NGX market drops again as banking stocks lead losses, wiping N782 billion from investors in one session.
Nigeria’s stock market slipped again on Tuesday, June 16, 2026, as selling pressure returned strongly. The NGX All-Share Index fell 0.50 percent to 241,984.80 points. Investors also lost about N782.44 billion in market value. Market capitalisation dropped to N155.20 trillion. It was the second straight day of losses on the exchange.
Banking stocks played the biggest role in the decline. GTCO led the slide with a 7.10 percent drop. Zenith Bank also fell by 2.80 percent. UBA lost 3.70 percent, while FirstHoldCo eased 1.60 percent. These losses pulled the banking index down by 2.82 percent. Many traders took profits after recent price gains in the sector.
Outside banking, the market was mixed but still weak overall. Insurance stocks came under pressure, with several names closing lower. Vitafoam hit the maximum daily loss of 10 percent. Some stocks still managed gains despite the weak tone. Conoil and Prestige Assurance both rose close to 10 percent. Neimeth and eTranzact also recovered from earlier losses.
Trading activity slowed compared to the previous session. Volume and deal counts dropped sharply across the board. Even with recent losses, the market is still up strongly this year. The NGX has gained 55.50 percent year-to-date. However, investors remain cautious as profit-taking continues in key sectors.
Banking stocks are likely to stay in focus in the next sessions.
