Nigeria's NGX market loses billions as bearish trend deepens

The Nigerian equities market continued its sharp decline in early July, extending a bear‑run that began in June. On July 2, the NGX All‑Share Index fell 0.61% to 224,321.97 points, erasing roughly N877.91 billion in market capitalisation and leaving the market value at about N144.11 trillion. The drop followed June’s record‑size loss of N13.29 trillion, when the All‑Share Index slid 8.28% and the market’s total value fell from N160.5 trillion to N147.2 trillion.

The July opening session added to the downturn, with the index slipping another 1.63% and market capitalisation shedding N2.39 trillion to N144.825 trillion. Losses were broad‑based across banking, industrial, oil‑and‑gas and consumer‑goods stocks, with major names such as First HoldCo, Zenith Bank and WAPCO among the biggest decliners. Trading volume surged, indicating active institutional repositioning despite the negative sentiment.

Analysts point to profit‑taking after a strong rally, higher fixed‑income yields, and liquidity pressures from major private placements as drivers of the sell‑off. The market remains above its start‑of‑year level but faces ongoing pressure as investors adjust portfolios.