Nigerian equities lose N3.64 trillion as BUA Cement, Dangote Cement, Geregu lead rout

The Nigerian equities market suffered its steepest single-day decline of 2026 on Wednesday, June 24, as widespread profit-taking in heavyweight cement and power stocks overwhelmed the buying momentum of the previous two sessions. The rout erased a N3.64 trillion in investor wealth, reversing the market’s recovery attempt in a single brutal session.

Trading data from the Nigerian Exchange showed the NGX All-Share Index plunging 2.35% to close at 235,074.54 points, down from 240,743.19 points recorded in Tuesday’s session, with market capitalisation declining to N150.85 trillion.

The loss represents the largest single-day wipeout in market capitalisation recorded on the NGX so far in 2026, surpassing previous correction sessions that had individually erased between N762 billion and N2.28 trillion.

The selloff reversed gains accumulated across Monday’s N1.52 trillion advance and Tuesday’s N1.64 trillion recovery, underlining the fragility of the rebound that briefly raised hope of sustainable recovery after the market’s sharp correction from May’s all-time high of 252,508 points.

What the data is saying:

Profit-taking was broad-based and concentrated in large-cap names that had led the previous recovery attempt, with three stocks hitting the maximum 10% daily downside limit simultaneously.

Highlights of Wednesday’s brutal trading results:

• All-Share Index: 235,074.54 points, down 2.35%
• Market Capitalisation: N150.85 trillion, down approximately N3.64 trillion
• Volume Traded: 488.08 million shares, down 13.60%
• Value Traded: N20.93 billion, down 46.81%
• Deals: 46,239 transactions, down 6.08%
• Year-to-Date Return: 51.06%
• Market Breadth: 38 losers vs 17 gainers

Top 5 Gainers:

• Skyway Aviation Handling Company (SKYAVN) — up 9.92% to N171.20, trading above its 52-week high of N164.95
• International Energy Insurance (INTENEGINS) — up 9.66% to N6.70
• Tantalizers (TANTALIZER) — up 6.98% to N4.60
• Omatek Ventures (OMATEK) — up 5.70% to N2.04
• AIICO Insurance (AIICO) — up 5.19% to N4.26

Top 5 Losers:

• BUA Cement (BUACEMENT) — down 10% to N340.20
• Dangote Cement (DANGCEM) — down 10% to N963.00
• Geregu Power (GEREGU) — down 10% to N917.10, now trading below its 52-week low of N1,019.30
• Custodian Investment (CUSTODIAN) — down 9.97% to N73.15
• Academy Press (ACADEMY) — down 9.88% to N7.30

Top stocks by volume:

• First HoldCo (FIRSTHOLDCO) — 57.39 million shares
• Chams Holding Company (CHAMS) — 42.30 million shares
• Access Holdings (ACCESSCORP) — 36.08 million shares
• Linkage Assurance (LINKASSURE) — 32.04 million shares
• Sterling Financial Holdings (STERLINGNG) — 29.39 million shares

More insights:

Wednesday’s session was defined by simultaneous maximum-limit declines in three of the market’s most expensively priced and index-heavy stocks — a combination that delivered a disproportionate blow to the benchmark index and the Industrial Goods sector in particular.

• BUA Cement and Dangote Cement both hit the 10% daily downside limit, closing at N340.20 and N963.00 respectively.
• The twin cement selloff drove the NGX Industrial Goods Index down 8.31% to 10,202.25 points — by far the steepest single-day sectoral decline of the session and one of the sharpest one-day moves recorded by any NGX sectoral index in 2026.
• The selling reflected profit-taking in stocks that had delivered substantial year-to-date gains, with both counters having been among the NGX Industrial Goods Index’s key contributors to its +95.79% year-to-date outperformance.

Geregu Power compounded the industrial sector pain with its own 10% decline to N917.10 — a level that now places the power stock below its 52-week low of N1,019.30.

• Banking stocks extended their recent volatile pattern. Zenith Bank shed 2.88%, Wema Bank lost 2.76%, and UBA declined 0.50%, while First HoldCo — despite leading the day by volume with 57.39 million shares — posted losses as investors used the liquidity to exit rather than accumulate. The banking index closed 0.71% lower at 2,142.37 points.
• Oando fell 3.00%, contributing to the Oil & Gas Index’s 0.11% decline, while Dangote Sugar shed 0.91% and Nigerian Breweries lost 0.95%, weighing on the Consumer Goods Index which closed 0.29%.

On the gainers’ side, Skyway Aviation Handling Company’s 9.92% advance to N171.20 — trading above its 52-week high — was the session’s standout positive, though the gain was insufficient to offset the market’s broad-based losses.

• Trading activity weakened materially across all metrics. Total volume fell 13.60% to 488.08 million shares, value traded collapsed 46.81% to N20.93 billion, and deal count declined 6.08% to 46,239 transactions

This is a sharp contrast to the improving participation metrics seen on Monday and Tuesday’s recovery sessions.

First HoldCo led the volume chart with 57.39 million shares — accounting for 11.76% of total day volume — while Geregu Power led by value at N3.67 billion, representing 17.55% of total value traded, despite its sharp decline. MTN Nigeria and First HoldCo followed Geregu in value contribution.

What you should know:

Wednesday’s N3.64 trillion loss is the single largest one-day decline in market capitalisation recorded on the NGX in 2026, surpassing all previous correction sessions including the N2.28 trillion wipeout reported earlier in June.

• The ASI has now retreated to 235,074.54 points — more than 17,400 points below its all-time high of 252,508 points recorded in May 2026 — with the year-to-date return sliding back to 51.06% from 54.71% at Tuesday’s close.
• All six tracked sectoral indices closed lower with the NGX Industrial Goods Index’s 8.31% decline the most severe, followed by the NGX Commodity Index at -1.11%, NGX Insurance Index at -0.97%, NGX Banking Index at -0.71%, NGX Consumer Goods Index at -0.29%, and NGX Oil & Gas Index at -0.11%.
• Geregu Power closed at N917.10 per share, below its 52-week low of N1,019.30, breaking a key support level.

Market capitalisation has now declined from above N160 trillion at the May all-time high to N150.85 trillion — a cumulative loss of more than N9 trillion from peak levels.