Nigerian Exchange sees sharp profit‑taking, turnover plunge and month‑long sell‑off

The Nigerian Exchange (NGX) posted total equity transactions of N7.895 trillion from January to May 2026, driven largely by domestic investors who accounted for N6.922 trillion. In June, the market shifted to a broad sell‑off, shedding about N11.6 trillion—the first monthly loss in four years. Weekly turnover fell 47 % to N134.49 billion and market capitalisation dropped N2.422 trillion to N148.905 trillion, with the All‑Share Index slipping 1.65 % to 232,049 points. Profit‑taking was widespread across sectors; banking stocks rose 3.5 % while oil‑and‑gas and industrial‑goods indices fell around 9‑8 %. Financial services continued to dominate trading volume, contributing roughly 65 % of total turnover. Despite the correction, Nigeria remains Africa’s top‑performing market, delivering a 59.5 % year‑to‑date return in US‑dollar terms, helped by a relatively stable naira and recent macro‑economic reforms. The Exchange has also moved to a T+1 settlement cycle and extended trading hours, aimed at improving liquidity and price discovery.