Fidson Healthcare Plc experienced a steep decline on Thursday, marking one of the sharpest selloffs on the Nigerian Exchange (NGX) this week as investor exits wiped nearly 20 percent off its market value in just two trading sessions. The pharmaceutical company’s shares dropped 9.98 percent, falling from N84.20 to N75.80, making it the worst-performing stock on the NGX during the day. This followed an equally sharp 9.99 percent decline the previous session, when the stock fell from N93.55 to N84.20. Combined, these two drops erased approximately 18.97 percent of Fidson’s market value within 48 hours.
The selloff occurred despite positive momentum in the broader market. The NGX All-Share Index (ASI) rose to 239,156.09 points, while equity market capitalisation increased to N154.44 trillion. This uptick was driven by renewed buying interest in banking stocks, which attracted significant capital inflows. Large-cap lenders led trading activity, with Zenith Bank Plc recording transactions worth N8.20 billion, GTCO Plc at N4.81 billion, and Access Holdings Plc at N1.29 billion. First HoldCo Plc also gained 4.65 percent, highlighting sectoral divergence as investors shifted focus toward financial equities.
Fidson’s continued weakness stands in stark contrast to the strength seen in banking stocks, indicating that market participants are being highly selective in their investment decisions. The pharmaceutical company also topped a list of declining stocks, with other notable losers including Learn Africa Plc, down 9.84 percent; International Energy Insurance Plc, also down 9.84 percent; DAAR Communications Plc, which lost 8.61 percent; and Legend Internet Plc, down 8.43 percent. Despite pressure on specific equities, overall market activity remained resilient, with investors trading 499.96 million shares valued at N35.15 billion across 40,323 deals.
The sharp drop in Fidson underscores the increasingly stock-specific nature of trading on the NGX. Rather than broad-based selling, investors appear to be repositioning portfolios, reducing exposure to certain equities while increasing allocations to sectors attracting stronger institutional interest. With nearly one-fifth of its market value erased in just two trading sessions, Fidson will likely remain under close scrutiny as investors evaluate whether the recent selloff reflects ongoing profit-taking or signals potential entry points for new buyers.
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