NGX Market Slumps as Oil Stocks, First HoldCo Trigger N945bn Loss in One-Day Sell-Off

Nigeria’s equities market slipped back into the red on Monday, June 15, 2026, as heavy selling pressure hit major oil and banking stocks, wiping out about N945 billion in investor wealth in a single trading session. The downturn reflects renewed profit-taking after recent gains across key sectors of the market.

The NGX All-Share Index fell by 0.60% to close at 243,271.57 points, while market capitalisation dropped to N156.03 trillion. The decline was largely driven by losses in major counters such as Aradel Holdings, First HoldCo, Transcorp, and Oando, which outweighed gains recorded in select insurance and hospitality stocks.

Market sentiment remained weak throughout the session, with decliners significantly outnumbering gainers. International Energy Insurance, eTranzact International, Neimeth Pharmaceuticals, Oando, and Abbey Mortgage Bank were among the biggest losers, reflecting widespread selling pressure across multiple sectors.

On the brighter side, a few stocks attracted bargain hunters despite the bearish tone. Royal Exchange surged by 10%, while Ikeja Hotel and AXA Mansard Insurance also posted strong gains, offering slight relief in an otherwise negative trading day. However, sector performance remained largely in the red, with oil and gas leading losses at 3.2%, followed by banking and insurance stocks.

Overall trading activity showed mixed signals. While volume and value traded declined sharply, the number of transactions surged, suggesting increased participation from investors repositioning their portfolios. Despite the day’s setback, the NGX still maintains a strong year-to-date return of over 56%, though analysts warn that short-term volatility may persist as profit-taking continues across high-performing stocks.

source: nairametrics