NGX Extends Decline as Investors Lose N613 Billion Despite Surge in Trading Activity

The Nigerian Exchange (NGX) extended its losing streak to a second consecutive session on Thursday as renewed selling pressure in consumer goods and selected equities erased another N613 billion from investors’ wealth despite a sharp increase in trading activity.

The NGX All-Share Index (ASI) declined 0.39 percent to close at 243,017.38, down from 243,967.09 recorded in the previous trading session.

Equity market capitalisation also fell from N157.494 trillion to N156.881 trillion, translating to a loss of approximately N613 billion.

The latest decline follows Wednesday’s 1.12 percent drop, meaning the benchmark index has now lost more than 3,700 points in two trading sessions as investors continue to lock in profits after July’s strong market rally.

Trading Volume Jumps Despite Market Weakness

Unlike the previous session, market activity strengthened considerably.

Investors traded 4.238 billion shares valued at N50.65 billion in 41,454 deals, compared with 1.455 billion shares worth N20.94 billion exchanged on Wednesday.

Trading volume almost tripled, while transaction value more than doubled, indicating that the market decline occurred alongside significantly higher investor participation.

The increase in activity suggests portfolio repositioning intensified as investors rotated into selected opportunities while reducing exposure to others.

Cornerstone Insurance Dominates Trading

Cornerstone Insurance Plc accounted for the overwhelming majority of market activity.

Investors exchanged 3.637 billion shares valued at N18.37 billion, representing approximately 85.8 percent of the day’s total trading volume and more than 36 percent of total market value traded.

The extraordinary activity made Cornerstone Insurance the defining stock of Thursday’s trading session.

VFD Group followed with 151.83 million shares worth N1.87 billion, while Chams Holding traded 33.75 million shares.

FirstHoldCo remained one of the market’s highest-value counters as investors exchanged 28.25 million shares valued at N3.88 billion, suggesting continued institutional interest in the stock despite broader market weakness.

Critical Minerals Financing Corporation completed the list of the most actively traded equities by volume.

Consumer Stocks Remain Under Pressure

Selling pressure persisted across major consumer-oriented stocks.

Unilever Nigeria Plc recorded its second consecutive sharp decline, shedding 9.97 percent from N131.40 to N118.30.

Within two trading sessions, the stock has declined from N145.95 to N118.30, representing a loss of 18.95 percent.

Chellaram Plc fell 9.66 percent, while Nigeria Infrastructure Debt Fund declined 9.55 percent.

DAAR Communications also lost 9.25 percent during the session.

The continued weakness in consumer stocks follows Wednesday’s sharp correction in BUA Foods Plc, reinforcing evidence of sustained profit-taking across parts of the consumer goods sector.

Insurance Stocks Continue Recovery

While the broader market remained under pressure, buying interest persisted in selected insurance stocks.

International Energy Insurance recorded its second consecutive maximum daily gain, appreciating another 10 percent from N4.40 to N4.84 after gaining 10 percent in the previous session.

The stock has now rallied 21 percent in just two trading days, recovering strongly after its earlier correction.

SUNU Assurances also gained 8.48 percent, extending renewed buying interest within the insurance sector.

Bargain Hunting Continues

John Holt rebounded 9.89 percent after Wednesday’s decline, while Trans-Nationwide Express advanced 9.75 percent, extending its recovery for a second consecutive session.

The continued rebound in previously oversold stocks suggests investors are selectively accumulating counters that experienced significant corrections earlier this month.

However, those gains were insufficient to offset losses in larger-cap companies, leaving the broader market in negative territory.

FirstHoldCo Maintains Institutional Attention

FirstHoldCo again featured prominently among high-value trades.

Although only 28.25 million shares changed hands, the stock generated N3.88 billion in transaction value, maintaining its position among the Exchange’s most actively traded equities by value.

The sustained institutional participation comes after FirstHoldCo’s remarkable rally in 2026, which has seen the stock become one of the Nigerian market’s most closely watched financial services companies.

ETF Market Advances While Bonds Remain Stable

Exchange-traded funds recorded modest gains during the session.

SIAMLETF40 rose N196.99 to close at N2,600.00, while STANBICETF30 advanced N19.52 to N2,319.50.

MERVALUE gained N2.00, and VETINDETF added 96 kobo, while VETGOODS closed unchanged.

The bond market remained largely stable, with CP26NGNGS1B, DAN2029S2TB, DIF2029S1TA, FG162029S1 and FG172035S1 all closing unchanged.

Outlook

Thursday’s trading session highlights a market undergoing sector rotation rather than broad-based liquidation.

While consumer goods stocks continue to experience sustained selling pressure, insurance counters and selected financial stocks are attracting renewed investor interest.

The sharp increase in trading volume despite another decline in the benchmark index suggests institutional investors remain active, with capital shifting between sectors instead of exiting the equity market entirely.

Attention will remain focused on corporate earnings, institutional transactions and sector-specific developments as investors assess whether the current correction represents a healthy consolidation after July’s strong rally or the beginning of a more prolonged period of profit-taking.