Stock Market Extends Losing Streak as Aradel, Oando Lead Selloff, Erases N958.5bn
- The Nigerian equities market extended its losing streak on Thursday as profit-taking continued across major stocks
- The decline was driven by sell-offs in Aradel Holdings, Oando, Transcorp, banking stocks, and others
- Analysts attributed continued profit-taking by investors following the strong rally recorded earlier in the year
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) All-Share Index (ASI) fell by 0.64% on Thursday, dropping 1,493.71 points to close at 233,580.83 points from 235,074.54 points recorded in the previous session.
The decline reduced the total market capitalisation by N958.5 billion, bringing investor wealth down to N149.89 trillion.
Source: Getty Images
The latest drop extended the market’s correction phase, as cautious investor sentiment and portfolio rebalancing continued to weigh on trading activities.
The market’s year-to-date return also slipped below the 51% mark, settling at 50.10% following Thursday’s decline.
Market performance
Trading sentiment remained negative as losses in oil & gas, commodity, insurance, and banking stocks dragged the market lower.
Market breadth weakened, with 34 stocks closing lower against 14 gainers, reflecting widespread selling pressure across sectors.
Top gainers
- Red Star Express led the gainers’ chart, rising 9.60% to close at N24.55.
- Legend Internet gained 9.09% to N6.00.
- Neimeth International Pharmaceuticals advanced 7.10% to N8.30.
- Abbey Mortgage Bank increased by 5.45% to N8.70.
- Ellah Lakes climbed 4.65% to N9.00.
Top losers
- Deap Capital Management & Trust declined 10.00% to N4.05.
- Aradel Holdings dropped 10.00% to N1,575.00.
- Trans-Nationwide Express fell 9.90% to N3.64.
- Regency Alliance Insurance declined 9.57% to N0.85.
- C & I Leasing shed 9.48% to N5.25.
Source: Getty Images
Most active stocks
Market activity slowed during Thursday’s session, with total volume traded falling 19.35% to 393.65 million shares valued at N19.21 billion across 45,813 deals.
- Access Holdings emerged as the most traded stock by volume, exchanging 39.05 million shares valued at N896.21 million.
- Chams Holding Company followed with 24.50 million shares worth N96.49 million.
- Fidelity Bank recorded 24.07 million shares valued at N436.93 million.
- Sterling Financial Holdings traded 23.75 million shares worth N182.20 million.
- Zenith Bank exchanged 18.94 million shares valued at N2.13 billion.
Abdul Samad Rabiu earns over N1894bn from BUA Cement
Legit.ng previously reported that BUA Group Chairman Abdul Samad Rabiu is expected to receive about N189.74 billion in dividends from his investment in BUA Cement Plc after shareholders approved the company’s 2025 financial results.
The payout follows BUA Cement’s decision to declare a N10 dividend per share, with the distribution approved during the company’s 10th Annual General Meeting in Abuja.
Rabiu, who owns a 56.03% stake in BUA Cement representing 18.974 billion shares out of the firm’s 33.864 billion outstanding shares, stands as the company’s biggest dividend beneficiary.
Source: Legit.ng
