Nigerian Stock Market Suffers Losses, Industrial Sector Leads
- The Nigerian stock market closed in the red as bearish sentiment pushed the All-Share Index below the 250,000 mark
- The decline was driven by profit-taking across banking, consumer goods, industrial, and oil & gas sectors
- BUA Cement, CAP, and International Breweries led the decliners, while Zichis, ABC Transport, and Access Holdings
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian stock market closed lower in mid-week trading on Wednesday, May 20, 2026, reversing the previous session’s gains as profit-taking in heavyweight and selected mid-cap stocks weakened bullish momentum on the Nigerian Exchange.
Data from the Nigerian Exchange showed that the benchmark All-Share Index (ASI) declined by 1.02% to close at 249,062.37 points, down from 251,635.42 points recorded in the previous session.
Source: Getty Images
As a result, investors lost about N1.62 trillion in market value, while the market’s year-to-date return moderated to 60.05%, reflecting a slowdown in bullish sentiment.
Heavyweight stocks drag market lower
The negative close was largely driven by declines in major counters, especially in the industrial and banking sectors.
BUA Cement fell by 10.00%, while CAP dropped 9.99% amid strong sell pressure.
First HoldCo declined by 4.04%, while UACN shed 3.68%.
Other notable losers included Oando, Ikeja Hotel, NGX Group, Guaranty Trust Holding Company (GTCO), Nigerian Breweries, and Access Holdings.
Market breadth remains positive
Despite the benchmark index closing lower, market breadth remained positive as 41 stocks advanced against 25 decliners, suggesting that losses in heavyweight counters had a stronger influence on the market’s direction.
Zichis topped the gainers’ chart after rising by 9.99%, while BUA Cement led the losers’ table.
Meanwhile, Learn Africa traded above its 52-week high of N13.05, reflecting sustained investor interest in select education and mid-cap stocks.
Source: Getty Images
Trading activity weakens
Market activity softened during the session as total traded volume declined by 14.74% to 600.22 million shares valued at N32.72 billion across 58,958 deals.
- Access Holdings recorded the highest trading volume with 55.96 million units, accounting for 9.32% of the day’s total volume.
- Japaul Gold and Zenith Bank followed on the volume chart, contributing 8.31% and 6.11% of total traded shares respectively.
- On the value chart, Zenith Bank led with transactions worth N4.81 billion, representing 14.69% of the day’s traded value.
- Aradel Holdings and MTN Nigeria also ranked among the top value trades recorded during the session.
First bank's parent company completes sale of bank
Legit.ng earlier reported that First HoldCo Plc has completed the divestment of its merchant banking subsidiary, FBNQuest Merchant Bank Limited, selling its entire stake to EverQuest Group.
The parent company of First Bank of Nigeria said the transaction is part of a strategic plan to optimise capital allocation, improve capital efficiency and support growth in its core commercial banking operations.
EverQuest Acquisition LLP, which emerged as the preferred bidder after a competitive selection process, is a consortium of investment and financial services firms.
Source: Legit.ng
