NGX All-Share Index falls 0.61% to 224,322 points as investors lose N877.91 billion in one day
The Nigerian equities market extended its losing streak on Thursday, July 2, 2026, with the NGX All-Share Index dropping 0.61% to close at 224,321.97 points. This represents a loss of N877.91 billion for investors in a single session, pushing market capitalisation down to N144.11 trillion from over N160 trillion at the May peak. The year-to-date return has moderated to 44.15%, the lowest recorded in 2026, as the index now sits more than 28,000 points below its May 2026 all-time high of 252,508 points.
Selling was broad and indiscriminate across banking, industrial, oil and gas, and consumer goods stocks. The NGX Banking Index fell 2.2% (second steepest sectoral decline) led by First HoldCo's 8.22% drop and FCMB's 8.59% loss. Industrial goods declined 1.0% on WAPCO's 6.45% fall, while Oil & Gas slipped 0.2% as Oando lost 7.01%. The Insurance Index recorded the steepest loss at 2.5% with International Energy Insurance down 9.84%.
Despite the bearish close, trading activity intensified—volume surged 75.25% to 855.32 million shares and value traded more than doubled to N28.37 billion. Sterling Financial Holdings dominated, accounting for 53.73% of total volume (459.59 million shares), suggesting institutional repositioning ahead of its planned shares reconstruction. Isolated gains came from Austin Laz and Learn Africa (both up 10% to N3.63 and N9.90) but lacked sufficient market weight to offset broad losses.
With the ASI having shed over 28,000 points from its May high and monthly returns turning negative (-2.2% month-to-date following June's -7.5% loss), should you consider reducing exposure to banking and industrial sectors, hold for potential rebound, or allocate to today's isolated gainers amid this sustained correction?