NGX ASI drops 0.5% to 245,418 points July 22 as Nestlé, BUA Foods slide 10%
The Nigerian equities market ended its two-day rally on Wednesday, July 22, 2026, with the NGX All-Share Index falling 0.50% to close at 245,418.37 points, erasing N800.70 billion in investor value as market capitalisation fell to N158.32 trillion. The decline was driven by double-digit losses in heavyweight consumer goods stocks: Nestlé Nigeria and BUA Foods both hit their 10% daily limit down, closing at N2,812.50 and N845.10 respectively.
Despite these losses, the session showed significant divergence within sectors. Cadbury Nigeria, Unilever Nigeria and NASCON Allied Industries all gained (Cadbury and Unilever hitting 10% upper limits), while banking stocks like First HoldCo (+4.76%) and Zenith Bank (+2.72%) provided support. The NGX Banking Index rose 1.51% and Insurance Index gained 1.64%, indicating the selloff was concentrated in specific consumer goods names rather than reflecting broad market pessimism.
Analysts note the pullback appears driven by profit-taking after recent gains, with strong performances in banking and select consumer goods suggesting underlying market resilience remains intact. With banking and insurance sectors showing strength, investors should watch whether this is a temporary correction or signals deeper concern about consumer demand amid Nigeria's 26.5% interest rate environment and N133.25 trillion money supply.