Market Closes Lower as Profit-Taking Hits Large Caps
The Nigerian stock market closed lower on Thursday, July 16, 2026, extending the previous session's losses as profit-taking in selected large- and mid-cap stocks dragged the benchmark index lower. Market data showed that the NGX All-Share Index (ASI) declined by 0.09%, falling from 242,366.75 points to 242,145.61 points. Investors' wealth also dropped by approximately N32.16 billion, while the market capitalisation slipped by 0.02%.
The Nigerian Exchange attributed the slower decline in market capitalisation partly to the additional listing of 13.81 billion ordinary shares of Sterling Financial Holdings Company on Thursday. Despite the bearish close, market breadth remained positive, with 27 gainers outperforming 23 losers, reflecting sustained buying interest in several stocks even as investors booked profits in some heavyweight counters.
Top Gainers and Losers
TAJS Bank surged from N89.99 to N99.50, gaining N9.50 (10.56%). First HoldCo advanced from N79.35 to N87.25, adding N7.90 (9.96%). McNichols rose from N5.00 to N5.40, up N0.40 (8.00%). UBA climbed from N41.00 to N44.25, gaining N3.25 (7.93%). Veritas Kapital increased from N1.46 to N1.56, adding N0.10 (6.85%).
On the losing side, FGSUK2032S7 declined from N130.72 to N115.50, losing N15.22 (11.64%). Eunisell fell from N210.00 to N189.00, shedding N21.00 (10.00%). BUA Cement dropped from N306.20 to N275.60, losing N30.60 (9.99%). CAP fell from N157.60 to N142.45, down N15.15 (9.61%). Royal Exchange declined from N1.57 to N1.42, losing N0.15 (9.55%).
Most Active Stocks and Trading Volume
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.
Outlook and Upcoming IPO
Earlier, Legit.ng reported that investors are positioning ahead of the Initial Public Offering (IPO) of the Dangote Group’s refinery, with President and Chief Executive, Aliko Dangote, confirming 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.
