NGX Opens Week Lower as Investors Lose N106 Billion Despite Strong Insurance Sector Activity

The Nigerian Exchange (NGX) began the new trading week on a cautious note on Monday as mild profit-taking pushed the benchmark index lower.

The NGX All-Share Index (ASI) slipped 0.07 percent to close at 242,454.65, down from 242,619.20 recorded at the close of trading last Friday.

Equity market capitalisation declined from N156.624 trillion to N156.518 trillion, translating into a loss of approximately N106.4 billion for investors.

Unlike the sharp selloffs witnessed last week, Monday’s decline was relatively modest, suggesting the market may be entering a period of consolidation following the recent wave of profit-taking.

Trading Activity Moderates

Investors traded 1.33 billion shares worth N22.93 billion in 45,494 deals during the session.

Compared with Friday’s trading, market turnover declined from 1.41 billion shares valued at N45.31 billion, although the number of executed deals increased from 39,073 to 45,494.

The increase in transactions alongside lower trading value indicates investors executed more trades but with smaller average ticket sizes as market participants remained cautious.

Insurance Stocks Continue to Dominate Market Activity

Insurance companies once again dominated trading on the Nigerian Exchange.

Lasaco Assurance Plc emerged as the most actively traded stock after investors exchanged 730.69 million shares valued at N1.28 billion.

The company continues to attract significant investor attention following the listing of 9.24 billion additional ordinary shares arising from its recently completed rights issue.

Consolidated Hallmark Holdings Plc followed with 154.26 million shares worth N1.05 billion, while Cornerstone Insurance Plc traded 106.11 million shares valued at N535.40 million.

The continued dominance of insurance companies suggests the sector remains the centre of investor activity even as individual stocks record divergent price movements.

FirstHoldCo Remains Institutional Favourite

Although FirstHoldCo Plc ranked fifth by trading volume, it generated the highest transaction value among the day’s most active stocks.

Investors exchanged 25.03 million shares worth N3.43 billion, highlighting sustained institutional participation in the stock.

The consistent multi-billion-naira daily turnover reinforces FirstHoldCo’s position as one of the Nigerian Exchange’s most actively watched financial stocks following its remarkable appreciation in 2026.

Bargain Hunting Lifts Previous Losers

Several stocks that suffered heavy declines last week rebounded strongly on Monday.

Trans-Nationwide Express Plc led the gainers’ chart after advancing 9.86 percent to N3.12, extending the recovery that began last week.

AVA Capital Plc gained 9.72 percent to close at N7.90, recovering part of the 34.55 percent decline recorded during the previous week.

Thomas Wyatt Nigeria Plc appreciated 9.09 percent, while Legend Internet Plc rose 8.75 percent.

Dangote Sugar Refinery Plc climbed 8.60 percent to N70.10, recovering some of last week’s 11.58 percent decline as bargain hunters returned to selected consumer goods stocks.

The gains suggest investors are selectively accumulating oversold equities rather than adopting broad-based buying across the market.

Profit-Taking Persists in Selected Stocks

Despite the rebound in several counters, profit-taking remained evident in parts of the market.

RT Briscoe Plc declined 9.91 percent to lead the losers’ chart.

Fortis Global Insurance Plc shed 9.89 percent, continuing the volatility that has followed its recent debt-to-equity conversion and unusually high trading volumes.

McNichols Plc fell 9.62 percent, while UPL Plc and NEM Insurance Plc declined 9.35 percent and 8.83 percent, respectively.

The mixed performance among insurance companies reflects increasing selectivity by investors rather than broad sector-wide buying.

ETF Market Advances, Bonds Remain Stable

Exchange-traded funds recorded positive performance during the session.

NEWGOLD gained N4,000 to close at N99,000, while MERGROWTH advanced N6.00.

VSPBONDETF appreciated N4.00, while VETGRIF30 and VETGOODS gained N3.90 and N3.88, respectively.

Meanwhile, the bond market remained largely unchanged with AXA2027S1, CEMC2045S1, COLE26CPS6, DAN2034S1 and FG182032S2 all closing flat.

Market Outlook

Monday’s trading reflected a market searching for direction after last week’s broad correction.

While the benchmark index extended its decline, the relatively small loss compared with the previous week’s selloff suggests selling pressure may be easing.

Insurance stocks continue to dominate market turnover, while sustained institutional participation in FirstHoldCo indicates investors remain active in fundamentally strong financial stocks.

Going into the rest of the week, market participants will be watching whether bargain hunting in previously oversold equities gathers momentum or whether profit-taking resumes across large-cap stocks following July’s strong rally.