The Nigerian equities market recorded its steepest single-day decline of 2026 on Wednesday as widespread profit-taking in heavyweight cement and power stocks wiped out N3.64 trillion from investors’ wealth.
Trading data from the Nigerian Exchange (NGX) showed that the All-Share Index (ASI) fell by 2.35 per cent to close at 235,074.54 points, compared to 240,743.19 points recorded on Tuesday.
Market capitalisation also declined sharply to N150.85 trillion, marking the largest single-day loss recorded on the exchange this year.
The selloff erased gains recorded during the previous two trading sessions, which had seen investors gain a combined N3.16 trillion amid hopes of a sustained market recovery following the correction from the market’s all-time high of 252,508 points in May.
Market data showed that trading activity weakened significantly across key indicators. Total volume traded declined by 13.60 per cent to 488.08 million shares, while the value of transactions dropped by 46.81 per cent to N20.93 billion. The number of deals also fell by 6.08 per cent to 46,239 transactions.
Despite the sharp decline, the market maintained a year-to-date return of 51.06 per cent.
The downturn was driven largely by profit-taking in major large-cap stocks, particularly in the industrial goods sector, with three companies simultaneously hitting the maximum daily price decline limit of 10 per cent.
BUA Cement lost 10 per cent to close at N340.20 per share, while Dangote Cement also shed 10 per cent to settle at N963.00 per share. Geregu Power declined by 10 per cent to N917.10, falling below its 52-week low of N1,019.30.
The sharp losses in BUA Cement and Dangote Cement dragged the NGX Industrial Goods Index down by 8.31 per cent to 10,202.25 points, making it the worst-performing sector during the session.
Analysts noted that the selloff reflected investors locking in profits after strong gains recorded by the stocks earlier in the year. Both cement manufacturers have been major contributors to the Industrial Goods Index’s impressive year-to-date performance.
Banking stocks also came under pressure, extending recent market volatility. Zenith Bank declined by 2.88 per cent, Wema Bank lost 2.76 per cent, while United Bank for Africa shed 0.50 per cent.
First HoldCo, which led trading volume with 57.39 million shares, also recorded losses as investors took advantage of liquidity to exit positions. The NGX Banking Index closed 0.71 per cent lower at 2,142.37 points.
In the oil and gas sector, Oando fell by 3.00 per cent, contributing to a 0.11 per cent decline in the NGX Oil and Gas Index. Dangote Sugar lost 0.91 per cent, while Nigerian Breweries slipped by 0.95 per cent, weighing on the Consumer Goods Index, which fell by 0.29 per cent.
Market breadth remained negative, with 38 stocks posting losses against 17 gainers.
Among the top gainers, Skyway Aviation Handling Company rose by 9.92 per cent to N171.20, trading above its previous 52-week high of N164.95. International Energy Insurance gained 9.66 per cent to N6.70, while Tantalizers advanced by 6.98 per cent to N4.60.
Other gainers included Omatek Ventures, which rose by 5.70 per cent to N2.04, and AIICO Insurance, which appreciated by 5.19 per cent to N4.26.
On the losers’ chart, Custodian Investment fell by 9.97 per cent to N73.15, while Academy Press dropped by 9.88 per cent to N7.30.
First HoldCo led the volume chart with 57.39 million shares, followed by Chams Holding Company with 42.30 million shares, Access Holdings with 36.08 million shares, Linkage Assurance with 32.04 million shares, and Sterling Financial Holdings with 29.39 million shares.
By value, Geregu Power led the market with transactions worth N3.67 billion despite its steep decline, accounting for 17.55 per cent of total market value traded. MTN Nigeria and First HoldCo also ranked among the highest contributors by value.
All six major sectoral indices closed in negative territory. The Industrial Goods Index recorded the largest decline at 8.31 per cent, followed by the Commodity Index at 1.11 per cent, Insurance Index at 0.97 per cent, Banking Index at 0.71 per cent, Consumer Goods Index at 0.29 per cent, and Oil and Gas Index at 0.11 per cent.
The latest market rout means the NGX All-Share Index is now more than 17,400 points below its all-time high recorded in May. Market capitalisation has also fallen from above N160 trillion at the peak to N150.85 trillion, translating to a cumulative loss of over N9 trillion from record levels.
Analysts said the sharp correction highlights investor caution and the vulnerability of recent recovery attempts amid ongoing profit-taking in major market-moving stocks.
