The Nigerian Exchange (NGX) extended its losing streak on Thursday, June 25, 2026, as persistent selling pressure in heavyweight energy stocks erased N958.5 billion from investors’ wealth, underscoring growing caution across Nigeria’s equities market.
The sharp decline pushed the NGX’s total market capitalisation lower, while the benchmark All-Share Index (ASI) fell 0.64% to close at 233,580.83 points, slipping below the key 234,000-point threshold that traders often view as an important psychological support level.
The market downturn was driven largely by steep losses in Aradel Holdings and Oando, two of the exchange’s largest oil and gas companies.
Aradel Holdings emerged as the session’s biggest drag after its shares plunged by the maximum daily limit of 10% to settle at N1,575.00 per share. The decline significantly weighed on the energy sector, reflecting widespread profit-taking after months of strong gains in oil and gas equities.
Oando also came under heavy selling pressure, reinforcing the negative sentiment that swept through the market. Together, both companies pushed the NGX Oil and Gas Index down 5.22%, making it the day’s worst-performing sector by a considerable margin.
Investor sentiment remained broadly negative throughout the session. Market breadth, a measure comparing advancing stocks with declining ones, closed firmly in bearish territory, with 34 equities posting losses against only 14 gainers. The imbalance highlighted the dominance of sellers as investors locked in profits and repositioned portfolios amid lingering macroeconomic uncertainties.
The latest decline represents one of the largest single-day contractions in market value recorded in recent weeks, signalling that investors are becoming increasingly selective despite the market’s strong performance earlier this year.
Market analysts said the sell-off was largely driven by profit-taking following the sustained rally in energy stocks, although concerns over inflation, interest rates and broader economic conditions continue to influence investment decisions.
Looking ahead, traders will closely monitor price movements in Aradel Holdings and Oando, given their substantial weighting on the exchange. Any rebound in the two energy heavyweights could help stabilise the broader market and restore investor confidence.
For now, however, sentiment remains cautious as investors assess whether Thursday’s sharp correction represents a temporary pause in the market’s rally or the beginning of a more prolonged period of consolidation.
