The Nigerian equities market extended its losing streak on Thursday, June 25, 2026, as price declines in Aradel Holdings, Oando, and 32 other stocks pushed the NGX All-Share Index down 0.64%, erasing N958.5 billion from investor wealth.
The ASI shed 1,493.71 points to close at 233,580.83 points, down from 235,074.54 points in the previous session. Market capitalisation declined to N149.89 trillion, falling below the N150 trillion mark for the first time since the correction phase began.
The session deepened what has become a sustained pullback, with bearish sentiment dominating as investors stayed cautious amid ongoing portfolio rebalancing. The year-to-date return moderated to +50.10%, slipping below the 51% threshold for the first time in recent weeks.
Trading activity weakened across all metrics. Volume declined 19.35% to 393.65 million shares, value traded fell 8.19% to N19.21 billion, and deal count edged down 0.92% to 45,813 transactions. Market breadth was negative, with 14 gainers against 34 losers.
**Sectoral performance**
The NGX Oil & Gas Index recorded the steepest sectoral decline, shedding 5.22% — the heaviest single-session drop among all tracked indices. Aradel Holdings, one of the exchange's highest-priced stocks and a top year-to-date performer, hit its maximum daily decline of 10% to close at N1,575.00. Oando and other energy-linked names added to the sector's pressure. The Oil & Gas Index still holds a year-to-date return of +111.13%, making it a natural target for profit-taking.
The NGX Commodity Index fell 3.36%, while the NGX Insurance Index declined 2.59%, extending weakness that has persisted since late May. The NGX Banking Index eased 0.28%, with losses in Wema Bank and other tier-two names offset by relative resilience among FUGAZ tier-one banks.
**Top gainers and losers**
The top five gainers were Red Star Express (up 9.60% to N24.55), Legend Internet (up 9.09% to N6.00), Neimeth International Pharmaceuticals (up 7.10% to N8.30), Abbey Mortgage Bank (up 5.45% to N8.70), and Ellah Lakes (up 4.65% to N9.00).
The biggest losers were Deap Capital Management & Trust (down 10.00% to N4.05), Aradel Holdings (down 10.00% to N1,575.00), Trans-Nationwide Express (down 9.90% to N3.64), Regency Alliance Insurance (down 9.57% to N0.85), and C & I Leasing (down 9.48% to N5.25).
Access Holdings led by volume with 39.05 million shares valued at N896.21 million, followed by Chams Holding Company (24.50 million shares), Fidelity Bank (24.07 million shares), Sterling Financial Holdings (23.75 million shares), and Zenith Bank (18.94 million shares valued at N2.13 billion).
**Broader context**
The ASI has now retreated more than 18,900 points from its all-time high of 252,508 points reached in May 2026. Market capitalisation dropping below N150 trillion is a level analysts will monitor as a potential psychological support point for bargain hunters.
With 34 losers against just 14 gainers, selling pressure remains broad-based rather than concentrated in isolated names, suggesting that a sustained recovery may require a meaningful shift in overall market sentiment.
Aradel Holdings' 10% decline is particularly notable given the stock's extraordinary year-to-date run that had anchored the Oil & Gas Index's 111.13% return. Whether Thursday's selloff represents peak profit-taking or the beginning of a more sustained re-rating will be closely watched in subsequent trading sessions.
