The Nigerian stock market shed N2.279 trillion in market capitalisation during midweek trading, marking its third straight session of losses. The All-Share Index dropped by 3,736.05 points, or 1.51 per cent, to close at 243,132.61, pulling the year-to-date return to 56.24 per cent. Investor profit-taking drove the downturn, particularly in large- and medium-capitalised stocks. Affected companies included MTN Nigeria Communications, Lafarge Africa, Nigerian Exchange Group, First Holdco, Nigerian Breweries and Zichis Agro Allied Industry.
Cowry Assets Management Limited noted that the bearish trend may persist as profit-taking continues to affect investor sentiment. Market breadth was negative, with 43 stocks declining against 15 gaining. Abbey Mortgage Bank was the top gainer, rising 9.93 per cent to N7.75 per share. International Energy Insurance gained 9.89 per cent to close at N6.00, while Tripple Gee & Company rose 9.80 per cent to N4.37. Universal Insurance and Royal Exchange increased by 8.91 per cent and 7.14 per cent, closing at N1.10 and N1.50 respectively.
On the losing end, Lafarge Africa fell 9.97 per cent to N307.90, leading the decliners. Zichis Agro Allied Industry dropped 9.82 per cent to N29.20, while Learn Africa and John Holt both declined by 9.80 per cent to close at N11.50 and N13.80. Consolidated Hallmark Insurance fell 8.84 per cent to N6.19. Total traded volume rose 57.1 per cent to 922.97 million units, valued at N42.27 billion across 69,332 deals. Sterling Financial Holdings topped trading activity with 264.592 million shares worth N2.115 billion. Access Holdings traded 76.686 million shares valued at N1.833 billion, while Linkage Assurance exchanged 55.134 million shares worth N99.155 million. VFD Group saw 35.464 million shares traded for N378.832 million, and Ellah Lakes recorded 33.119 million shares valued at N34.286 million.
The market lost over two trillion naira in value while investors in top gainers saw single-digit percentage increases, exposing the fragility of recent gains. This sharp reversal on profit-taking suggests many participants are treating equities as short-term bets rather than long-term holdings. The surge in trading volume without a corresponding rise in value indicates speculative churn rather than sustainable investment. For retail investors, this pattern increases the risk of capital erosion during pullbacks.
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