The Nigerian equities market suffered another heavy blow on Thursday, July 30, 2026, shedding N1.005 trillion in market capitalisation and extending its losing streak to a second consecutive day.
The NGX All-Share Index fell 0.66% to close at 245,362.26 points, down from 246,980.17 points the previous session. Market capitalisation dropped to N158.34 trillion from N159.34 trillion, trimming the year-to-date return to +57.67%.
Investor sentiment remained firmly negative, with 45 stocks declining against just 17 gainers, producing a market breadth ratio of 0.4x.
Sharp Spike in Trading Activity
Despite the index decline, trading volumes and values surged dramatically. Total deals fell 12.71% to 48,231, but volume jumped 177.01% to 2.10 billion shares, while market turnover rocketed 583.04% to N230.83 billion.
First HoldCo dominated the session, accounting for the bulk of activity with 1.57 billion units worth N196.20 billion. Other active counters included Access Holdings, Sterling Financial Holdings, Ellah Lakes and Zenith Bank.
Sector and Stock Performance
Most sectors closed lower. The Insurance Index led the decline, falling 2.26%, followed by Banking (-2.04%), Consumer Goods (-1.10%) and Industrial Goods (-0.70%). Oil & Gas edged up slightly by 0.01%, while the Commodity Index remained flat.
Top gainers were led by Legend Internet (+8.64% to N4.40), Daar Communications (+7.32% to N1.76), Sterling Financial Holdings (+6.67% to N8.00), Sovereign Trust Insurance (+5.73% to N2.03) and Royal Exchange (+4.69% to N1.34).
On the downside, Tripple Gee & Company fell the maximum 10.00% to N2.88, followed by Lasaco Assurance (-9.92%), C&I Leasing (-9.84%), Mutual Benefits Assurance (-9.80%) and Trans-Nationwide Express (-9.03%).
Profit-Taking Continues
Thursday’s losses followed a N648 billion sell-off on Wednesday, bringing the two-day cumulative decline to more than N1.65 trillion. Pressure on heavyweight banking stocks, including First HoldCo and Zenith Bank, weighed heavily on the Banking Index.
Analysts at Cowry Asset Management Limited noted that the market is expected to remain under pressure as investors continue locking in gains after the strong rally earlier in the year. The year-to-date return has eased from levels closer to 60% recorded in May.
The combination of heavy institutional activity and broad-based selling suggests profit-taking remains the dominant theme, with market participants closely watching whether the current correction deepens or stabilises in the sessions ahead.
