…Lafarge Africa Plc, trading under the WAPCO ticker, plunged nearly 10%, while First HoldCo lost 6.8%.
…MTN Nigeria Communications Plc dropped 6.95%, extending losses in the telecommunications giant, while Nigerian Exchange Group shed 7.71%.
THUR JUNE 04 2026-theGBJournal| Nigeria’s equities market extended its losing streak on Wednesday, with investors shedding more than N2.28 trillion in market value as widespread profit-taking in heavyweight stocks deepened a recent market correction following months of strong gains.
The NGX benchmark All-Share Index (ASI) fell 1.44% to close at 243,132.61 points, pulling the market’s year-to-date return down to 56.24% from 58.53% in the previous session.
Market capitalisation declined correspondingly to N155.94 trillion, reflecting mounting selling pressure across key sectors.
The downturn was largely driven by sharp declines in some of the market’s most capitalised counters.
Lafarge Africa Plc, trading under the WAPCO ticker, plunged nearly 10%, while First HoldCo lost 6.8%.
MTN Nigeria Communications Plc dropped 6.95%, extending losses in the telecommunications giant, while Nigerian Exchange Group shed 7.71%.
The declines outweighed gains recorded in select banking and consumer stocks, including WEMABANK (+3.17%), UCAP (+3.31%), INTBREW (+2.87%), and FCMB (+1.33%).
The latest retreat underscores growing investor caution after the market’s remarkable rally earlier in the year, with traders increasingly locking in profits amid concerns over stretched valuations and uncertainty surrounding the trajectory of domestic interest rates and foreign portfolio flows.
Despite the negative price performance, trading activity strengthened significantly.
Total volume traded climbed 28.41% from the previous session, while turnover surged 44.25%, indicating that investors remained actively engaged in repositioning portfolios rather than exiting the market altogether.
Sterling Financial Holdings Company dominated volume activity, with 264.59 million shares changing hands, highlighting continued interest in banking stocks.
MTN Nigeria led the value chart, accounting for transactions worth N17.61 billion as institutional investors adjusted positions in one of the market’s largest companies.
Market breadth remained firmly negative, reflecting broad-based weakness across the exchange. Only 17 stocks advanced compared with 43 decliners, producing a breadth ratio of 0.40 times.
Abbey Mortgage Bank emerged as the session’s best-performing stock, gaining 9.86%, while Lafarge Africa recorded the steepest decline after hitting the maximum daily loss threshold.
The weakness in the equities market contrasts with sustained optimism in Nigeria’s over-the-counter segment.
The NASD OTC Securities Exchange extended its upward momentum, with the NASD Security Index rising 0.91% to 4,446.27 points. Market capitalisation also advanced by the same margin to N2.66 trillion.
Investor participation on the NASD platform strengthened markedly, with trading volume jumping 71.53% and transaction value increasing 49.86%, suggesting continued appetite for unlisted securities despite the selloff in listed equities.
FrieslandCampina WAMCO Nigeria led gainers on the OTC market with a 6.61% advance, while Nipco Plc posted the steepest decline, falling 6.53%.
The divergence between the NGX and NASD markets highlights a shifting investment landscape in which some investors are increasingly seeking opportunities beyond traditional listed equities, even as profit-taking pressures weigh on Nigeria’s record-breaking stock market rally.
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