The Nigerian equities market closed slightly lower on Thursday, July 17, 2026, as a decline in BUA Cement Plc shares outweighed a record-breaking rally in First Holdco Plc. The All-Share Index (ASI) dipped by 0.07% to settle at 99,850.23 points, while the market capitalisation dropped to N56.4 trillion from N56.44 trillion at the previous close.
BUA Cement Leads Decliners
BUA Cement Plc was the most significant drag on the market, with its share price falling by 2.5% to close at N150.00. The decline contributed to a total of 20 stocks that recorded losses during the session. Other notable losers included Nestle Nigeria Plc, which dropped 1.8% to N1,100.00, and MTN Nigeria Communications Plc, which fell 1.2% to N210.00. The industrial goods sector bore the brunt of the sell-off, with the NGX Industrial Goods Index losing 0.9%.
First Holdco Hits New High
In contrast, First Holdco Plc extended its recent winning streak, surging by 5.7% to close at N28.50, a new all-time high. The rally was driven by strong investor demand following the company's announcement of a proposed dividend increase and a share buyback programme. First Holdco's gain was the highest among the 25 stocks that advanced on Thursday. Other gainers included Guaranty Trust Holding Company Plc (GTCO), which rose 1.4% to N45.00, and Zenith Bank Plc, which added 0.8% to N38.50.
Market Breadth and Activity
Market breadth was negative, with 20 losers against 25 gainers, indicating a mixed sentiment. Total trading volume increased by 12% to 350 million shares, valued at N8.2 billion, compared to N7.3 billion the previous day. The most actively traded stocks were First Holdco, with 45 million shares worth N1.28 billion, followed by BUA Cement with 30 million shares valued at N4.5 billion, and GTCO with 28 million shares worth N1.26 billion.
Sectoral Performance
Across sectors, performance was mixed. The NGX Banking Index rose 0.3%, supported by gains in GTCO and Zenith Bank. The NGX Consumer Goods Index was flat, as gains in Nestle were offset by losses in other consumer stocks. The NGX Oil & Gas Index declined 0.5%, pressured by a drop in Seplat Energy Plc, which fell 1.1% to N1,800.00. The NGX Insurance Index edged up 0.1%.
Analyst Commentary
According to analysts at Cordros Capital, the market's decline was largely due to profit-taking in BUA Cement after its recent run-up. They noted that the broader market remains supported by positive corporate earnings and expectations of further monetary policy easing by the Central Bank of Nigeria. "The record rally in First Holdco is a testament to investor confidence in the company's growth prospects," said David Adonri, a Lagos-based analyst. However, he cautioned that the market could remain volatile in the near term as investors digest earnings reports and macroeconomic data.
Outlook
Looking ahead, market participants will focus on the upcoming monetary policy committee meeting and the release of second-quarter GDP data. The NGX All-Share Index remains up 4.5% year-to-date, despite Thursday's slight decline. The performance of heavyweight stocks like BUA Cement and Dangote Cement will be crucial in determining the market's direction in the coming sessions.
