By Boluwatife Oshadiya | July 31, 2026
Key Points
- Nigerian Exchange loses more than ₦1 trillion as banking stocks extend market selloff
- Zenith Bank, Access Holdings and FirstHoldco lead declines amid profit-taking after second-quarter earnings
- NGX All-Share Index falls 0.66% despite increased trading activity and Fortis Global Insurance’s additional share listing
Main Story
The Nigerian Exchange (NGX) shed more than ₦1 trillion in market value on Thursday as heavy selloffs in major banking stocks, including Zenith Bank, Access Holdings and FirstHoldco, dragged the local equities market lower despite a sharp rise in trading activity.
The NGX All-Share Index (ASI) declined by 0.66% to 245,362.26 points, while market capitalisation fell by ₦1.01 trillion, or 0.63%, to close at ₦158.34 trillion, according to market data.
The decline came despite the listing of an additional 15 billion ordinary shares of Fortis Global Insurance Plc following the conversion of its ₦12 billion debt into equity at ₦0.80 per share.
Investor sentiment remained weak as traders booked profits in several banking counters following the release of second-quarter earnings. Zenith Bank fell 3.6%, Access Holdings declined 3.33%, while FirstHoldco lost 3.96%. HBM Holdings also recorded a four percent decline.
Market activity, however, strengthened significantly. According to Atlass Portfolio Limited, investors traded approximately 2.10 billion shares worth ₦230.83 billion across 48,231 deals, representing increases of 177.01% in volume and 583.04% in value compared with the previous trading session.
“Approximately 2.10 billion units valued at ₦230.83 billion exchanged hands across 48,231 deals,” Atlass Portfolio Limited said in its market commentary.
FirstHoldco dominated market activity, accounting for 74.82% of total traded volume and 85.04% of total transaction value.
Market breadth closed negative with 17 gainers and 44 losers. LEGENDINT led gainers with an 8.64% increase, while TRIPPLEG topped the losers’ chart after declining 10%.
What’s Being Said
Atlass Portfolio Limited attributed the day’s performance to increased trading activity alongside profit-taking in major banking stocks following recent corporate earnings releases.
Independent market analysts note that banking stocks have recently experienced heightened volatility as investors rebalance portfolios ahead of further earnings announcements and broader macroeconomic developments.
What’s Next
- Investors will continue to monitor second-quarter corporate earnings from listed companies.
- Market participants are expected to watch for further profit-taking in banking stocks as earnings season progresses.
- Analysts will also track domestic monetary policy developments and global interest rate expectations for their impact on investor sentiment.
Bottom Line: Thursday’s selloff underscores how heavily the Nigerian stock market remains influenced by banking stocks. While trading activity remained robust, sustained investor confidence will likely depend on stronger corporate earnings and improved macroeconomic signals.
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