…Banking Index falls 1.63% as First HoldCo, Zenith lead sector losses 

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The Nigerian equities market has shed a combined N2.29 trillion in market capitalisation across the first two trading sessions of June 2026, as the NGX All-Share Index extended its opening-week losing streak on Tuesday, June 2, 2026.

Trading data from the Nigerian Exchange Group (NGX) on Tuesday, June 2, 2026 session, compiled by Nairametrics, shows that the value of traded equities depreciated by N478.7 billion on Tuesday, extending previous day’s N1.81 trillion on Monday, June 1.

Consequently, the year-to-date return fell from 60.49% at Friday last week to close at 58.53%, eroding nearly two percentage points of annual return in 48 hours of trading.

Market capitalisation closed at N158.22 trillion on Tuesday, down from N158.72 trillion on Monday.

The Banking Index recorded the sharpest sectoral loss on Tuesday, plunging 1.63% as First HoldCo led all banking decliners with a 6.7% fall, followed by Wema Bank (-9.1%), Zenith Bank (-2.3%), and FCMB.

The back-to-back banking sector losses of 1.49% on Monday and 1.63% on Tuesday mean the Banking Index has shed approximately 3.1% in just two days, marking one of the sharpest two-session corrections the sector has recorded in 2026.

What the data is saying: 

Trading sentiment on June 2 extended and deepened the bearish tone established in the first June session, with significant losses across banking and consumer goods names driving the index lower.

  • All-Share Index: 246,686.66 points, down 0.35% from 247,560.66 at Monday’s close
  • Market Capitalisation: N158.22 trillion, down N478.7 billion from N158.72 trillion
  • Volume Traded: 718.77 million shares, down 36.26% from 1.13 billion
  • Value Traded: N29.31 billion, down 33.82% from N44.28 billion
  • Deals: 71,683 transactions, down 21.98% from 91,880
  • Year-to-date return: 58.53%, retreating from 59.09%
  • Month-to-date return: -1.5%, reflecting two consecutive down sessions to open June

Top 5 Gainers: 

  • International Energy Insurance (INTENEGINS) — up 9.86% to N5.46
  • Trans-Nationwide Express (TRANSEXPR) — up 7.14% to N5.10
  • Nem Insurance (NEIMETH) — up 6.80% to N11.00
  • Living Trust Mortgage Bank (LIVINGTRUST) — up 5.00% to N4.20
  • Abbey Building Society (ABBEYBDS) — up 4.44% to N7.05

Top 5 Losers:

  • PZ Cussons (PZ) — down 10.00% to N88.20
  • Chellarams (CWG) — down 10.00% to N21.60
  • ABC Transport (ABCTRANS) — down 9.95% to N6.88
  • Wema Bank (WEMABANK) — down 9.09% to N30.00
  • Sovereign Trust Insurance (SOVRENINS) — down 8.16% to N2.70

More insights: 

The two-session N2.29 trillion erosion in market capitalisation reflects a pattern of concentrated institutional selling in the market’s highest-cap banking and industrial names — a dynamic that began in the final days of May 2026 and has carried without interruption into June.

  • Tuesday’s session was defined by concentrated sell-offs in the banking sector, where First HoldCo led losses with a 6.7% decline, followed by Wema Bank (-9.1%) and Zenith Bank (-2.3%) resulting to the sector’s 1.63% single-session fall.
  • FCMB, NGX Group, and Nigerian Breweries were also among the session’s laggards, contributing to the broad-based softness across financial and consumer counters.
  • The Consumer Goods Index fell 0.50%, weighed by PZ Cussons’ maximum 10.00% daily decline to N88.20, alongside retreats in Honeywell Flour, International Breweries, and Nigerian Breweries.
  • The Insurance Index shed 0.44%, pressured by Sovereign Trust Insurance (-8.16%), Mutual Benefits Assurance, Linkassure, and Royal Exchange.
  • The Oil and Gas Index edged 0.04% lower on minor contractions in Eterna and Oando.
  • The Industrial Goods Index was the sole non-decliner, closing completely flat at 0.00% — a notable contrast to Monday’s -3.85% reading, when BUA Cement’s maximum daily decline had dominated the session.

Access Corporation topped the volume chart with 113.10 million shares traded across 3,185 deals, while Zenith Bank led by value at N4.81 billion — reflecting continued institutional activity in banking counters even as their prices fell.

Aradel Holdings was the second-largest value contributor at N3.43 billion across 2,208 deals, confirming sustained institutional interest in the oil and gas producer despite the sector’s marginal decline.

What you should know

The combined N2.29 trillion decline across Monday and Tuesday represents the most significant two-session market capitalisation loss of 2026, surpassing previous back-to-back negative sessions recorded earlier in the year.

  • However, the N478.7 billion market cap erosion on Tuesday partly reflects the additional listing of Fidson Healthcare shares, which adjusted the market’s capitalisation base.
  • Heading into Wednesday’s session, market sentiment is expected to remain mixed, with investors likely to trade cautiously.
  • Focus may be on fundamentally strong stocks with attractive valuations.

The T+1 settlement framework, now fully operational across all NGX transactions, may over time encourage selective institutional buying in names where the recent correction has opened up more attractive entry points — though the near-term directional bias remains tilted to the downside as profit-taking continues.