Despite the bullish run seen this year, shareholders of five listed companies, Academy Press Plc, Tripple Gee & Company Plc, Chellarams Plc, Cutix Plc and UPDC Plc, have continued to suffer losses, recording above -20 per cent year-to-date (YTD) returns.

The losses came at a time when the overall market capitalisation of the Nigerian Exchange has reached about N160 trillion, before moderating to N158.5 trillion at the close of transactions on Friday.

The all-share index (ASI) also stood at 245,573.6 points at the close of trading last week.

Despite the broad-based rally, five companies lost about 20 per cent of their value. Tripple Gee suffered the steepest decline (34.8 per cent). UPDC followed with 27.6 per cent depreciation. Cutix trailed by 16.1 per cent while Academy Press fell by 15.8 per cent. Chellarams shed 9.85 per cent.

Academy Press started the year at N7.30 kobo but had fallen to N6.15 kobo by Friday, representing a 15.8 per cent decline in its share price.

The company ranked 115th on the NGX in year-to-date performance, while its market capitalisation stood at about N5.58 billion as of Friday.

Tripple Gee recorded the steepest decline among the five companies. Its share price dropped from N4.42 at the beginning of the year to N2.88, representing a 34.8 per cent loss. The company ranked 136th on the NGX in year-to-date performance, with a market capitalisation of about N2.85 billion.

Chellarams also remained in negative territory, closing at N11.90 on Friday, compared with the N13.20 it started the year. This represents a 9.85 per cent decline in its share price.

Cutix started 2026 at N3.10 per share and declined to N2.60 as of Friday, representing a 16.1 per cent fall. The company ranked 128th on the NGX in year-to-date performance, while its market capitalisation stood at about N18.3 billion.

The decline in Cutix continued in recent weeks, with the stock losing about 10 per cent of its value from July 10 to the latest trading session last week.

UPDC recorded the second-largest decline among the five stocks, falling by 27.6 per cent from its opening-year price of N3.55.

Based on that decline, the stock was trading at about N2.57 per share as at Friday. UPDC ranked 138th on the NGX’s YTD performance, while its market capitalisation stood at N65.9 billion.

The company has also faced renewed selling pressure, with its share price losing about 15 per cent since July 10.

The performance of the five stocks highlights the uneven nature of the equities market rally in 2026. While the overall market has expanded to a record high of N160 trillion in market capitalisation, not all listed companies have benefited from the bull run.

The weak share-price performance of the firms is due to a sharp deterioration in their latest full-year earnings, with many of them reporting significant declines in profitability.

For instance, Academy Press reported group profit after tax (PAT) of N253.3 million for the financial year, down from N716.5 million recorded a year earlier, while profit before tax fell to N253.4 million from N1.17 billion in 2025.

Its revenue also dropped by 3.8 per cent to N4.41 billion from N4.59 billion, while gross profit fell by 8.7 per cent to N1.26 billion from N1.38 billion.

Similarly, Cutix also plunged into a pre-tax loss of N47.9 million for the financial year ended April 30, 2026, compared with a pre-tax profit of N1.62 billion in the corresponding period of 2025.