Conoil shares dropped 10% on August 20, sliding from ₦210 to ₦189 per share as a broader wave of selling swept across the Nigerian Exchange.
The petroleum distributor was one of several stocks that hit their daily price limit during a session that stretched the market’s losing streak to eight consecutive days. Since August 11, roughly ₦5.44 trillion in market capitalization has vanished from the NGX, as the correction deepened into its second full week of trading.
The oil and gas sector absorbed the heaviest blow during the session, with its sectoral index declining 2.49% on August 20 alone.
Conoil slides to ₦189 as oil and gas stocks lead NGX losses
Conoil opened at ₦210.00 and closed at ₦189.00 after 155 shares changed hands during the session, NGX Daily Official List data showed. The stock now sits just ₦20 above its 52-week low of ₦169.00, after reaching a 52-week high of ₦213.00 earlier this year.
Conoil was not the only energy stock under pressure during the session. Aradel Holdings fell 5.36% to ₦1,300.50, while TotalEnergies Marketing Nigeria slid 10% to ₦576.00, Nairametrics reported.
Eight consecutive sessions have erased ₦5.4 trillion from NGX
August 20 marked the eighth straight day of losses since the All-Share Index peaked at 248,529.75 points on August 10. The benchmark has shed roughly 8,492 points, a cumulative 3.42% decline, the Nairametrics report confirmed.
Key figures from the eight-session selloff
- All-Share Index: Fell from 248,529.75 to 240,037.80 points (down 3.42%)
- Market capitalization: Dropped from ₦160.42 trillion to ₦154.98 trillion (down ₦5.44 trillion)
- Year-to-date return: Moderated to +54.3% from approximately +59.7% (Source: Nairametrics)
- August 20 market breadth: 14 gainers against 28 losers
Banking stocks added to the selling pressure on August 20, with UBA declining 2.17% to ₦45.00, Nairametrics reported. Zenith Bank fell 0.73% to ₦122.50, Access Holdings shed 0.56% to ₦26.80, while GTCO eased 0.47% to ₦127.00, NGX official list data showed.
Capital market analysts attributed the sustained weakness to competitive yields in money market instruments drawing capital away from equities, ThisDay reported.
Conoil’s H1 2026 earnings rebound complicates the selloff picture
The stock’s decline comes despite a sharp recovery in Conoil’s underlying financials for the first half of 2026. Revenue for the six months ended June 30 climbed 25.2% to ₦179.9 billion, compared with ₦143.6 billion in the same period of 2025, DMarket Forces reported.
Profit after tax surged 472.5% to ₦5.15 billion, up from ₦900.4 million a year earlier. Earnings per share jumped to 743 kobo from 130 kobo, reflecting stronger pricing and improved margins.
Those numbers represent a notable reversal from 2025, when Conoil posted its weakest annual profit in five years. Full-year profit after tax fell 77.1% to ₦2.01 billion, while revenue declined 6.6% to ₦301.72 billion, African Financials noted. The board also slashed the dividend to 200 kobo per share, down from 350 kobo in 2024, Tribune reported.
Analysts see selective buying opportunities despite weak NGX sentiment
Imperial Asset Managers Limited offered a measured outlook following the August 20 session, noting that profit-taking remains the dominant force but pointing to signs of life beneath the headline numbers.
“The increase in transaction value, despite weaker overall volume, indicates that investors are still taking positions in selected high-value and fundamentally strong stocks. Overall, sentiment remains weak in the short term, but selective buying opportunities may emerge in quality counters as investors continue to reposition.” — Imperial Asset Managers Limited, via ThisDay
Not every stock was caught in the downdraft on August 20. Seplat Energy rose 3.57% to close at ₦11,600.10, while Airtel Africa gained 2.94% to ₦6,485.00, both defying the selling pressure. The year-to-date market return of +54.3% signals the correction has only trimmed a fraction of the exchange’s explosive 2026 rally.
What Conoil’s 10% drop means for investors watching the NGX pullback
Conoil’s single-session drop lands at an awkward time for investors weighing improving first-half earnings against relentless selling pressure gripping the broader exchange. The eight-session correction has stripped ₦5.44 trillion from market capitalization, and oil and gas has been the worst-performing major sector during the pullback. The petroleum distributor’s H1 2026 profit surge of 472.5% stands in sharp contrast to the recent price weakness, leaving it unclear whether a stronger earnings trajectory will attract buyers or whether the broad repricing still has further to run.
