Investors on the Nigerian Exchange lost about ₦5.64 trillion in one week as a sharp sell-off in banking and insurance stocks dragged the market lower.
The NGX All-Share Index fell by 3.59 per cent to close at 235,941.27 points for the week ended June 19, 2026, while market capitalisation dropped by the same margin to ₦151.327 trillion from about ₦156.97 trillion a week earlier.
Pinnacle Daily review of the NGX weekly market report shows that the decline wiped roughly ₦5.64 trillion from investors’ portfolios.
The market’s weak performance was driven largely by heavy losses in major banking stocks.
The banking index suffered the biggest decline among the sectors gauged, falling 10.49 per cent, while the insurance index dropped 7.22 per cent.
Similarly, industrial goods, commodities, consumer goods and oil and gas indices also closed in negative territory, reflecting broad-based bearish sentiment.
Market breadth showed the depth of the sell-off as only 11 stocks gained during the week, compared with 78 decliners.
This marked a sharp reversal from the previous week, when 40 equities recorded gains.
Cornerstone Insurance led the gainers’ chart with an 11.01 per cent rise, followed by Academy Press at 8.72 per cent and Conoil at 8.25 per cent.
Other notable gainers were Neimeth International Pharmaceuticals, Ikeja Hotel, Fortis Global Insurance, Royal Exchange, AXA Mansard Insurance, UACN and Champion Breweries.
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On the losing side, International Energy Insurance posted the steepest decline, shedding 28.83 per cent. First Holdco followed with a 20.29 per cent loss, while John Holt dropped 17.65 per cent.
Nigerian Aviation Handling Company, Zichis Agro Allied Industries, Tripple Gee and Company, FTN Cocoa Processors, Guaranty Trust Holding Company, NEM Insurance and Sovereign Trust Insurance also featured among the worst-performing stocks.
The sharp declines in First Holdco and GTCO highlighted investor concerns around the banking sector, which bore the brunt of the week’s losses.
Despite the negative price performance, the value of transactions increased.
Total turnover rose by 22.69 per cent to ₦254.61 billion, suggesting that investors remained active even as prices fell.
However, trading volume declined by 38.05 per cent to 3.08 billion shares.
The Financial Services sector remained the dominant force in market activity, accounting for more than two-thirds of total trading volume and a quarter of total transaction value, underscoring its continued influence on overall market direction.
The week’s performance signals a cautious mood among investors, with profit-taking and pressure on financial stocks outweighing gains recorded by a handful of equities.
“Looking ahead, the Nigerian equities market is expected to remain cautious in the near term as profit-taking activities and weak investor sentiment continue to weigh on performance.
“However, selective bargain hunting in fundamentally sound stocks may provide support, while investors monitor key macroeconomic indicators and corporate earnings for market direction,” analysts at Cowry Asset Management said in their weekly report.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X