The Nigerian stock market closed negatively for the second consecutive session on Thursday, August 20, 2026, as sustained profit-taking in selected heavyweight stocks wiped out N440.33 billion from market capitalisation. The NGX All-Share Index (ASI) fell by 0.30% to close at 240,037.80 points, down from 240,750.47 points recorded on Wednesday, according to data from the Nigerian Exchange (NGX). The decline erased this week's gains and pushed the weekly return into negative territory, with the market's year-to-date return moderating to 54.25%.
Profit-Taking Across Key Sectors Drives Market Decline
The bearish performance was largely driven by declines in major stocks across banking, consumer goods, industrial, and oil and gas sectors. Among the top decliners, Aradel fell by 5.40%, Oando declined by 3.68%, and UBA dropped by 2.17%. Access Holdings shed 0.74%, Wema Bank declined by 0.68%, Zenith Bank fell by 0.48%, and GTCO dropped by 0.23%. The broader market remained under pressure, with 28 equities declining compared with 14 gainers. Meanwhile, AVACAP, Royal Exchange, and Oando traded below their 52-week lows at N7.00, N1.00, and N34.00, respectively.
Top Gainers and Losers in the Trading Session
HMCALL emerged as the top gainer, with other stocks recording modest gains as buying interest emerged in some parts of the market. On the losing side, IntEnEgIns recorded the steepest decline, followed by Aradel, Oando, UBA, Access Holdings, and Wema Bank. Omatek, Ellah Lakes, and Royal Exchange were also among the top decliners, while Champion Breweries and Access Holdings were among the most actively traded stocks.
Trading Volume Surges 140% as FTGINSURE Leads Activity
A total of 2.87 billion shares worth N33.99 billion were exchanged in 34,725 deals, representing a 140.65% increase in trading volume. FTGINSURE led with 2.56 billion shares, accounting for 88.98% of total volume. Aradel recorded the highest traded value at N6.23 billion, representing 18.32% of the total value. SterlingNG accounted for 0.98% of total volume traded, while Transcorp Express accounted for 0.75%. Seplat and FTGINSURE followed Aradel among the stocks with the highest traded value.
Tony Elumelu's Seplat Stake Crosses $1 Billion
Separately, Tony Elumelu's investment in Seplat Energy has crossed the $1 billion mark following a significant rise in the energy company's market value. Heirs Holdings, Elumelu's investment vehicle, became Seplat's largest shareholder in December 2025 after acquiring a 20.07% stake, equivalent to 120.4 million shares, from French energy company Maurel & Prom for about $500 million. Seplat's market capitalisation has now risen to about $5.24 billion, while its shares trade at N11,200.60 on the NGX and £6.47 on the London Stock Exchange. The value of Heirs Holdings' 20.07% stake has consequently risen to about $1 billion, more than doubling the original investment in less than eight months. The development highlights the gains recorded by major investors in Nigeria's energy sector as Seplat's share price continues to appreciate.
