Investors in the Nigerian equities market have lost a cumulative N5.45 trillion as the Nigerian Exchange Limited (NGX) extended its losing streak to eight consecutive trading sessions.
The market has remained under pressure since August 11, with investors losing about N3.8 trillion in the four trading sessions last week. A further N1.65 trillion has been wiped off the market this week from Monday to Thursday.
On Thursday, market capitalization fell by N440 billion, or 0.30 percent, from N155.417 trillion at the start of trading to N154.977 trillion at the close.
The NGX All-Share Index also declined by 712.67 points to 240,037.80, while 29 stocks recorded losses against 14 gainers. Trading volume rose sharply to 2.87 billion shares valued at N33.99 billion across 34,725 deals.
The sell-off was driven largely by continued profit-taking in large- and mid-cap stocks, with oil and gas and insurance counters also coming under pressure.
International Energy Insurance led the losers, falling 9.85 percent to N4.30. Haldane McCall, however, topped the gainers, rising 9.38 percent to N3.85.
The pressure on insurance stocks comes amid regulatory changes under the Nigerian Insurance Industry Reform Act 2025. NAICOM has recently revoked the licences of Nigeria Reinsurance Corporation and Universal Insurance after they failed to meet applicable recapitalization requirements.
The latest losses have erased a significant portion of the gains recorded by the equities market earlier in the year, as investors continue to reposition their portfolios amid increased selling pressure.
