Investors in the Nigerian equities market have lost a cumulative N5.45tn as the bearish trend on the Nigerian Exchange Limited entered its eighth consecutive trading session on Thursday.
The sustained decline has wiped out gains previously recorded in the market, with investors losing N3.8tn during four consecutive bearish sessions last week and a further N1.65tn between Monday and Thursday this week.
The market has remained under pressure since Tuesday, August 11, with continued sell-offs and profit-taking in large- and mid-cap stocks weighing on overall market performance.
On Thursday, the market capitalisation fell by N440bn, representing a 0.30 per cent decline, from N155.417tn at the start of trading to N154.977tn at the close.
International Energy Insurance recorded the biggest decline for the day, falling by 9.85 per cent to close at N4.30 per share, while Haldane McCall declined by 9.38 per cent to close at N3.85.
The continued pressure on insurance stocks was also linked to the implementation of the Nigerian Insurance Industry Reform Act 2025 and recent regulatory actions by the National Insurance Commission.
The commission recently revoked the licences of Universal Insurance and Nigeria Reinsurance, developments that have further weighed on sentiment in the insurance segment of the equities market.
With the latest decline, the NGX has now recorded losses across eight consecutive trading sessions, underscoring the sustained bearish sentiment among investors.
