Nigeria stock market rally slows as NGX trading volume drops 34%
Nigeria’s stock market paused for breath on Thursday after weeks of relentless gains, with investors taking profits in several high-flying stocks even as the broader rally remained intact.
Black News 
Nigeria’s stock market paused for breath on Thursday after weeks of relentless gains, with investors taking profits in several high-flying stocks even as the broader rally remained intact.
- Nigeria’s stock market closed slightly lower on Thursday as investors slowed trading after weeks of strong gains.
- The benchmark NGX All-Share Index slipped 0.1%, while trading volume and turnover fell sharply from the previous session.
- Despite the pause, the market remains one of the world’s best-performing exchanges in 2026, with stocks up 62.1% year-to-date.
- Insurance, pension and industrial stocks continued to show strength, while traders rotated out of some recently surging names.
The benchmark NGX All-Share Index fell 0.1% to close at 252,243.11 points, trimming 265.08 points from the previous session.
The decline was modest compared with the market’s recent run, which has pushed Nigerian equities among the world’s strongest-performing assets this year.
Despite Thursday’s pullback, the market is still up 5.22% over the past week, 20.51% over the last month and 62.1% since the start of 2026, extending a rally fueled by banking stocks, industrial giants and renewed foreign investor interest in Africa’s largest economy.
Trading activity, however, slowed.
A total of 1.04 billion shares worth NGN 41.5 billion were traded in 74,677 deals, representing a 34% drop in volume and a 55% decline in turnover compared with Wednesday’s session. The weaker activity suggests some investors are becoming more selective after the market’s rapid climb.
Nigeria’s stock market capitalization now stands at NGN 161.7 trillion, equivalent to roughly $118 billion.
Among individual stocks, logistics company Red Star Express led gainers after jumping 18.59% to NGN 31.90 per share. It was followed by Cornerstone Insurance, Austin Laz & Company and Learn Africa.
On the losing side, Zichis Agro Allied Industries dropped 10.09%, while FTN Cocoa Processors, Meyer and RT Briscoe also posted steep declines.
Trading was dominated by retail-driven activity in mid- and large-cap stocks. Chams recorded the highest traded volume with 128 million shares exchanged, followed by VFD Group, First HoldCo and Access Holdings.
Sector performance was mixed. Insurance stocks outperformed, with the NGX Insurance Index gaining 0.46%, while the NGX Pension Index also advanced.
Oil and gas stocks remained near multi-year highs, with the sector index now up more than 128% this year as investors continue betting on energy earnings and naira-driven revenue growth.
The latest market pause comes as investors assess whether the rally can be sustained after months of aggressive buying.
Analysts say expectations of stronger corporate earnings, currency stability and improving foreign exchange liquidity have helped support sentiment toward Nigerian assets in recent months.
Still, the sharp drop in turnover on Thursday may signal growing caution among traders after one of the fastest stock market rallies Nigeria has seen in years.
