The Nigerian equities market reversed Monday's gains on Tuesday, August 4, 2026, as investors booked profits in First HoldCo and GTCO. A less-than-expected half-year result from Nestlé Nigeria Plc also triggered a sell-off, wiping N599 billion off the market capitalisation despite a sharp increase in trading activity.
The benchmark NGX All-Share Index declined 0.38% to close at 244,802.83 points, down from 245,730.53 points. This drop brought the year-to-date return down to 57.32%, while the month-to-date return slipped into negative territory at -0.2%.
Profit-Taking Hits Banking and Consumer Goods
The market decline was driven by renewed profit-taking in heavyweight banking and consumer goods stocks. Nestlé Nigeria fell 2.8%, First HoldCo dropped 3.0%, UBA declined 2.2%, and GTCO shed 0.8%, accounting for most of the downward pressure.
Market sentiment was firmly negative, with only 13 stocks advancing against 40 decliners. The Banking Index led sectoral losses with a 1.27% decline, while the Consumer Goods Index and Insurance Index fell by 1.25% and 1.11% respectively. By contrast, the Oil & Gas Index edged up 0.05%, the Commodity Index gained 0.01%, and the Industrial Goods Index closed flat.
Volume Surges on Lower-Priced Equities
Total volume traded surged 69.25% to 1.56 billion shares, though the value of transactions fell 24.09% to N28.73 billion. The total number of deals executed also fell by 25.34% to 54,160. This divergence indicates that market activity was driven largely by lower-priced stocks rather than aggressive accumulation in blue-chip equities.
Japaul Gold & Ventures dominated trading volume with 904.42 million shares valued at N2.72 billion, representing over half of the day's total volume. Other actively traded stocks by volume included Sterling Financial Holdings, FCMB Group, Chams Holding Company, and Neimeth International Pharmaceuticals.
By value, MTN Nigeria led the market with approximately N3.25 billion worth of shares exchanged. Among the top gainers, AVA Capital rose 9.94% to N9.95, Livestock Feeds jumped 9.71% to N113.00, and Neimeth International Pharmaceuticals advanced 8.43% to N9.00. AIICO Insurance and Oando also recorded gains of 3.47% to N4.18 and 3.30% to N36.00 respectively.
On the losing side, Multiverse Mining & Exploration and LivingTrust Mortgage Bank both plunged 10.00% to close at N22.95 and N3.42 respectively. McNichols fell 9.92% to N5.45, Thomas Wyatt Nigeria dropped 9.87% to N3.56, and Eterna declined by 9.09% to N33.00.
Analysts at Cowry Asset Management expect the market to regain positive momentum as more companies release their H1 2026 financial results. Stronger earnings are anticipated to stimulate renewed buying interest and improve overall investor sentiment.
