The Nigerian equities market shed N718.95 billion in market value on Wednesday as renewed selling pressure on heavyweight stocks, particularly banking shares, dragged the benchmark index lower and weakened investor sentiment.
The Nigerian Exchange Limited All-Share Index declined by 0.44 per cent to close at 252,882.78 points, moderating its year-to-date return to 62.51 per cent, while total market capitalisation fell to N164.19 trillion.
The downturn reflected broad-based weakness across major sectors, with the banking index recording the steepest decline as losses among listed stocks outweighed gains recorded by a smaller number of equities.
Market breadth remained negative, with 30 stocks closing lower against 25 gainers, translating to a breadth ratio of 0.8x and indicating that selling pressure extended beyond a handful of heavyweight stocks.
First Holdco, Triple G and eTranzact led the decliners, underscoring the fragile state of investor sentiment despite the market’s substantial gains so far this year.
The banking sector was the worst-performing segment of the market, declining by 2.36 per cent, followed by the industrial goods sector, which shed 0.31 per cent. The insurance index fell by 0.13 per cent, while the oil and gas sector recorded a marginal decline of 0.03 per cent.
Consumer goods stocks provided limited support, advancing by 0.13 per cent, while the commodities index closed flat.
Trading activity presented a mixed picture, with the volume and value of transactions falling sharply even as the number of deals increased.
A total of 404.11 million shares valued at N27.91 billion changed hands in 39,012 transactions. Trading volume declined by 92.28 per cent, while turnover fell by 93.68 per cent. In contrast, the number of deals increased by 8.53 per cent.
With the year-to-date return standing at 62.51 per cent, the market remains substantially higher than its level at the beginning of 2026. However, further declines in heavyweight stocks could erode recent gains if investors continue to reduce their positions.