The Nigerian equities market extended its losing streak to four consecutive sessions on Thursday, June 5, 2026, as heavy selloffs in Aradel Holdings Plc and Eterna Plc triggered a sharp 4.90% decline in the Oil & Gas Index, erasing N580.65 billion from investors’ wealth. Trading data from the Nigerian Exchange Group (NGX) reviewed by Nairametrics showed the NGX All-Share Index (ASI) fell 0.37% to close at 242,227.31 points, down from 243,132.61 points in the prior session. Consequently, market capitalisation declined to N155.36 trillion from N155.94 trillion, while the year-to-date return moderated to 55.66% from 56.24%.
The session was dominated by aggressive profit-taking in oil and gas counters, particularly Aradel Holdings and Eterna, both of which recorded near-maximum daily losses and weighed heavily on sector performance despite gains in selected banking and industrial stocks. Investor sentiment remained largely bearish as losses across oil and gas, insurance, and consumer goods stocks outweighed gains recorded in banking and industrial names. The Oil & Gas Index emerged as the session’s worst-performing sector after plunging 4.90%, driven primarily by losses in Aradel Holdings and Eterna.
Aradel Holdings fell 9.51% to close at N1,749.90 per share, marking one of its sharpest daily declines in recent months. The stock, which reached an all-time high of N2,024 per share in April 2026 after a remarkable rally, has now surrendered part of those gains as investors continue to lock in profits. The stock was also one of the market’s most actively traded by value, recording transactions worth N3.73 billion despite the steep decline. Even after the correction, Aradel remains significantly above its January opening price of N670 per share, underscoring the magnitude of its year-to-date appreciation. Eterna also came under intense selling pressure, shedding 9.85% to rank among the day’s biggest losers and further amplify losses within the Oil & Gas Index.
The sharp sectoral decline is particularly notable given that oil and gas stocks had been the market’s strongest performers entering June. With a year-to-date return exceeding 123% before the recent correction, the sector is now witnessing a wave of profit-taking as investors rotate into other opportunities. Beyond oil and gas, losses in Transcorp, Stanbic IBTC Holdings, Fidelity Bank, and Wema Bank contributed to the broader market decline. However, the broader context of Nigerian stocks shed significant value amid ongoing concerns over Nigeria manufacturing capital flows and global economic headwinds. Analysts continue to monitor developments such as Iata Warns Jet fuel costs and Ifc funding initiatives, while the Ngx Group tracks shifts in investor appetite toward sectors like Ai Data Centers, which have drawn increased attention in recent months.
