The Nigerian equities market fell for another session on Wednesday, with heavy losses in Geregu Power and Okomu Oil Palm pushing the NGX All-Share Index down by 0.49%. The drop erased roughly N762 billion from market capitalization, leaving it at N154.45 trillion.
Trading data showed the decline was led by steep losses in expensive, high-impact stocks. These outweighed gains in shares like GTCO, Neimeth International Pharmaceuticals, Oando, and Dangote Sugar.
The session extended a recent bearish trend following the market’s peak of 252,508 points in May 2026. Year-to-date returns now stand at 54.74%, down from 55.50% the day before.
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Investor sentiment stayed negative, with decliners outnumbering advancers by a wide margin. The day’s trading saw 51 losers against just 13 gainers.
240,802.72 points marked the close for the All-Share Index. Market capitalization fell to N154.45 trillion. Volume traded rose 23.79% to 662.96 million shares, while value traded climbed 8.51% to N39.98 billion. The number of deals dropped 7.22% to 51,143.
Top gainers included Neimeth, up 9.47% to N9.25, and Cornerstone Insurance, up 9.
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Geregu Power and Okomu Oil Palm also declined sharply.
Despite the weak close, trading activity picked up. Volume and value both increased, with Access Holdings leading by volume at 130.26 million shares. Jaiz Bank followed with 114.92 million shares. By value, MTN Nigeria saw N8.19 billion in trades, while Aradel Holdings recorded N6.79 billion.
Market pullback deepens from record highs
Wednesday’s drop added to a broader correction that has pulled the index more than 11,700 points below its May peak. Market capitalization has fallen from over N160 trillion to its current level, with cumulative losses in the correction phase exceeding N5 trillion.
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Still, the year-to-date return of 54.74% remains one of the strongest among major global equity markets in 2026. The weak market breadth, with far more losers than gainers, signals broad-based selling pressure rather than isolated weak spots.
Analysts expect profit-taking to continue in the short term as investors unwind positions built during the market’s first-quarter rally. Some bargain hunting may appear in stocks with strong fundamentals as valuations adjust.
GTCO provided a rare bright spot in the banking sector, rising 2.38% after recent losses. Dangote Sugar added 1.92%, and Oando gained 1.18%.