NGX loses ₦648bn as investors reverse Tuesday's gains

The Nigerian Exchange (NGX) erased Tuesday's ₦481 billion gains, closing Wednesday with investors losing ₦648 billion as bearish pressure intensified. Market capitalization fell 0.41% to ₦159.344 trillion from ₦159.992 trillion, while the All-Share Index dropped 1,004.38 points (0.41%) to 246,980.17. Despite the losses, trading activity increased with volume up 12.11% to 758.87 million shares worth ₦33.79 billion across 55,251 deals.

FCMB led volume with 92.44 million shares traded (12.18% of total), while First Holdco dominated value at ₦8.77 billion (25.94% of turnover). Cornerstone Insurance and Legend Internet topped losers, each falling 10% to ₦5.40 and ₦4.05. Lasaco Assurance led gainers with a 10% rise to ₦2.42. The market's year-to-date return moderated to 58.71% amid 45 losers versus 23 gainers, underscoring persistent volatility after Tuesday's sharp rebound.

This sharp reversal highlights ongoing market fragility despite active trading. Investors should note that while selling pressure dominated specific sectors like insurance and transport, increased volume suggests continued participation—potentially signaling opportunities in oversold stocks or caution against chasing Tuesday's gains without clearer directional signals.

SOURCE: https://dailypost.ng/2026/07/30/investors-lose-n648bn-as-ngx-reverses-gains/