NGX Loses ₦2.42 Trillion Despite Banking Sector Rebound as Investors Trade ₦134.49 Billion

The Nigerian Exchange Limited (NGX) closed lower for the week ended June 26, 2026, as sustained losses in large-cap industrial and oil stocks outweighed renewed buying interest in banking equities, wiping approximately ₦2.42 trillion from investors’ portfolios.

The NGX All-Share Index (ASI) declined by 1.65 percent to close at 232,049.02 points, down from 235,941.27 points recorded in the previous week. Equity market capitalisation also fell by 1.60 percent to ₦148.91 trillion from ₦151.33 trillion.

Despite the negative performance, investors traded a total of 2.32 billion shares valued at ₦134.49 billion in 249,328 deals during the week.

This compares with 3.08 billion shares worth ₦254.61 billion exchanged in 287,157 deals in the preceding week, indicating a sharp slowdown in market liquidity.

The Financial Services Industry remained the dominant driver of market activity, accounting for 1.52 billion shares valued at ₦47.54 billion in 105,230 deals. The sector contributed 65.53 percent of total traded volume and 35.35 percent of total traded value.

The Information and Communication Technology (ICT) sector ranked second with 198.82 million shares valued at ₦32.62 billion, while the Consumer Goods sector recorded 151.64 million shares worth ₦10.93 billion.

Trading in Access Holdings Plc, Fidelity Bank Plc and Chams Holding Company Plc accounted for 485.75 million shares valued at ₦7.66 billion, representing 20.90 percent of total trading volume and 5.69 percent of market value for the week.

Although the broader market remained under pressure, the banking sector staged a notable recovery. The NGX Banking Index advanced by 3.51 percent during the week, while the NGX AFR Bank Value Index gained 3.28 percent.

The NGX AFR Dividend Yield Index climbed 9.93 percent, reflecting renewed investor interest in selected financial stocks.

However, these gains were offset by sharp declines in other key sectors. The NGX Oil and Gas Index fell 9.86 percent, while the Industrial Goods Index declined 8.21 percent.

The Insurance Index lost 4.39 percent and the Lotus II Index dropped 5.45 percent, underscoring the broad weakness outside the banking sector.

Market breadth improved slightly compared to the previous week. Twenty-two stocks recorded gains, up from 11 in the preceding week, while 57 equities declined, compared to 78 previously. Sixty-seven stocks closed unchanged.

McNichols Plc emerged as the week’s best-performing stock after gaining 26.47 percent from ₦6.80 to ₦8.60 per share. International Energy Insurance Plc appreciated by 14.43 percent, while Guaranty Trust Holding Company Plc advanced 10.69 percent. First HoldCo Plc gained 10.00 percent alongside Airtel Africa Plc, while Skyway Aviation Handling Company Plc added 9.92 percent.

On the losers’ chart, Trans-Nationwide Express Plc led with a 26.79 percent decline. Deap Capital Management & Trust Plc fell 23.31 percent, while Abbey Mortgage Bank Plc lost 20.30 percent. Aradel Holdings Plc dropped 19.00 percent, with Regency Assurance Plc shedding 18.56 percent.

The exchange also recorded notable corporate actions during the week. First HoldCo Plc listed an additional 1.02 billion ordinary shares following its private placement at ₦44.06 per share, increasing its issued share capital to 45.48 billion shares.

Ellah Lakes Plc also listed an additional 2.25 billion ordinary shares following the conversion of ₦6.31 billion debt into equity.

In the exchange-traded products market, investors traded 3.02 million units valued at ₦643.97 million in 6,615 deals, slightly below the previous week’s activity.

The bond market recorded improved participation, with 185,340 units valued at ₦191.48 million traded in 36 deals, compared with 151,573 units worth ₦160.59 million a week earlier.

The week’s performance highlights a market undergoing sector rotation. While bargain hunting supported banking stocks following recent corrections, persistent weakness in industrial, oil and gas, and insurance counters continued to weigh on the broader market.

Going into the final trading days of June, investors are expected to monitor corporate developments, portfolio rebalancing activities and macroeconomic indicators for clearer signals on whether banking sector resilience can eventually offset continued pressure on large-cap industrial stocks.