to 54.74% from 55.50% in the prior session.
Investor sentiment remained firmly negative throughout the session, with decliners outnumbering advancers by a wide margin.
The session’s decline was concentrated in high-priced, high-impact counters whose weight on the index amplified the broader market weakness.
On the positive side, GTCO advanced 2.38%, providing some support to the banking space after several sessions of heavy losses, while Dangote Sugar rose 1.92% and Oando gained 1.18%.
Neimeth emerged as the session’s top gainer, bouncing 9.47% to N9.25 after recent weakness.
Trading activity was notably positive despite the bearish close.
Total volume rose 23.79% to 662.96 million shares and total value climbed 8.51% to N39.98 billion.
Wednesday’s decline is the latest in a sequence of losses that has pulled the ASI more than 11,700 points below its all-time high of 252,508 points recorded in May 2026.
Market capitalisation has declined from above N160 trillion at recent highs to N154.45 trillion, with cumulative losses across the correction phase now exceeding N5 trillion.
The market’s year-to-date return of 54.74%, while moderating, remains among the strongest performances across major global equity markets in 2026.
Market breadth of 51 losers against just 13 gainers represents one of the weakest sentiment indicators in recent sessions, suggesting widespread selling pressure rather than isolated.
Analysts expect profit-taking to persist in the near term as investors continue to unwind positions accumulated during the market’s strong first-quarter rally, though bargain hunting may emerge in fundamentally strong counters as valuations become more attractive.
