The Nigerian equities market reversed Monday’s gains on Tuesday, shedding approximately N599 billion in market capitalisation as investors took profits in First HoldCo and GTCO while weaker-than-expected half-year results from Nestlé Nigeria triggered further selling.
The NGX All-Share Index declined 0.38% to close at 244,802.83 points, down from 245,730.53 points. Market capitalisation fell to N158.02 trillion. The year-to-date return moderated to 57.32%, while the month-to-date return slipped into negative territory at -0.2%.
Market Activity Mixed
Despite the decline, trading volume surged 69.25% to 1.56 billion shares. Market turnover, however, fell 24.09% to N28.73 billion, and the number of deals dropped 25.34% to 54,160. Market breadth remained firmly negative, with only 13 gainers against 40 losers.
Top Movers
Leading the gainers were AVA Capital (up 9.94% to N9.95), Livestock Feeds (up 9.71% to N113.00), Neimeth International Pharmaceuticals (up 8.43% to N9.00), AIICO Insurance (up 3.47% to N4.18) and Oando (up 3.30% to N36.00).
The biggest losers included Multiverse Mining & Exploration and LivingTrust Mortgage Bank, both down 10.00%, followed by McNichols (down 9.92%), Thomas Wyatt Nigeria (down 9.87%) and Eterna (down 9.09%).
Banking and Consumer Goods Lead Losses
Profit-taking in large-cap banking and consumer goods stocks drove the broader decline. Nestlé Nigeria fell 2.8%, First HoldCo dropped 3.0%, UBA declined 2.2% and GTCO eased 0.8%, placing significant pressure on the benchmark index.
Sector performance was largely negative. The Banking Index fell 1.27%, Consumer Goods dropped 1.25% and Insurance declined 1.11%. Oil & Gas edged up 0.05% and the Commodity Index gained 0.01%, while Industrial Goods closed flat.
Trading Focus on Lower-Priced Stocks
Japaul Gold & Ventures dominated volume with 904.42 million shares valued at N2.72 billion, accounting for more than half of the day’s total volume. Sterling Financial Holdings, FCMB Group, Chams Holding Company and Neimeth also featured among the most actively traded stocks. By value, MTN Nigeria led with approximately N3.25 billion in shares exchanged, reflecting continued institutional interest in the telecom stock despite the broader weakness.
The combination of higher volume and lower transaction value points to increased activity in relatively lower-priced equities rather than strong accumulation in blue-chip names.
Outlook
Tuesday’s decline suggests investors temporarily shifted toward profit-taking after recent gains in major banking and consumer goods stocks. Looking ahead, market participants are expected to focus on the ongoing release of half-year corporate earnings, which could provide fresh catalysts for fundamentally strong companies.
Analysts at Cowry Asset Management expect the market to regain positive momentum as more companies publish their H1 2026 results, with stronger earnings likely to stimulate renewed buying interest and improve overall investor sentiment.
