NGX loses N1.005 trillion in one session, two-day loss hits N1.65 trillion

The Nigerian equities market lost N1.005 trillion in market capitalisation on Thursday, July 30, 2026, extending its losing streak to a second consecutive trading session. The benchmark NGX All-Share Index declined 0.66% to close at 245,362.26 points, down from 246,980.17 points in the previous session.

Market capitalisation fell to N158.34 trillion from N159.34 trillion, pulling the market's year-to-date return down to +57.67%. Investor sentiment was firmly negative, with 45 decliners outpacing 17 advancers, a market breadth ratio of 0.4x.

Market summary

The All-Share Index closed at 245,362.26 points, down 0.66%. Market capitalisation settled at N158.34 trillion, down 0.63%. Total deals fell 12.71% to 48,231, while trading volume jumped 177.01% to 2.10 billion shares. Market turnover surged 583.04% to N230.83 billion.

Top gainers were Legend Internet, up 8.64% to N4.40; Daar Communications, up 7.32% to N1.76; Sterling Financial Holdings Company, up 6.67% to N8.00; Sovereign Trust Insurance, up 5.73% to N2.03; and Royal Exchange, up 4.69% to N1.34.

Top losers were Tripple Gee & Company, down 10.00% to N2.88; Lasaco Assurance, down 9.92% to N2.18; C&I Leasing, down 9.84% to N5.50; Mutual Benefits Assurance, down 9.80% to N3.22; and Trans-Nationwide Express, down 9.03% to N2.82.

Sector performance

Sectoral performance was mostly negative. Insurance led the decline, falling 2.26% to 1,191.15 points. Banking dropped 2.04% to 2,480.57 points. Consumer Goods slipped 1.10% to 4,435.46 points, while Industrial declined 0.70% to 10,514.45 points. Oil & Gas bucked the trend, edging up 0.01% to 5,247.25 points. The Commodity Index remained flat at 1,743.68 points.

The session's losses were driven by large and medium-cap names, including HBM Nigeria, NGX Group, NASCON Allied Industries, First HoldCo and Zenith Bank.

Trading activity

Trading activity surged sharply. First HoldCo dominated with 1.57 billion units worth N196.20 billion, representing the bulk of the day's total turnover. Access Holdings followed with 37.40 million shares worth N998.51 million. Sterling Financial Holdings traded 36.01 million shares valued at N286.80 million. Ellah Lakes traded 34.75 million shares worth N297.83 million, while Zenith Bank transacted 33.10 million shares worth N4.03 billion.

The sharp spike in volume and value, even as the index fell, points to heavy institutional transactions concentrated in large-cap names.

What you should know

Thursday's decline follows Wednesday's N648 billion sell-off, bringing the market's two-day cumulative loss to more than N1.65 trillion. The pullback in First HoldCo, Zenith Bank and other banking heavyweights dragged the Banking Index down 2.04%, while Insurance names declined 2.26%.

With the year-to-date return now at +57.67%, down from a May peak closer to 60%, sustained profit-taking suggests investors are locking in gains after the sharp rally earlier in July. Analysts at Cowry Asset Management Limited said the market is expected to continue its downward trend as persistent profit-taking activity continues to weigh on investor sentiment across most sectors.