Nigerian Stock Market Suffers Worst Plunge Since 2010 as All-Share Index Drops 5%

Bearish sentiment on the Nigerian Exchange Limited (NGX) intensified on Tuesday, with the All-Share Index (ASI) tumbling 5.01 per cent—its sharpest decline since 2010—to close at 141,327.30 points. The downturn wiped out N4.64 trillion from investors’ portfolios, driven by heavy sell-offs in major stocks including Dangote Cement (-10%), MTN Nigeria (-10%), BUA Cement (-10%), Aradel (-9.67%), and Guaranty Trust Holding Company (-7.69%). Market capitalization fell below the N90 trillion mark, settling at N89.88 trillion.

Only four stocks ended the day in positive territory: NCR (Nigeria) Plc (+9.82% to N21.25), Berger Paints (+2.56% to N36.00), FCMB Group (+0.96% to N10.50), and AXA Mansard Insurance (+0.25% to N12.10). Leading the losers’ chart were Academy, Custodian, Dangote Cement, DeapCap, Oando, Transcorp, Veritas Kapital, MTN Nigeria, and BUA Cement, each hitting the daily maximum loss of 10 per cent. In total, 61 stocks closed lower.

Trading activity surged, with total volume up 80.03 per cent to 656.95 million units and total value rising 158.86 per cent to N29.39 billion. FBN HoldCo led by volume at 68.3 million units (10.4% of total volume), while Geregu dominated by value at N4.4 billion (15% of total trades).

Sector performance mirrored the market’s decline, with Industrials falling 8.55%, Banking -7.27%, Oil & Gas -4.65%, Insurance -4.33%, Consumer Goods -2.20%, and Commodities -2.07%.

According to CardinalStone, “Tuesday’s trading session saw the steepest decline in the NGX All-Share Index since 2010.” Cowry Asset Management analysts attributed the sell-off to “concentrated institutional selling and large block trades rather than broad-based market participation,” highlighting widespread de-risking amid declining investor confidence.