The Nigerian equities market has recorded a combined loss of N2.29 trillion in market capitalisation within the first two trading sessions of June 2026, as sustained sell-offs extended the Nigerian Exchange’s losing streak.
Trading data from the Nigerian Exchange Group (NGX) showed that investors lost N478.7 billion on Tuesday, June 2, following a larger N1.81 trillion decline recorded on Monday.
As a result, market capitalisation dropped to N158.22 trillion on Tuesday from N158.72 trillion at the close of trading on Monday.
The continued decline also affected investor returns. The year-to-date return fell from 60.49 per cent at the end of last week to 58.53 per cent, erasing nearly two percentage points of gains within 48 hours.
The NGX All-Share Index declined by 0.35 per cent to close at 246,686.66 points, down from 247,560.66 points recorded in the previous session.
Market activity also weakened significantly. Total trading volume fell by 36.26 per cent to 718.77 million shares from 1.13 billion shares, while the value of transactions dropped by 33.82 per cent to N29.31 billion.
The number of deals executed during the session also declined by 21.98 per cent to 71,683 transactions from 91,880 deals.
The banking sector recorded the biggest loss among major indices, falling by 1.63 per cent. This followed a 1.49 per cent decline on Monday, bringing the sector’s cumulative two-day loss to about 3.1 per cent.
First HoldCo led banking sector losses with a 6.7 per cent decline. Wema Bank followed with a 9.1 per cent drop, while Zenith Bank lost 2.3 per cent. FCMB also closed lower during the session.
Analysts noted that the banking sector has experienced one of its sharpest two-session corrections in 2026 due to sustained profit-taking by institutional investors.
The Consumer Goods Index declined by 0.50 per cent, weighed down by losses in PZ Cussons, Honeywell Flour Mills, International Breweries and Nigerian Breweries.
PZ Cussons recorded the maximum daily decline of 10 per cent to close at N88.20 per share.
The Insurance Index lost 0.44 per cent as investors sold down shares of Sovereign Trust Insurance, Mutual Benefits Assurance, Linkassure and Royal Exchange.
The Oil and Gas Index slipped marginally by 0.04 per cent following declines in Eterna and Oando shares.
However, the Industrial Goods Index closed flat, avoiding further losses after suffering a sharp 3.85 per cent decline in the previous session due to the fall in BUA Cement shares.
Among the day’s gainers, International Energy Insurance led the chart with a 9.86 per cent increase to close at N5.46. Trans-Nationwide Express gained 7.14 per cent, while Neimeth International Pharmaceuticals rose by 6.80 per cent.
Living Trust Mortgage Bank and Abbey Building Society also posted gains of 5.00 per cent and 4.44 per cent respectively.
On the losers’ chart, PZ Cussons and CWG both recorded the maximum daily loss of 10 per cent. ABC Transport fell by 9.95 per cent, while Wema Bank and Sovereign Trust Insurance declined by 9.09 per cent and 8.16 per cent respectively.
Access Corporation emerged as the most traded stock by volume, with 113.10 million shares exchanged in 3,185 deals.
Zenith Bank led the market by value, recording transactions worth N4.81 billion, indicating continued institutional activity despite declining share prices.
Aradel Holdings ranked as the second-highest contributor by transaction value, with trades worth N3.43 billion, reflecting sustained investor interest in the oil and gas company.
Market analysts said the N2.29 trillion decline recorded over two sessions represents the largest two-day market capitalisation loss so far in 2026.
They attributed the downturn to concentrated institutional selling in major banking and industrial stocks, a trend that began towards the end of May and has continued into June.
Despite the losses, analysts noted that Tuesday’s market capitalisation decline was partly influenced by the additional listing of Fidson Healthcare shares, which adjusted the market’s valuation base.
Looking ahead, investors are expected to remain cautious as profit-taking activities persist across key sectors.
Market watchers believe attention may shift towards fundamentally strong stocks with attractive valuations, while the fully operational T+1 settlement framework could encourage selective institutional buying in the coming weeks.
For now, however, market sentiment remains tilted towards the downside as investors continue to lock in gains following the strong rally recorded earlier in the year.
