Kayode Tokede
The Nigerian stock market extended its downward momentum for the eighth consecutive session, its longest losing run so far in 2026, as the market capitalisation, yesterday dropped by N440 billion.
The Nigerian Exchange Limited All-Share Index (NGX ASI) lost 712.67 basis points or 0.30 per cent to close at 240,037.80 basis points. Also, market capitalisation shed by N440 billion to close at N154.977 trillion.
The decline reflects sustained cautious sentiment as the market remained under pressure for a fifth consecutive session.
Investor sentiment was negative as 28 decliners outpaced 14 advancers. Haldane McCall emerged the highest price gainer of 9.38 per cent to close at N3.85, per share. Trans-Nationwide Express followed with a gain of 8.90 per cent to close at N3.06, while McNichols advanced by 8.33 per cent to close at N5.20, per share.
Cutix increased by 2.56 per cent to close at N2.40, while Veritas Kapital Assurance added 1.52 per cent to close at N1.34, per share.
On the other side, International Energy Insurance led others on the losers’ chart with 9.85 per cent to close at N4.30, per share. Wapic Insurance followed with a decline of 9.84 per cent to close at N2.20, while Fortis Global Insurance shed 9.76 per cent to close at N1.85, per share.
AVA Capital declined by 7.89 per cent to close at N7.00, while Zichis Agro Allied Industries declined by 7.36 per cent to close at N17.00, per share.
However, total traded volume surged by 140.7 per cent to 2.87 billion units, valued at N33.995 billion, and exchanged in 34,725 deals.
Transactions in the shares of Fortis Global Insurance led the activity with 255.544 million shares worth N5.238 billion. Sterling Financial Holdings Company followed with account of 28.070 million shares valued at N211.407 million, while Trans-Nationwide Express traded 21.649 million shares valued at N66.173 million.
UBA traded 17.875 million shares worth N803.660 million, while First Holdco traded 15.659 million shares worth N2.029 billion.
Looking ahead, Cowry Assets Management Limited said, the market is expected to sustain its bearish trend amid persistent profit-taking activity, though residual optimism could spark a recovery driven by portfolio readjustment and strategic repositioning.