The Nigerian equities market closed in negative territory on Thursday as renewed selling pressure in key stocks, including Okomu Oil, First HoldCo, NASCON and United Bank for Africa (UBA), dragged the benchmark index lower.
The Nigerian Exchange All-Share Index (ASI) declined by 0.2 per cent to close at 251,870.45 points, reflecting a broadly cautious trading session in which losses across several heavyweight counters outweighed gains recorded in selected stocks.
The market’s month-to-date return consequently settled at -1.0 per cent, while the year-to-date return moderated to 61.9 per cent, indicating that despite the latest pullback, the equities market has retained a strong cumulative gain since the beginning of the year.
Among the major decliners, Okomu Oil and Enamelware recorded losses of 10.0 per cent each, while NASCON fell by 9.0 per cent. First HoldCo shed 3.7 per cent, while UBA declined by 2.4 per cent, contributing significantly to the market’s negative close.
Trading activity also weakened, with total volume declining by 24.3 per cent to 413.05 million shares. These shares were valued at N22.62 billion and exchanged in 30,732 deals, suggesting a moderation in investor participation compared with the preceding session.
Honeywell Flour Mills emerged as the most actively traded stock by volume, with 75.96 million shares changing hands. Guaranty Trust Holding Company (GTCO), meanwhile, led trading by value, recording transactions worth N4.57 billion.
Sectoral performance was largely negative, although losses were relatively contained. The banking index declined by 0.6 per cent, while the insurance and consumer goods indices shed 0.3 per cent and 0.2 per cent, respectively. The industrial goods and oil and gas indices closed unchanged.
Market breadth also reflected the cautious mood, with 29 stocks recording losses against 22 gainers, producing a negative breadth ratio of 0.8 times.
Okomu Oil and Enamelware were the biggest laggards, each declining by 10.0 per cent, while UPL led the gainers with a 10.0 per cent appreciation. Caverton also recorded a strong performance, rising by 9.0 per cent.
The session’s performance points to continued profit-taking and selective positioning by investors, particularly in stocks that have recorded significant gains in recent months. However, the market’s year-to-date return remains firmly positive, reflecting the substantial appreciation recorded across the Nigerian equities market in 2026.
