NGX sell-off wipes N5.9 trillion, BUA Foods, MTN take biggest hit

The Nigerian equities market has shed N5.9 trillion in market value in a punishing two-week sell-off, with market capitalisation tumbling from a month-high N160.42 trillion on Monday, August 10, 2026, to N154.53 trillion on Friday, August 21.

BUA Foods and MTN Nigeria accounted for 49.3% of the total loss, shedding N1.521 trillion and N1.386 trillion, respectively, while the remaining 14 companies accounted for 50.7% of the market’s total loss.

BUA Foods’ market value fell from N15.211 trillion to N13.690 trillion, a N1.521 trillion loss or 10% decline, as its share price dropped from N845.10 to N760.60.

MTN Nigeria’s market value declined from N17.741 trillion to N16.355 trillion, losing N1.386 trillion, representing a 7.81% drop, as its share price fell from N845.00 to N779.00. The sharp decline was further exacerbated after the stock price was adjusted for dividends from N805.00 to N779.00 on Friday, August 21.

Market correction which began on Tuesday, August 11, 2026, has breached the psychologically significant 240,000-point threshold, as the Index plunged 9,178.59 points, or =-3.69%, to 239,351.16 points on Friday, August 21, down from 248,529.75 points on August 10.

This is the Index lowest level since July 8, underscoring the intensity of uninterrupted profit-taking across major sectors over 10 consecutive trading sessions.

Highlights of market correction from August 10 to August 21, 2026:

• ASI Decline: From 248,529.75 points to 239,351.16 points
• Loss: 9,178.59 points, -3.69%
• Market Capitalisation Loss: From N160.42 trillion to N154.53 trillion
• Loss: Approximately N5.89 trillion, -3.67%

Tuesday, August 11, investors began taking profit; the market reversed sharply Monday’s record close. The ASI declined by -1,806.18 points or -0.73% to 246,723.57 points while Market Capitalisation shed N1.7 trillion to N159.26 trillion.

Selling pressure deepens:

The selling pressure in large cap stocks which dragged the market down continued with widening spread across sectors and stretched throughout the week ended August 14 and continued into the week ended August 21, 2026.

• By close of trading on Friday, August 14, the first week of correction, the ASI had depreciated to 242,619.20 points, from the August 10 close of 248,529.75 points, losing -5,910.55 points or -2.38%.
• The market correction deepened in the second week ended Friday, August 21, 2026, as energy and banking stocks came under renewed pressure, pushing the market further below the psychological Index and capitalisation thresholds of 240,000 points and N155 trillion.
• On Friday, August 21, the ASI fell 686.64 points, or -0.29%, to 239,351.16 points, while market capitalisation shed approximately N443 billion to N154.53 trillion.

Cumulatively, the market lost N5.9 trillion between August 10 and August 21, with market capitalisation falling from N160.42 trillion to N154.53 trillion while the Index declined 9,178.59 points, or 3.69%, from 248,529.75 points to 239,351.16 points.

Driving the market decline:

Relative to the overall NGX market capitalisation decline of N5.9 trillion (from N160.42 trillion to N154.53 trillion) between August 10 and August 21, 12 blue chip stocks combined accounted for market value loss of N4.172 trillion, approximately 70.7% of the total N5.9 trillion decline in NGX market capitalisation during the review period.

• The market value of newly listed AVA Capital fell from N49.500 billion to N36.500 billion. The N13 billion loss represented a 26.26% drop as its share price moderated from N9.90 to N7.30.
• Unilever suffered the second-largest percentage decline, with market value crashing from N838.483 billion to N654.930 billion, a loss of N183.553 billion or 21.89%, as its share price fell from N145.95 to N114.00 in just two weeks.
• FCMB Group Plc declined 10.85%, losing N92.336 billion as market value fell from N850.814 billion to N758.478 billion, while its share price dropped from N12.90 to N11.50.
• Dangote Sugar lost N61.949 billion, with market value falling from N886.722 billion to N824.773 billion, representing a 6.99% decline as the share price dropped from N73.00 to N67.90.
• HBM’s market value declined from N5.781 trillion to N5.380 trillion, losing N401 billion or 6.94%. Its share price fell from N421.70 to N391.70, after dropping from N358.90 to N334.00 per share.
• Seplat Energy lost N98 billion, falling 1.44% from N6.817 trillion to N6.719 trillion, while its share price declined from N11,363.90 to N11,200.60.
• Presco fell 0.46%, losing N11 billion from N2.397 trillion to N2.386 trillion as its share price dropped from N2,055.30 to N2,045.30.
• Transcorp lost N25.914 billion, down 6.62%, from N391.745 billion to N365.831 billion.
• UACN declined 0.20%, losing N1.024 billion from N521.436 billion to N520.412 billion.
• Nigerian Breweries lost N78 billion, down 3.52%, from N2.215 trillion to N2.137 trillion, as its share price fell from N71.50 to N69.00.
• Fidelity Bank declined 7.68%, losing N105 billion from N1.368 trillion to N1.263 trillion, while its share price fell from N21.65 to N20.00.
• GTCO lost N109.651 billion, down 2.31%, from N4.752 trillion to N4.642 trillion, as its share price moderated from N130.00 to N127.00.
• Sterling Financial Holdings Plc declined 0.65%, losing N3.296 billion from N507.655 billion to N504.359 billion, as its share price fell from N7.70 to N7.65.
• Stanbic IBTC Holdings lost N81.099 billion, down 3.16%, with market value falling from N2.563 trillion to N2.482 trillion as its share price moderated from N161.20 to N156.10.

In percentage ratio, 14 companies accounted for the remaining N2.99 trillion or 50.7% of the total market value loss of N5.9 trillion including: HBM (6.8%), Unilever Nigeria (3.1%), GTCO (1.9%), Fidelity Bank (1.8%), Seplat Energy (1.7%), FCMB Group (1.6%), Stanbic IBTC Holdings (1.4%), Nigerian Breweries (1.3%), and Dangote Sugar (1.1%). Transcorp Plc, AVA Capital, Presco, Sterling Financial Holdings, and UACN Plc combined accounted for less than 1%.

What you should know:

Friday’s trading session rounded out the Nigerian equities market’s losing streak to tenth consecutive sessions of losses, with investors continuing to lock in gains following the strong rally that pushed the ASI to 248,529.75 points on Monday, August 10. 

• Between Monday, August 10 and Friday August 21, 2026, the Index has by 9,178.59 points, or 3.69%, to close at 239,351.16 points, while market capitalisation has shed approximately N5.9 trillion, from N160.42 trillion to N154.53 trillion.
• This is the lowest level since July 6 when the ASI and Market Capitalisation closed at 234,178.23 points and N150.27 trillion respectively.

Nevertheless, the market remains firmly positive on a year-to-date basis with Index year-to-date return at 53.81%.