Okomu Oil Palm Plc recorded the steepest percentage decline among the stocks reported on the Nigerian Exchange (NGX) on Monday, September 21, after its share price fell by the maximum 10 percent to N1,276.20.
The stock opened the session from a previous closing price of N1,418 before losing N141.80 per share, making it the largest absolute price decline among the major losers reported for the day.
The selloff came despite the broader Nigerian equities market closing higher, highlighting the divergence in performance across individual stocks as investors continued to reposition after the previous week’s market rebound.
Okomu Oil’s 10 percent decline was followed by Custodian Investment Plc, which fell 9.13 percent from N75 to N68.15.
Sovereign Trust Insurance Plc declined 8.64 percent from N2.20 to N2.01, while Haldane McCall Plc dropped 8.33 percent from N3.60 to N3.30.
Ellah Lakes Plc completed the five biggest decliners reported for the session after falling 5.39 percent from N8.35 to N7.90.
The losses were counterbalanced by strong buying in several other equities.
Omatek Ventures Plc, Thomas Wyatt Nigeria Plc, NASCON Allied Industries Plc and SUNU Assurance Nigeria Plc all appreciated by 10 percent, while Critical Minerals Financing Corporation gained 9.80 percent.
The contrasting performances allowed the broader market to remain in positive territory despite the selling pressure in Okomu Oil and other decliners.
The NGX All-Share Index advanced 0.14 percent to 250,156.80 points, crossing the 250,000-point mark, while equity market capitalisation increased by approximately N228 billion to N162.385 trillion.
Investors traded 574.19 million shares valued at N38.06 billion in 68,655 deals during the session.
Zenith Bank dominated activity, with 77.07 million shares valued at N9.90 billion changing hands, equivalent to approximately 26 percent of the total value traded on the equities market.
Okomu Oil’s decline therefore came against an otherwise positive market backdrop, with the benchmark index extending its advance while buying and selling remained sharply differentiated across individual equities.