The Nigerian Exchange Limited (NGX) extended its downward slide on Thursday, February 26, 2026, with intensified selling pressure erasing N514 billion from investors’ wealth and pushing the benchmark All-Share Index lower.
The All-Share Index declined to 193,567.81 points, while total market capitalisation contracted to N124.24 trillion, reflecting a significant reversal of recent gains amid cautious repositioning ahead of the earnings season.
Analysts attribute the session’s weakness to widespread profit-taking following the market’s strong performance in prior weeks, compounded by selective trimming in key sectors. Market participants appear to be locking in profits while reassessing portfolios as corporate earnings reports begin to flow.
Sectoral indices showed predominantly negative movements:
– The industrial goods sector suffered the steepest losses, weighed down by sell-offs in major manufacturing stocks.
– Consumer goods counters recorded mild weakness as investors reduced exposure to leading names.
– Banking stocks retreated after earlier weekly advances, with profit realisation dominating activity.
– Insurance equities remained soft, constrained by limited liquidity.
The oil and gas index provided the only notable bright spot, posting a modest 0.12% gain supported by selective accumulation in downstream and integrated plays.
Market breadth favoured sellers, with 38 stocks declining against 30 advancers. Top performers included FTN Cocoa (+10.00%), RT Briscoe (+9.95%), DEAP Capital (+9.92%), Japaul Gold & Ventures (+9.91%), and Ellah Lakes (+9.72%), reflecting bargain hunting in select mid- and small-cap names.
On the downside, Jaiz Bank led the laggards with a 9.98% drop, followed closely by Ikeja Hotel and John Holt (both -9.90%), Enamelware (-9.98%), and Cadbury Nigeria (-9.69%).
Trading activity moderated considerably compared to the previous session:
– Share volume fell 36.01% to 868.54 million units.
– Transaction value declined 30.58% to N31.48 billion.
– Deal count eased marginally by 0.48% to 69,310 trades.
The session’s performance underscores a classic consolidation phase after the NGX’s robust rally earlier in the year. While the broader market remains above critical support levels, analysts anticipate continued volatility as investors digest incoming quarterly results and reposition for potential shifts in monetary policy transmission and fiscal developments.
With the All-Share Index still holding above the 193,000-point threshold, attention now turns to corporate earnings releases and any fresh macroeconomic cues that could determine whether the current pullback represents a healthy breather or the onset of deeper correction.
