Investors on the Nigerian Exchange Limited (NGX) suffered a combined loss of N3.8 trillion across four consecutive trading sessions, capping a bruising week that coincided with a high-level visit by the exchange’s leadership to President Bola Ahmed Tinubu.
Data from the NGX showed the market shedding value each day from Tuesday through Friday. The heaviest erosion occurred in the first two sessions, which wiped out N2.932 trillion. A further N613 billion evaporated on Thursday before Friday’s session trimmed an additional N257 billion.
By the close of trading on Friday, market capitalisation had slipped 0.16 per cent to N156.623 trillion, down from N156.880 trillion at the previous close. The All-Share Index mirrored the decline, losing 398.18 points, or 0.16 per cent, to settle at 242,619.20 from Thursday’s 243,017.38.
Friday’s downturn was broad-based, with 28 stocks closing lower. Fortis Global Insurance topped the losers’ chart, dropping 9.31 per cent. Other notable decliners included Omatek Ventures, John Holt, RT Briscoe and Dangote Sugar Refinery. International Energy Insurance led the gainers, advancing 9.92 per cent to N5.32.
Trading activity weakened significantly. Total volume plunged 66.64 per cent to 1.41 billion shares valued at N45.31 billion, exchanged in 39,134 deals. Fortis Global Insurance dominated volume, accounting for 874.08 million shares, or 61.83 per cent of the day’s total. MTN Nigeria Communications led value, with N31.37 billion Traded, representing 69.24 per cent of turnover.
The sell-off unfolded days after the NGX Group’s board and management, led by Chairman Dr Umaru Kwairanga and Group Managing Director Temi Popoola, paid a courtesy visit to President Tinubu on August 6. During the meeting, the President commended ongoing reforms at the exchange and reiterated a commitment to list the Nigerian National Petroleum Company Limited on the local bourse.
Market analysts said the coincidence of the presidential engagement and the sharp correction underscored lingering risk aversion among participants, even as policy signals point to deeper capital market integration. The NNPC listing, if executed, would represent a landmark expansion of the exchange’s institutional footprint.
Trading resumes on Monday with investors watching for signs of stabilisation or further downside pressure in a market still digesting macroeconomic headwinds and policy transitions.
