Nigerian stocks lose N9 trillion as June selloff worsens
By Aboki Forex —
The Nigerian stock market is going through one of its worst periods of 2026. Data from the NGX shows the All-Share Index and market capitalisation fell by 3.59% last week. The index closed at 235,941.27 points, while market cap dropped to N151.327 trillion.
Investors lost N5.69 trillion in a single week. That wiped out the entire N4.59 trillion gain recorded in May. The market had risen to N160.59 trillion by the end of May, up from N155.994 trillion at the close of April. That gave a month to date return of 3.24%.
But June has turned difficult. The market has now lost roughly N9 trillion in the first three weeks of the month. That represents a month to date decline of 5.77%. Despite the selloff, the All-Share Index is still up 51.62% year to date. That compares with a peak year to date return of about 60.9% in May.
The NGX reported that only 11 equities gained in price last week, down from 40 the previous week. Meanwhile, 78 equities declined, up from 53. Another 57 equities were unchanged. Among the biggest losers were First HoldCo and GTCO, which fell by 20.2% and 15% respectively.
Why stocks are falling
Market intelligence from multiple capital market sources points to three main reasons for the weakness. First, profit taking after a rally that pushed the market up more than 60% year to date at its peak. Many investors are locking in gains after months of strong price appreciation, especially in stocks that delivered triple digit returns.
The market is also dealing with the ongoing dividend season, which has led to selling as investors cash out.