Stock market extends losing streak as investors lose N440bn
- The stock market extended its losing streak to two days, erasing this week’s gains and pushing the weekly return into negative territory
- The decline was driven by profit-taking in banking, consumer goods, industrial, and oil and gas stocks
- Omatek, Ellah Lakes, and Royal Exchange were among the top decliners, while Champion Breweries and Access Holdings were among the most actively traded stocks
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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 negatively for the second consecutive session on Thursday, August 20, 2026, as sustained profit-taking in selected heavyweight stocks weighed on market performance.
Data showed that the NGX All-Share Index (ASI) fell by 0.30% to close at 240,037.80 points, down from 240,750.47 points recorded on Wednesday.
The market’s year-to-date return moderated to 54.25%, while market capitalisation declined by approximately N440.33 billion.
Source: Getty Images
Sector performance
The bearish performance was largely driven by declines in major stocks across the market.
- Aradel fell by 5.40%.
- Oando declined by 3.68%.
- UBA dropped by 2.17%.
- Access Holdings shed 0.74%.
- Wema Bank declined by 0.68%.
- Zenith Bank fell by 0.48%.
- GTCO dropped by 0.23%.
The broader market remained under pressure, with 28 equities declining compared with 14 gainers.
Meanwhile, AVACAP, Royal Exchange and Oando traded below their 52-week lows at N7.00, N1.00 and N34.00, respectively.
Top gainers
- HMCALL emerged as the top gainer.
- Other stocks recorded modest gains as buying interest emerged in some parts of the market.
Top losers
- IntEnEgIns recorded the steepest decline.
- Aradel fell by 5.40%.
- Oando declined by 3.68%.
- UBA dropped by 2.17%.
- Access Holdings shed 0.74%.
- Wema Bank declined by 0.68%.
Most active stocks
A total of 2.87 billion shares worth N33.99 billion were exchanged in 34,725 deals, representing a 140.65% increase in trading volume.
- FTGINSURE led with 2.56 billion shares, accounting for 88.98% of total volume.
- Aradel recorded the highest traded value at N6.23 billion, representing 18.32% of the total value.
- SterlingNG accounted for 0.98% of total volume traded.
- Transcorp Express accounted for 0.75% of total volume.
- Seplat and FTGINSURE followed Aradel among the stocks with the highest traded value.
Tony Elumelu’s Seplat stake crosses $1bn
Meanwhile, Tony Elumelu’s investment in Seplat Energy has crossed the $1 billion mark following a significant rise in the energy company’s market value.
Heirs Holdings, Elumelu’s investment vehicle, became Seplat’s largest shareholder in December 2025 after acquiring a 20.07% stake, equivalent to 120.4 million shares, from French energy company Maurel & Prom for about $500 million.
Seplat’s market capitalisation has now risen to about $5.24 billion, while its shares trade at N11,200.60 on the NGX and £6.47 on the London Stock Exchange.
Source: Getty Images
The value of Heirs Holdings’ 20.07% stake has consequently risen to about $1 billion, more than doubling the original investment in less than eight months.
The development highlights the gains recorded by major investors in Nigeria’s energy sector as Seplat’s share price continues to appreciate.
5 steps to buy Dangote refinery shares
Earlier, Legit.ng reported that investors are positioning ahead of the Initial Public Offering (IPO) of the Dangote Group’s refinery, with President and Chief Executive, Aliko Dangote, confirming that the listing is expected to launch soon.
Dangote disclosed this during an interaction with journalists after leading chairman Femi Otedola and senior executives of First HoldCo and its subsidiaries on a tour of the refinery complex in Lagos.
Source: Legit.ng
