The Nigerian equities market recorded its steepest single-day decline of 2026 on Wednesday, with investors losing N3.64 trillion as heavy profit-taking in major cement and power stocks triggered a broad market selloff.
Data from the Nigerian Exchange (NGX) showed that the All-Share Index (ASI) plunged by 2.35 per cent to close at 235,074.54 points, down from 240,743.19 points recorded in the previous trading session.
As a result, market capitalisation fell sharply to N150.85 trillion, marking the largest single-day erosion of investor wealth recorded on the exchange this year.
The latest decline wiped out gains accumulated during the market’s recovery rally on Monday and Tuesday, when investors gained a combined N3.16 trillion, highlighting the fragility of the recent rebound.
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Market analysts attributed the sharp downturn to widespread profit-taking in heavyweight stocks, particularly within the industrial goods sector, where some of the market’s largest capitalised companies suffered maximum daily losses.
BUA Cement and Dangote Cement both hit the 10 per cent daily price limit, closing at N340.20 and N963.00 respectively. Geregu Power also declined by the maximum allowable 10 per cent to close at N917.10 per share, falling below its 52-week low of N1,019.30.
The heavy losses in the three stocks dragged the NGX Industrial Goods Index down by 8.31 per cent to 10,202.25 points, making it the worst-performing sectoral index of the day.
Market breadth remained negative, with 38 stocks recording losses against 17 gainers.
Among the top gainers, Skyway Aviation Handling Company rose by 9.92 per cent to close at N171.20, trading above its previous 52-week high. International Energy Insurance gained 9.66 per cent, while Tantalizers, Omatek Ventures and AIICO Insurance also posted positive performances.
On the losers’ chart, BUA Cement, Dangote Cement and Geregu Power led the decline, followed by Custodian Investment, which dropped 9.97 per cent, and Academy Press, which shed 9.88 per cent.
Trading activity also weakened significantly during the session. Total volume traded declined by 13.60 per cent to 488.08 million shares, while the value of transactions fell by 46.81 per cent to N20.93 billion. The number of deals executed dropped by 6.08 per cent to 46,239 transactions.
First HoldCo emerged as the most actively traded stock by volume, accounting for 57.39 million shares. Chams Holding Company, Access Holdings, Linkage Assurance and Sterling Financial Holdings also ranked among the most traded equities.
By value, Geregu Power led with transactions worth N3.67 billion despite its sharp decline, followed by MTN Nigeria and First HoldCo.
The banking sector also closed in negative territory as Zenith Bank lost 2.88 per cent, Wema Bank declined 2.76 per cent, while United Bank for Africa fell 0.50 per cent. Consequently, the NGX Banking Index dropped 0.71 per cent.
In the consumer goods sector, Dangote Sugar Refinery lost 0.91 per cent while Nigerian Breweries shed 0.95 per cent, contributing to a 0.29 per cent decline in the NGX Consumer Goods Index.
The oil and gas sector was not spared, with Oando falling by 3.00 per cent and dragging the NGX Oil and Gas Index lower by 0.11 per cent.
Despite the sharp correction, the market maintained a year-to-date return of 51.06 per cent. However, the benchmark index has now fallen more than 17,400 points below its all-time high of 252,508 points reached in May 2026.
The latest selloff means market capitalisation has dropped by over N9 trillion from its peak above N160 trillion recorded earlier this year, raising concerns among investors about the sustainability of recent market gains amid persistent profit-taking pressure.
