The Nigerian equities market extended its losing streak to four consecutive trading sessions on Thursday, June 5, 2026, as heavy selloffs in Aradel Holdings Plc and Eterna Plc triggered a sharp 4.90% decline in the Oil & Gas Index, helping erase N580.65 billion from investors’ wealth.
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Trading data from the Nigerian Exchange Group (NGX) reviewed by Nairametrics showed the NGX All-Share Index (ASI) fell 0.37% to close at 242,227.31 points from 243,132.61 points recorded in the previous session.
Consequently, market capitalisation declined to N155.36 trillion from N155.94 trillion, while the year-to-date return moderated further to 55.66% from 56.24%.
The session was dominated by aggressive profit-taking in oil and gas counters, particularly Aradel Holdings and Eterna, both of which recorded near-maximum daily losses and weighed heavily on the sector’s performance despite gains in selected banking and industrial stocks.
What the data is saying:
Investor sentiment remained largely bearish as losses across oil and gas, insurance, and consumer goods stocks outweighed gains recorded in banking and industrial names.
Highlight of key performance indices:
- All-Share Index: 242,227.31 points, down 0.37%
- Market Capitalisation: N155.36 trillion, down N580.65 billion
- Volume Traded: 588.46 million shares, down 36.24%
- Value Traded: N27.88 billion, down 34.05%
- Deals: 57,352 transactions, down 17.28%
- Year-to-date Return: 55.66%
- Month-to-date Return: Down -3.3%
Sector Performance:
- Oil & Gas Index: down -4.90%
- Commodity Index: down -3.28%
- Insurance Index: down -0.58%
- Consumer Goods Index: down -0.03%
- Banking Index: up +0.31%
- Industrial Goods Index: up +0.56%
Top 5 Gainers:
- International Energy Insurance — up +10.00%
- Omatek Ventures — up +9.70%
- Abbey Building Society — up +9.68%
- Cutix Plc — up +9.66%
- John Holt Plc — up +7.97%
Top 5 Losers:
- McNichols Plc — down -10.00%
- ABC Transport — down -9.90%
- Eterna Plc — down -9.85%
- Aradel Holdings — down -9.51%
- NPF Microfinance Bank — down -8.45
More insights:
The Oil & Gas Index emerged as the session’s worst-performing sector after plunging 4.90%, driven primarily by losses in Aradel Holdings and Eterna.
Aradel Holdings fell 9.51% to close at N1,749.90 per share, marking one of its sharpest daily declines in recent months.
The stock, which reached an all-time high of N2,024 per share in April 2026 after a remarkable rally, has now surrendered part of those gains as investors continue to lock in profits.
The stock was also one of the market’s most actively traded by value, recording transactions worth N3.73 billion despite the steep decline.
Even after the correction, Aradel remains significantly above its January opening price of N670 per share, underscoring the magnitude of its year-to-date appreciation.
Eterna also came under intense selling pressure, shedding 9.85% to rank among the day’s biggest losers and further amplify losses within the Oil & Gas Index.
The sharp sectoral decline is particularly notable given that oil and gas stocks had been the market’s strongest performers entering June. With a year-to-date return exceeding 123% before the recent correction, the sector is now witnessing a wave of profit-taking as investors rotate into other opportunities.
Beyond oil and gas, losses in Transcorp, Stanbic IBTC Holdings, Fidelity Bank, and Wema Bank contributed to the broader market decline.
However, there were signs of selective bargain hunting. First HoldCo rebounded by 6.70%, while NGX Group advanced 4.54% and Lafarge Africa gained 3.93%, helping the Banking and Industrial Goods indices close in positive territory.
Trading activity also weakened considerably, suggesting reduced investor participation. Total volume traded declined by more than 36%, while turnover fell by over 34%.
Financial Services remained the most active sector by volume, accounting for approximately two-thirds of shares traded during the session.
What you should know:
Thursday’s decline marks the fourth consecutive trading session of losses since the commencement of the T+1 settlement regime on June 1, 2026.
The market has now lost over N5.14 trillion in market capitalisation within four trading sessions, falling from N160.50 trillion at the start of June to N155.36 trillion.
The NGX All-Share Index has retreated by more than 10,000 points from its all-time high of 252,508 points reached on May 13, 2026.
Despite the ongoing correction, the market’s year-to-date return of 55.66% remains one of the strongest equity market performances globally in 2026.
Oil & Gas and Industrial Goods continue to be the best-performing sectors on the NGX this year, with year-to-date returns of 123.24% and 104.19% respectively.
Analysts believe the current decline largely reflects profit-taking after an extended rally, although emerging bargain-hunting in banking and industrial stocks suggests some investors are beginning to view the pullback as an opportunity to accumulate quality names at lower valuations.
