On Thursday, June 5, 2026, the massive selloffs in Aradel Holdings Plc and Eterna Plc caused a sharp 4.90% decline in the Oil & Gas Index, erasing N580.65 billion from investors' wealth and extending the Nigerian stock market's losing streak to four straight trading sessions.
It was more of profit taking in Nigerian stock exchange, as investors are selling to make gains. Why some are gearing up to seize the opportunity to acquire the most actively traded stocks in NGX.
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.
Despite the sharp drop, the stock was one of the most actively traded in the market by value, with transactions totaling N3.73 billion.
The enormity of Aradel's year-to-date appreciation is shown by the fact that it is still far higher than its January opening price of N670 per share even after the drop.
Intense selling pressure also affected Eterna, which dropped 9.85% to become one of the day's largest losers and exacerbate losses in the Oil & Gas Index.
Given that oil and gas stocks had been the market's top performers going into June, the steep sectoral loss is especially noteworthy. Prior to the latest drop, the sector's year-to-date performance exceeded 123%. As investors shift their focus to other prospects, the sector is currently seeing a wave of profit-taking.
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