The Nigerian Exchange Limited (NGX) wrapped up trading for the week ended June 26, 2026, with investors nursing significant losses as declines in major industrial and oil-related stocks overshadowed a renewed rally in banking equities.
The broad market downturn wiped an estimated ₦2.42 trillion from listed companies’ market value despite pockets of strong buying activity.
The NGX All-Share Index (ASI) slipped by 1.65 percent to settle at 232,049.02 points from the previous week’s 235,941.27 points.
At the same time, total market capitalisation dropped by 1.60 percent, falling from ₦151.33 trillion to ₦148.91 trillion.
Trading Activity Slows Despite Strong Investor Participation
Although investors remained active throughout the week, overall trading momentum weakened compared with the previous period.
A total of 2.32 billion shares worth ₦134.49 billion changed hands in 249,328 transactions.
The figures represented a noticeable decline from the preceding week, when 3.08 billion shares valued at ₦254.61 billion were traded across 287,157 deals, suggesting reduced market liquidity and a more cautious investment environment.
Financial Stocks Continue to Dominate Transactions
The financial services sector maintained its position as the busiest segment of the exchange, contributing 1.52 billion shares valued at ₦47.54 billion across 105,230 deals.
This accounted for more than 65 percent of total trading volume and over one-third of the market’s traded value.
Information and Communication Technology (ICT) stocks followed as the second most active sector after recording 198.82 million shares worth ₦32.62 billion.
Consumer goods companies also attracted considerable investor interest, with transactions involving 151.64 million shares valued at ₦10.93 billion.
Among individual equities, Access Holdings Plc, Fidelity Bank Plc and Chams Holding Company Plc generated the highest trading activity, jointly accounting for 485.75 million shares valued at ₦7.66 billion.
Banking Sector Defies Broader Market Weakness
While the wider market struggled, banking stocks delivered one of the strongest performances of the week as bargain hunters returned after recent price corrections.
The NGX Banking Index gained 3.51 percent, while the NGX AFR Bank Value Index rose by 3.28 percent.
Investor appetite for dividend-paying financial stocks also strengthened, helping the NGX AFR Dividend Yield Index climb 9.93 percent.
Industrial and Energy Stocks Drag Market Lower
The gains recorded by financial institutions were not enough to offset steep losses elsewhere.
Oil and gas equities suffered the biggest setback, with the NGX Oil and Gas Index falling 9.86 percent.
The Industrial Goods Index also declined sharply by 8.21 percent, while the Insurance Index lost 4.39 percent.
The Lotus II Index retreated by 5.45 percent, highlighting widespread selling pressure across several key sectors.
Winners and Losers Paint Mixed Picture
Market breadth improved slightly even though the overall performance remained negative.
Twenty-two listed companies posted gains during the week, doubling the 11 gainers recorded in the previous week.
Meanwhile, 57 stocks closed lower, compared with 78 decliners previously, while 67 equities ended the week unchanged.
McNichols Plc emerged as the strongest performer after its share price advanced 26.47 percent.
International Energy Insurance Plc also recorded double-digit growth with a 14.43 percent gain, while Guaranty Trust Holding Company Plc appreciated by 10.69 percent.
First HoldCo Plc and Airtel Africa Plc both gained 10 percent, with Skyway Aviation Handling Company Plc adding 9.92 percent.
On the downside, Trans-Nationwide Express Plc recorded the steepest decline after losing 26.79 percent.
Deap Capital Management & Trust Plc dropped 23.31 percent, Abbey Mortgage Bank Plc shed 20.30 percent, Aradel Holdings Plc declined 19 percent, and Regency Assurance Plc fell 18.56 percent.
Corporate Actions Add Fresh Shares to the Market
The exchange also witnessed notable corporate developments during the week.
First HoldCo Plc expanded its issued share capital after listing an additional 1.02 billion ordinary shares following a private placement priced at ₦44.06 per share, increasing its total outstanding shares to 45.48 billion.
Ellah Lakes Plc likewise boosted its share count by listing 2.25 billion additional ordinary shares after converting ₦6.31 billion of debt into equity.
Bond Market Records Improved Performance
Activity in exchange-traded products softened slightly, with investors trading 3.02 million units worth ₦643.97 million across 6,615 deals.
In contrast, the bond market experienced stronger participation.
A total of 185,340 units valued at ₦191.48 million were traded in 36 deals, improving on the previous week’s volume of 151,573 units worth ₦160.59 million.
Investors Watch for Signs of Market Recovery
The latest trading pattern reflects an ongoing rotation of investment into banking stocks while investors continue reducing exposure to industrial, oil and gas, and insurance companies.
As June draws to a close, market participants are expected to focus on upcoming corporate announcements, portfolio rebalancing by institutional investors and broader macroeconomic developments to determine whether the strength in banking equities can help stabilise the wider market in the weeks ahead.
