NGX Closes Bearish as Investors Lose N475bn Amid Profit-Taking, Market Sheds 0.38%
Nigeria’s equities market wrapped up the week in negative territory, as sustained profit-taking in heavyweight counters dragged key performance indicators lower and wiped out an estimated N475 billion from investors’ portfolios.
Data obtained by PulseNets showed that the bearish sentiment marked the fourth straight session of losses on the Nigerian Exchange Limited, reflecting a cautious tone among market participants following a strong rally recorded earlier in February.
The NGX All-Share Index declined by 0.38 per cent, equivalent to 741.03 basis points, to settle at 192,826.78 compared to 193,567.81 in the previous trading session. Correspondingly, market capitalisation slipped from N124.238 trillion at the opening bell to N123.763 trillion at the close of trading, representing the same 0.38 per cent contraction and a N475 billion erosion in value.
Year-to-date returns eased to 23.91 per cent, underscoring a moderation from recent highs as investors locked in profits after weeks of sustained gains across major sectors of the Nigerian stock market.
Despite the overall decline in the NGX, market breadth remained positive. Figures reviewed by PulseNets indicated that 39 stocks recorded price appreciation, surpassing the 25 equities that closed in the red. This suggests that while selling pressure weighed heavily on large-cap stocks, selective buying interest persisted in mid-cap and insurance counters.
Among the top gainers, Sovereign Trust Insurance advanced by 9.95 per cent to close at N2.21 per share. RT Briscoe followed with a 9.93 per cent increase, ending the session at N12.51. NGX Group gained 9.78 per cent to close at N124, while Ellah Lakes and Omatek both rose by 9.70 per cent to settle at N13 and N2.60 respectively.
On the flip side, Mecure led the decliners’ chart after shedding 9.97 per cent to close at N75.85 per share. Meyer lost 9.90 per cent to finish at N18.65, while Daar Communications dropped 9.83 per cent to N2.11. Champion Breweries fell 6.49 per cent to N18, and blue-chip Dangote Cement declined by 6.09 per cent to close at N779 per share.
Trading activity moderated at the close of the week. PulseNets learnt that total volume traded dipped by 5.15 per cent to 823.83 million shares, valued at N34.75 billion across 63,759 deals.
Fortis Global Insurance dominated trading by volume, accounting for 146.62 million shares, representing approximately 17.80 per cent of the total turnover. In terms of value, Aradel led with transactions worth N7.14 billion, contributing about 20.54 per cent of the day’s aggregate value.
Market analysts attributed the week-long sell-off on the NGX to widespread profit-taking following a robust February rally that had added trillions of naira to market capitalisation earlier in the month. They noted that macroeconomic variables, including inflationary pressures, foreign exchange volatility and the digestion of recent corporate earnings, also influenced investor sentiment.
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However, the positive market breadth and sustained activity in select sectors indicate underlying resilience within the Nigerian equities market, even as headline indices reflect short-term corrections.
The development capped a volatile trading week on the NGX, with cumulative losses across the four bearish sessions estimated at about N2.2 trillion, according to figures reviewed by PulseNets. Notwithstanding the recent pullback, the market remains firmly in positive territory on a year-to-date basis, reinforcing its strong performance in 2026 so far.
