The Nigerian equities market extended its losing streak on Thursday, July 2, 2026, falling 0.61 per cent to close at 224,321.97 points, down from 225,690.07 points in the previous session. Investors lost approximately N877.91 billion in a single day.

Market capitalisation declined to approximately N144.11 trillion. The year-to-date return moderated further to 44.15 per cent.

The ASI has now shed more than 28,000 points from its May 2026 all-time high of 252,508 points. Selling was broad and indiscriminate, spanning banking, industrial, oil and gas, and consumer goods stocks.

Investor sentiment remained firmly negative throughout Thursday’s session. All five tracked sectoral indices closed lower.

Highlights of Thursday’s trading showed the All-Share Index closing at 224,321.97 points, down 0.61 per cent, while market capitalisation stood at N144.11 trillion, down approximately N877.91 billion. Volume traded rose to 855.32 million shares, up 75.25 per cent, while value traded rose to N28.37 billion, up 102.06 per cent. Deals totalled 51,545 transactions, up 9.58 per cent. The month-to-date return stood at -2.2 per cent, while the year-to-date return stood at 44.15 per cent. Market breadth showed 12 gainers against 36 losers.

Among the top gainers, Austin Laz & Company (AUSTINLAZ) rose 10.00 per cent to N3.63, while Learn Africa (LEARNAFRCA) also rose 10.00 per cent to N9.90. Daar Communications (DAARCOMM) gained 9.49 per cent to close at N1.50, UPDC (UPDC) advanced 9.09 per cent to N3.60, and Caverton Offshore Support Group (CAVERTON) rose 8.51 per cent to N5.10.

Among the top losers, Neimeth International Pharmaceuticals (NEIMETH) fell 10.00 per cent to N8.10, CMFC (CMFC) declined 9.87 per cent to N3.56, and FTG Insurance (FTGINSURE) dropped 9.85 per cent to N3.57. International Energy Insurance (INTENEGINS) fell 9.84 per cent to N5.22, while McNichols (MCNICHOLS) declined 9.80 per cent to N6.90.

Thursday’s session was defined by concentrated selling in banking and industrial stocks. These names carry the heaviest index weight, and their simultaneous decline in FUGAZ banks and industrial heavyweights left the market with little structural support.

First HoldCo led the banking sector losses, falling 8.22 per cent during the session. Zenith Bank shed 3.52 per cent, GTCO declined 1.23 per cent, UBA eased 0.26 per cent, Wema Bank lost 0.97 per cent, and FCMB dropped 8.59 per cent.

Consequently, the NGX Banking Index depreciated by 2.2 per cent, the second steepest sectoral decline of the session. When multiple FUGAZ names fall on the same day, the Banking Index absorbs outsized impact.

WAPCO fell 6.45 per cent, delivering a significant blow to the Industrial Goods Index, which declined 1.0 per cent for the day. Oando shed 7.01 per cent, dragging the Oil & Gas Index 0.2 per cent lower.

Transcorp lost 1.68 per cent and Dangote Sugar declined 1.43 per cent, as the Consumer Goods Index eased 0.1 per cent.

The Initiates Plc shed 9.79 per cent. The Insurance Index recorded the steepest sectoral loss of 2.5 per cent as Guinea Insurance and International Energy Insurance led declines while NEM Insurance lost 9.25 per cent.

Trading activity strengthened considerably despite the bearish close. The spike in both volume and value suggests active institutional repositioning rather than passive disengagement. Investors are clearly still in the market, but selling more than they are buying.

Volume surged 75.25 per cent to 855.32 million shares, while value traded more than doubled, rising 102.06 per cent to N28.37 billion.

Sterling Financial Holdings dominated the session by volume with 459.59 million shares traded, more than half of total market volume. Sterling stock accounted for 53.73 per cent of shares traded.

Aradel Holdings led by value despite its recent correction, accounting for N4.51 billion or 15.90 per cent of total session turnover.

Austin Laz and Learn Africa each hit the maximum 10 per cent daily gain. Both provided isolated support. Unfortunately, they lacked the market weight to offset the broader losses.

Caverton, UPDC, and Daar Communications also advanced. However, gains in thirteen stocks could not overcome losses in thirty-six.

Neimeth International Pharmaceuticals hit the maximum 10 per cent daily downside limit, closing at N8.10. This follows recent volatility in the pharmaceutical counter amid broader small-cap selling pressure during the correction.

Thursday’s loss extends what has now become a sustained and deepening correction. The ASI has retreated more than 28,000 points from its all-time high of 252,508 points reached in May 2026.

The year-to-date return of 44.15 per cent is the lowest recorded in 2026. The market has shed more than 16 percentage points of YTD return since May’s peak.

Market capitalisation has declined to approximately N144.11 trillion. It was above N160 trillion at the May peak. Cumulative losses from peak now exceed N15 trillion.

The month-to-date return of -2.2 per cent follows June’s -7.5 per cent monthly loss, the worst monthly performance of 2026.

Sterling Financial Holdings’ dominance of the volume chart, at 459.59 million shares or 53.73 per cent of total volume, is an unusually high single-stock concentration for a mid-tier banking name. It suggests significant selloff ahead of the Banking Group’s planned shares reconstruction.