The Nigerian stock market recorded a sharp decline on Thursday as investors lost approximately ₦2.18 trillion amid heavy selling pressure and an extraordinary surge in trading activity dominated by Dangote Cement Plc.
The Nigerian Exchange Limited (NGX) All-Share Index (ASI) fell by 1.41 percent to close at 237,404.92 points, while equity market capitalisation dropped to ₦152.27 trillion.
Despite the market decline, trading activity surged significantly as investors exchanged 691.64 million shares valued at ₦116.85 billion in 50,025 deals, making it one of the most active sessions recorded in June.
Market participants attributed the negative performance to sustained profit-taking across several sectors, particularly consumer goods, industrial and service-related stocks, even as selected financial and healthcare stocks attracted buying interest.
FGSUK2027S3 emerged as the best-performing security of the day after gaining 12.50 percent from ₦80.00 to ₦90.00. Legend Internet Plc rose by 9.52 percent to ₦5.75, while NPF Microfinance Bank Plc advanced 9.18 percent to ₦5.35.
Transcorp Plc gained 7.32 percent to close at ₦44.00, while Neimeth International Pharmaceuticals Plc appreciated by 7.03 percent to ₦9.90.
On the losers’ chart, Africa Prudential Plc declined by 10.00 percent from ₦13.00 to ₦11.70. Cadbury Nigeria Plc also lost 10.00 percent to close at ₦62.10, while Tripple Gee & Company Plc shed 10.00 percent to ₦3.60. John Holt Plc fell 9.93 percent to ₦12.25, while McNichols Plc dropped 9.33 percent to ₦6.80.
First HoldCo Plc led trading by volume with 115.84 million shares exchanged during the session, followed by Access Holdings Plc with 109.65 million shares. FCMB Group Plc, Japaul Gold & Ventures Plc and Dangote Cement Plc also featured prominently among the most actively traded stocks.
However, the defining feature of the session was the massive transaction recorded in Dangote Cement. The company traded 71.47 million shares valued at approximately ₦83.39 billion, accounting for more than 71 percent of the market’s total traded value.
The scale of the transaction significantly boosted overall market turnover and underscored the continued influence of large institutional trades on market activity.
In the exchange-traded fund segment, NEWGOLD gained ₦2,999.99 to close at ₦116,999.99, while VSPBONDETF advanced by ₦14.00. VETGRIF30 also recorded gains, while VETGOODS and MERGROWTH closed unchanged.
Activity in the bond market remained largely subdued, with most fixed-income securities recording no significant price changes during the session.
Market analysts noted that while the sharp decline in the benchmark index reflects persistent profit-taking and cautious investor sentiment, the exceptionally high turnover suggests institutional investors remain active in the market.
The concentration of value in Dangote Cement transactions indicates that large portfolio adjustments or strategic trades may have contributed significantly to the day’s activity.
The resilience of banking stocks such as First HoldCo, Access Holdings and FCMB further suggests that investors continue to maintain interest in highly liquid financial sector counters despite broader market weakness.
With market liquidity remaining strong and institutional participation evident, investors are expected to closely monitor corporate actions, earnings expectations and macroeconomic developments for indications of the market’s next direction.