Investors Lose N889bn in One Day As Stock Market Closes Red Before Sallah
- Ahead of the Sallah break, the NGX closed lower as weak investor sentiment triggered sell-offs across major sectors
- Dangote Sugar Refinery Plc, Transcorp Power Plc, The Initiates Plc, and Abbey Mortgage Bank Plc led the losers’ chart
- Austin Laz & Company Plc, McNichols Plc, International Energy Insurance Plc, and Learn Africa Plc
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian Exchange (NGX) Limited closed the trading session on Tuesday, May 26, 2026, lower as the All Share index slumped by 0.55% due to widespread sell-off in the major segments of the market.
This bearish stance can be attributed to weak investor confidence and reduced trading activity as participants positioned themselves ahead of the 2-day Sallah holidays on Wednesday and Thursday.
Source: Getty Images
Market participants offloaded some of their shares during the session to realise profits on their current positions and meet obligations during the holidays.
The major indices were down, with the banking index shedding the highest points of 1.83%, while insurance lost 1.41%, and consumer goods went down by 0.77%, while energy and industrials were up 0.14 and 0.00 respectively.
The index therefore dropped by 1,386.18 points from 251,125.02 in the preceding session to 249,738.84. The market capitalisation declined by N889billion from N160.983 trillion to N160.094 trillion.
Market breadth remains negative with 18 gainers and 39 losers.
Trading activity
In total, investors traded 564.1 million units worth N27.2 billion across 65,666 deals, compared to 629.4 million units valued at N40.9 billion exchanged in 82,434 deals in the previous session.
This indicates that trading volume, value, and number of deals declined by 10.38%, 33.50%, and 20.34%, respectively.
Top 5 decliners
- Dangote Sugar Refinery Plc fell from N87.00 to N78.30 (-10.00%).
- Transcorp Power Plc dropped from N272.70 to N245.50 (-9.97%).
- The Initiates Plc declined from N30.45 to N27.45 (-9.85%).
- Abbey Mortgage Bank Plc slipped from N6.85 to N6.20 (-9.49%).
- Fidelity Bank Plc lost from N23.75 to N21.60 (-9.05%).
Top 5 gainers
- Austin Laz & Company Plc rose from N4.00 to N4.40 (+10.00%).
- McNichols Plc increased from N7.20 to N7.92 (+10.00%).
- International Energy Insurance Plc advanced from N3.74 to N4.11 (+9.89%).
- Learn Africa Plc gained from N11.65 to N12.75 (+9.44%).
- Haldane McCall Plc appreciated from N3.60 to N3.89 (+8.06%).
Source: Facebook
Top trades by volume
- Access Holdings Plc traded 80.6 million units valued at N2.0 billion.
- Zenith Bank Plc traded 33.8 million units worth N4.5 billion.
- Mutual Benefits Assurance Plc recorded 31.8 million units valued at N138.9 million.
- Neimeth International Pharmaceuticals Plc exchanged 22.3 million units worth N233.0 million.
- Sterling Financial Holdings Company Plc traded 22.2 million units valued at N172.4 million.
Dangote targets $2 billion private placement
Earlier, Legit.ng reported that the president of the Dangote Group said that the company is aiming to raise nearly $2 billion through a private placement for the Dangote Refinery as preparations for its much-anticipated public listing gather momentum.
Dangote disclosed on Wednesday, May 20, 2026, while hosting Femi Otedola, chairman of First HoldCo, and other senior executives during a tour of the refinery and fertiliser complex located in the Lekki Free Trade Zone.
According to Dangote, investor interest in the private placement has already exceeded expectations, with requests approaching the $2 billion target.
Source: Legit.ng
