Nigerian Stock Market Swings as Profit‑Taking Triggers Trillion‑Naira Losses

The Nigerian Exchange (NGX) posted strong gains in the first half of 2026, with mid‑cap and smaller stocks such as Zichis Agro Allied Industries Plc soaring 1,116% and SCOA Nigeria Plc rising 365%. Market capitalisation grew to about ₦147 trillion and the All‑Share Index peaked near 250,000 points.

In June, heavy profit‑taking reversed the rally, wiping roughly N2.3‑2.4 trillion from market value. The index fell to 225,690 points, a decline of about 1.6%, and the market cap slipped to ₦145 trillion. Blue‑chip losers included Aradel Holdings, Dangote Cement, Zenith Bank and Transcorp, while the Oil & Gas sector posted the steepest index drop of 4.4%.

Analysts project a modest recovery in the second half of 2026, citing improving corporate earnings, stable macro fundamentals and continued reforms, though inflation, high interest rates and the upcoming 2027 elections pose risks.

Separately, Nigeria’s insurance sector is attracting more than N100 billion in new equity as recapitalisation deadlines approach, reflecting investor confidence in regulatory reforms and growth potential.