The Nigerian Exchange (NGX) came under significant selling pressure on Tuesday, May 6, 2026, as investors booked profits on major stocks, leading to a sharp decline in both the benchmark index and overall market value.
The All-Share Index (ASI) dropped by 2,098.31 points, representing a 0.86% decline, to close at 241,750.15 points. Market capitalisation shed N1.347 trillion, settling at N155.152 trillion at the end of trading.
The sell-off was led by heavyweights and mid-cap stocks, including Aradel Holdings, MTN Nigeria Communications, Guinness Nigeria, Beta Glass, and Lafarge Africa. The broad-based profit-taking reflected renewed risk-off sentiment among investors after a strong run in previous sessions.
Market Breadth Remains Positive
Despite the downturn, market breadth stayed bullish with 45 stocks closing in the green against 26 decliners.
Top Gainers
– R.T. Briscoe Nigeria led the pack with a 10% gain, closing at N2.09 per share.
– McNichols, Vitafoam Nigeria, and Zichis Agro Allied Industries also gained 10% each.
– Chemical and Allied Products rose 9.99% to N175.65, while Dangote Sugar Refinery added 9.98% to close at N84.30.
Top Losers
– Guinness Nigeria led the decliners, shedding 10% to close at N447.30.
– Union Dicon Salt dropped 9.82% to N19.75.
– Other notable losers included AIICO Insurance (-9.28%), Wema Bank (-8.72%), and MTN Nigeria (-8.63%).
Trading Activity Surges
Trading volume increased significantly by 31.09%, with 1.268 billion shares worth N75.226 billion exchanged across 102,665 deals.
Top Traded Stocks by volume:
– FCMB Group (160.591 million shares)
– Guaranty Trust Holding Company (94.095 million shares)
– Access Holdings (81.771 million shares)
Zenith Bank and Fidelity Bank also recorded strong trading activity.
Market Outlook
Analysts at Cowry Assets Management Limited expect the market to trade with caution in the near term as investors continue to reposition their portfolios amid evolving economic signals and corporate earnings expectations.
The sell-off comes after a strong performance earlier in the year, during which the NGX had recorded impressive gains driven by improved liquidity and positive sentiment in the banking and energy sectors.
This latest development highlights the market’s sensitivity to profit-taking, especially in highly capitalised stocks that have delivered strong returns in recent months. Investors will be closely watching upcoming corporate results and macroeconomic indicators for direction in the coming sessions.
