The Nigerian stock market closed the third trading week of June 2026 on a weak note, extending its losing run to six consecutive sessions as investors watched more than N5.64 trillion disappear from market value.
Despite the broad market decline, a handful of companies managed to record gains, with Cornerstone Insurance, Academy Press and Conoil emerging as the week’s strongest performers.
Data obtained from the Nigerian Exchange showed that the NGX All Share Index fell by 3.59 percent during the week, closing at 235,941.27 points on Friday, June 19, compared with 244,738.74 points recorded at the start of the week.
The market capitalization also dropped sharply from N156.97 trillion to N151.33 trillion, reflecting a total loss of N5.64 trillion in investors’ wealth. Friday’s trading session alone wiped off N938.75 billion after the benchmark index declined by another 0.62 percent.
Although the latest selloff has pushed the market more than 16,500 points below its record high of 252,508 points reached in May 2026, the Nigerian Exchange continues to rank among the world’s better performing stock markets this year with a year to date return of 51.62 percent.
Market statistics for the week reflected the widespread nature of the correction. The All Share Index closed at 235,941.27 points after falling by 3.59 percent. Market capitalization settled at N151.33 trillion, while total equity transactions stood at 287,157 deals.
Trading volume declined to 3.075 billion shares from 4.964 billion shares recorded in the previous week. However, the total value of transactions increased to N254.614 billion from N207.521 billion, indicating stronger activity in higher value trades.
Only 11 listed companies ended the week with price gains, while 78 stocks declined and 57 closed unchanged.
Cornerstone Insurance topped the gainers’ chart after rising by 11.01 percent to close at N6.05. Academy Press followed with an 8.72 percent increase to N8.10, while Conoil gained 8.25 percent to finish at N210.00.
Other companies that recorded positive performances included Neimeth International Pharmaceuticals, Ikeja Hotel, Fortis Global Insurance, Royal Exchange, AXA Mansard Insurance, UACN Plc and Champion Breweries.
On the losing side, International Energy Insurance recorded the biggest decline, dropping 28.83 percent to N5.06 after posting strong gains the previous week.
First HoldCo fell by 20.29 percent to N55.00, while John Holt, NAHCO, Zichis Agro Allied, Tripple Gee and Company, FTN Cocoa Processors, GTCO, NEM Insurance and Sovereign Trust Insurance also featured among the week’s biggest losers.
Every major sector of the market finished the week in negative territory, with the exception of the NGX Sovereign Bond Index, which closed unchanged.
The Banking Index suffered the heaviest decline after losing 10.49 percent, while the Corporate Governance Index dropped 7.55 percent and the Insurance Index fell by 7.22 percent.
The Industrial Goods Index declined by 4.11 percent, the Premium Index shed 4.03 percent and the NGX 30 Index, which tracks the exchange’s largest listed companies, fell by 3.64 percent.
The Consumer Goods Index and the Oil and Gas Index recorded milder losses of 1.61 percent and 1.06 percent respectively, suggesting that investors continued to show some confidence in defensive and commodity related stocks.
Cornerstone Insurance stood out during the week following the release of its audited 2025 financial results, which showed a strong improvement in underwriting performance despite a decline in overall profit. The company’s share price climbed from N5.45 to N6.05 during the week.
International Energy Insurance, however, surrendered much of the gains it recorded a week earlier after its share price dropped by 28.83 percent.
GTCO also attracted attention after its shares declined by 15.01 percent to close at N115.55, reflecting the heavy selling pressure on some of the market’s biggest banking stocks.
Trading activity produced mixed results. While the total volume of shares traded declined significantly, the overall value of transactions increased, suggesting greater participation in higher priced stocks.
Financial Services remained the most active sector, accounting for 2.074 billion shares, representing 67.44 percent of the week’s total trading volume. Access Holdings, Sterling Financial Holdings and Jaiz Bank jointly traded 819.234 million shares valued at N12.247 billion.
Six listed companies traded without dividend entitlement during the week. Airtel Africa adjusted to N3,962.62 per share following a dividend payment of N58.58, while Dangote Cement adjusted to N1,110.00 after paying a dividend of N45.00.
The latest decline marks the second major weekly selloff within three weeks after investors lost N4.91 trillion during the week ended June 5.
Since reaching its record high in May, the All Share Index has now fallen by about 16,567 points, representing a decline of roughly 6.6 percent.
With only 11 gainers compared with 78 losers, market breadth remained one of the weakest seen since the correction began, indicating that selling pressure has spread beyond large capitalization stocks.
Even with the recent pullback, the Nigerian Exchange continues to post one of the strongest year to date performances among major global equity markets in 2026. Market analysts believe the ongoing decline largely reflects profit taking after months of strong gains rather than any significant deterioration in the overall outlook.
Analysts also expect selling pressure to remain in the short term. However, they note that rising transaction values and signs of selective bargain hunting by institutional investors could help slow further declines if current price levels continue to attract buying interest.
