Nigeria’s stock market started July on a weak note after another wave of profit-taking erased N2.39 trillion from investors’ holdings.
Heavy selling in financial, industrial, oil and gas, and consumer products stocks drove the All Share Index down by 1.63 percent to 225,690.07 points. Market capitalization also fell to N144.82 trillion, and the year-to-date return slowed to 45.03 percent.
The News Chronicle reports that the most recent drop marks the start of the market correction following months of outstanding gains seen in the first half of 2026.
While trading activity fell precipitously as consumers stayed wary, major equities including Aradel Holdings, Dangote Cement, Zenith Bank, and Transcorp headed the losses. Though a few insurance equities showed increases, the general market attitude remained poor with 33 losers vs 19 gainers.
Experts say that while profit-taking and portfolio rebalancing are driving the latest volatility, they project that as stock values get more appealing, bargain hunters will progressively return. Though the sustained retreat, the Nigerian stock exchange is still among Africa’s best performers so far this year.
