Guinness, Conoil Lead As NGX Investors Lose ₦2tn In Two Days

The Nigerian equities market has witnessed sharp sell-offs in recent sessions, with investors losing about ₦2trn in market value within two days as profit-taking intensified across major sectors.

The wave of sell pressure has effectively halted the bullish momentum that had lifted market indices to record highs in recent weeks.

On Wednesday, the Nigerian Exchange (NGX) All-Share Index (ASI) shed 955.76 basis points, representing a 2.18 per cent decline, to close at 141,566.31 index points compared to 144,722.47 points recorded at the start of the week.

In the same vein, the market capitalisation of listed equities dropped by ₦2tn, settling at ₦89.56tn from ₦91.56tn on Monday.

Market analysts attributed the decline largely to profit-taking in bellwether stocks such as Guaranty Trust Holding Company (GTCO), Zenith Bank, United Bank for Africa (UBA), MTN Nigeria, and AIICO Insurance, which had previously attracted strong investor inflows.

The correction, they noted, was not unexpected given the rapid gains in the stocks earlier in the month.

“Investors are locking in recent profits, particularly in banking and consumer goods stocks that rallied strongly during the recent bullish run,” a Lagos-based equity dealer told THE WHISTLER.

Investor sentiment remained weak as market breadth, a measure of advancing to declining stocks, closed deeply negative at 0.34x, compared with the previous session’s 0.72x.

Out of 128 stocks traded, 50 closed in the red, while only 17 advanced.

The top gainers included Austin Laz (AUSTINLAZ), which appreciated by 10 per cent; Champion Breweries (CHAMPION), up 9.97 per cent; and NCR, which rose 9.77 per cent.

On the other hand, Guinness Nigeria (GUINNESS) and Conoil (CONOIL) shed 9.98 per cent each, while Consolidated Hallmark (CONHALLPLC) lost 9.94 per cent.

Activity levels also declined, with transaction volume falling 29.37 per cent to 721.82 million units, compared to 1.03 billion units in the previous session. The value of trades also dipped 25.79 per cent to ₦12.94bn across 28,745 deals. CHAMPION, UNIVINSURE, and ZENITHBANK emerged as the most actively traded stocks by volume and value.

The sectoral performance of the market reflected the broader negative sentiment. The insurance sector led the losses, down 7.20 per cent, followed by consumer goods (-1.90 per cent), banking (-1.22 per cent), and industrial goods (-0.01 per cent). The oil and gas sector was the sole bright spot, posting a modest 0.11 per cent gain.

Despite the recent sell-off, the NGX still maintains a positive year-to-date return of 37.54 per cent, underscoring the resilience of the market in 2025.

Analysts, however, caution that continued profit-taking could deepen volatility in the coming days if fresh triggers do not emerge to restore investor confidence.

“Short-term corrections are healthy in a bullish market, but the scale of the sell-offs shows that investors are cautious, possibly rebalancing portfolios ahead of macroeconomic uncertainties,” another analyst explained.

Guinness, Conoil Lead As NGX Investors Lose ₦2tn In Two Days is first published on The Whistler Newspaper