Nigerian stocks slip 1.65% week-on-week as profit‑taking hits oil & gas

Nigerian equities closed the fourth week of June 2026 on a deeply bearish note as sustained profit‑taking in oil and gas, industrial goods and insurance counters dragged the NGX All‑Share Index down 1.65% week‑on‑week to settle at 232,049.02 points. The benchmark shed 3,828.29 basis points from the previous week’s close of 235,877.31 points, while market capitalisation fell about 1.60% to N148.91 trillion, wiping out roughly N2.42 trillion in investor wealth. Trading activity weakened, with turnover at 2.324 billion shares worth N134.49 billion in 249,328 deals, down from 3.075 billion shares worth N254.61 billion the prior week. Market breadth was negative: only 22 stocks advanced against 57 decliners and 67 unchanged. The Banking Index was the sole major sector gainer, up 3.51% on buying in GTCO, Zenith Bank, Fidelity Bank and UBA; the Consumer Goods Index rose 2.40% on strength in McNichols and Champion Breweries. Conversely, the Oil & Gas Index fell 9.86%, Industrial Goods lost 8.21% and Insurance slipped 4.39%. Top losers included Trans‑Nationwide Express (‑26.79%) and Aradel Holdings (‑19.00%), while top gainers were McNichols (+26.47%), International Energy Insurance (+14.43%), GTCO (+10.69%) and Airtel Africa (+10.00%). Corporate actions saw First HoldCo and Ellah Lakes list new shares, diluting existing holders. The ASI’s year‑to‑date return slipped below 50% for the first time since April 2026, erasing about two months of gains. Given the profit‑taking in oil & gas and industrials, will you rebalance toward banking and consumer goods, or wait for Q2 earnings to signal a rebound?

SOURCE: https://nairametrics.com/2026/06/28/best-performing-nigerian-stocks-for-the-week-ended-june-26-2026/