Nigerian Equities Market Suffers Record N3.64 Trillion Loss as Cement Giants Trigger Massive Selloff
Nigeria’s stock market suffered its most severe one-day setback of 2026 on Wednesday as a wave of profit-taking in some of the country’s biggest listed companies erased N3.64 trillion from investor wealth. The sharp decline abruptly ended the recovery momentum seen earlier in the week, with investors rushing to lock in gains after months of strong market performance. The Nigerian Exchange (NGX) All-Share Index fell by 2.35% to close at 235,074.54 points, while market capitalisation dropped to N150.85 trillion.
The selloff was largely driven by heavyweight stocks in the industrial and power sectors. BUA Cement, Dangote Cement, and Geregu Power all hit the maximum daily loss limit of 10%, sending shockwaves through the market. Their declines had an outsized impact on the benchmark index due to their large market values, with the Industrial Goods Index plunging by a staggering 8.31%, making it the worst-performing sector of the day. The sudden reversal highlighted growing investor caution after months of impressive gains across major stocks.
Market sentiment remained overwhelmingly negative as losers outnumbered gainers by more than two to one. While a handful of stocks such as Skyway Aviation Handling Company, International Energy Insurance, and Tantalizers posted notable gains, their performance was not enough to counter the broad-based selloff. Geregu Power’s fall below its 52-week low added to concerns among investors, signaling increased pressure on one of the market’s previously resilient stocks.
The banking sector also struggled as investors reduced exposure to major financial stocks. Zenith Bank, Wema Bank, and UBA all closed lower, while First HoldCo emerged as the most actively traded stock of the day. Despite attracting over 57 million shares in trading volume, the stock still recorded losses as investors used the liquidity to exit positions rather than build new ones. Trading activity weakened across the board, with total transaction value plunging nearly 47% and trading volume falling by more than 13%, indicating reduced market confidence.
The latest decline marks the largest single-day market capitalisation loss recorded on the NGX this year and underscores the fragile nature of the recent market rebound. Since reaching an all-time high in May, the market has now shed more than N9 trillion in value, with the All-Share Index falling over 17,000 points from its peak. Although the market still maintains a strong year-to-date return of 51.06%, Wednesday’s rout serves as a reminder that investors remain highly sensitive to profit-taking opportunities and changing market sentiment.
source: nairametrics