Profit-Taking Wipes N32bn Off Nigerian Stock Market as NGX Index Slips 0.09%
By Aboki Forex —
The Nigerian stock market closed lower on Thursday, July 16, 2026, as profit-taking in selected large and mid-cap stocks wiped N32.16 billion off investors' wealth. The NGX All-Share Index declined by 0.09%, falling from 242,366.75 points to 242,145.61 points.
Market capitalisation slipped by 0.02%, though the Nigerian Exchange noted the slower decline was partly due to the additional listing of 13.81 billion ordinary shares of Sterling Financial Holdings Company on Thursday.
Gainers Outnumber Losers Despite Bearish Close
Despite the overall market decline, market breadth remained positive. A total of 27 gainers outperformed 23 losers, reflecting sustained buying interest in several stocks even as investors booked profits in heavyweight counters.
TAJS Bank led the gainers, surging from N89.99 to N99.50, gaining N9.50 or 10.56%. First HoldCo advanced from N79.35 to N87.25, adding N7.90 or 9.96%. McNichols rose from N5.00 to N5.40, up N0.40 or 8.00%. UBA climbed from N41.00 to N44.25, gaining N3.25 or 7.93%. Veritas Kapital increased from N1.46 to N1.56, adding N0.10 or 6.85%.
On the losing side, Eunisell fell from N210.00 to N189.00, shedding N21.00 or 10.00%. BUA Cement dropped from N306.20 to N275.60, losing N30.60 or 9.99%. CAP fell from N157.60 to N142.45, down N15.15 or 9.61%. Royal Exchange declined from N1.57 to N1.42, losing N0.15 or 9.55%. FGSUK2032S7 declined from N130.72 to N115.50, losing N15.22 or 11.64%.
Market Activity Picks Up as 498 Million Shares Trade
A total of 498.45 million shares valued at N34.87 billion were traded in 39,484 deals, representing stronger market activity than the previous session. Japaul Gold led trading by volume with 77.66 million shares. Access Holdings followed with 41.16 million shares. First HoldCo traded 38.80 million shares. UBA recorded 31.53 million shares. Fidelity Bank exchanged 23.81 million shares.
By value, Seplat dominated the market with trades worth N13.19 billion, accounting for 37.82% of the total value traded. First HoldCo and GTCO ranked among the other top stocks by traded value.
Dangote Refinery IPO Set for September 2026
In related news, investors are positioning ahead of the Initial Public Offering of the Dangote Group's refinery. President and Chief Executive Aliko Dangote confirmed that the listing is expected to launch in September 2026. Dangote disclosed this during an interaction with journalists after leading chairman Femi Otedola and senior executives of First HoldCo and its subsidiaries on a tour of the refinery complex in Lagos. He added that allocations will be divided between a private placement and an IPO that targets massive public ownership.
For Nigerian investors, the continued profit-taking signals a cautious market sentiment, even as strong buying interest in select stocks suggests that sector rotation remains in play. The upcoming Dangote Refinery IPO could drive renewed activity in the market later this year.