The Nigerian Exchange Limited (NGX) continued its bearish run on Tuesday as investors lost an additional N478.7 billion, bringing total market losses to N2.29 trillion within the first two trading sessions of June 2026.
Market data showed that the decline followed a N1.81 trillion loss recorded on Monday, with sustained sell-offs in banking and consumer goods stocks weighing heavily on investor sentiment.
The NGX All-Share Index fell by 0.35 per cent to close at 246,686.66 points from 247,560.66 points recorded in the previous session, while market capitalisation dropped from N158.72 trillion to N158.22 trillion.
The downturn also affected the market’s year-to-date return, which declined from 60.49 per cent at the close of last week to 58.53 per cent, erasing nearly two percentage points of gains in just 48 hours.
The banking sector recorded the steepest decline among major indices, falling by 1.63 per cent. First HoldCo led the losers in the sector with a 6.7 per cent drop, followed by Wema Bank, which shed 9.1 per cent, while Zenith Bank lost 2.3 per cent.
The sector has now declined by about 3.1 per cent in two consecutive trading sessions.
Trading activity also weakened significantly. A total of 718.77 million shares valued at N29.31 billion were exchanged in 71,683 deals, representing declines in volume, value and transaction count compared to Monday’s performance.
Among the gainers, International Energy Insurance appreciated by 9.86 per cent to close at N5.46 per share, while Trans-Nationwide Express rose by 7.14 per cent. Other gainers included Neimeth International Pharmaceuticals, Living Trust Mortgage Bank and Abbey Building Society.
On the losers’ chart, PZ Cussons and Chellarams both recorded the maximum daily decline of 10 per cent. ABC Transport fell by 9.95 per cent, while Wema Bank and Sovereign Trust Insurance also posted significant losses.
Analysts attributed the market slump to continued institutional profit-taking in major banking and industrial stocks, a trend that began in the final days of May and has persisted into June.
Despite the broad market weakness, Access Corporation emerged as the most traded stock by volume with 113.10 million shares exchanged, while Zenith Bank led by value with transactions worth N4.81 billion. Aradel Holdings followed with trades valued at N3.43 billion.
Market watchers said investors are expected to remain cautious in the coming sessions, with attention likely to shift toward fundamentally strong stocks offering attractive valuations following the recent correction.
The latest decline marks the largest two-day erosion in market capitalisation recorded on the NGX so far in 2026, highlighting growing pressure on equities despite the recent transition to the T+1 settlement framework aimed at improving market efficiency.
