Nigerian equities sustain bearish run with N137.12 billion losses ahead of Eid-Ul-Mawlid break

The Nigerian equities market extended its bearish trajectory into the third straight week on Monday, August 24, 2026, losing N137.12 billion as sustained profit-taking in selected large-cap stocks continued to weigh on the benchmark index, ahead of the Eid-Ul-Mawlid public holiday on Tuesday.

The benchmark NGX All-Share Index (ASI) declined 0.11% to close at 239,085.17 points, down from 239,351.16 points in the previous session on Friday, August 21, 2026, while the market’s year-to-date return moderated to 53.64%.

Market capitalisation fell to N154.40 trillion from N154.53 trillion, erasing approximately N137.12 billion in investor wealth.

Market summary:

• All-Share Index (ASI): 239,085.17 points, down -0.11%.
• Market capitalization: N154.40 trillion, down -0.11%.
• Year-to-date (YTD) market return: +53.64%.
• Trading volume: 668.72 million shares, up 60.49%.
• Market turnover (value traded): N23.83 billion.
• Total deals: 45,894.
• Market breadth: 19 stocks gained during the session, while 31 declined.

Top 5 Gainers:

• Red Star Express: up 9.86% to N16.15, from N14.70.
• University Press: up 9.38% to N5.25, from N4.80.
• UPDC: up 5.97% to N3.55, from N3.35.
• Haldane McCall: up 3.90% to N4.00, from N3.85.
• SUNU Assurances Nigeria: up 3.33% to N3.10, from N3.00.

Top 5 Losers:

• International Energy Insurance: down 9.82% to N3.49, from N3.87.
• Neimeth International Pharmaceuticals: down 9.38% to N7.25, from N8.00.
• Fidelity Bank: down 6.00% to N18.80, from N20.00.
• Guinea Insurance: down 5.19% to N0.73, from N0.77.
• NPF Microfinance Bank: down 4.82% to N3.95, from N4.15.

Driving the numbers:

The session’s losses were driven by declines in selected heavyweight stocks, with Fidelity Bank recording the steepest decline among notable large-cap names, tumbling 6.00% to N18.80 from N20.00.

• TIP fell 3.75%, Dangote Sugar declined 2.79%, and Ikeja Hotel eased 2.33%.
• First HoldCo dropped 1.58% to N127.90, from N129.95, losing N2.05 per share and standing out as one of the market’s bellwether stocks given its size.
• UBA slipped 1.44% to N44.45, Wema Bank fell 1.19% to N28.95, and Oando eased 0.43% to N35.05.
• FCMB Group edged down 0.43% to N11.45, adding to the broad-based pressure on banking names.

On the upside, Access Holdings advanced 1.85% to N27.50, while NGX Group rebounded 1.61% to N126.00, recovering some ground after recent weakness.

GTCO gained 0.55% to N127.70, and Dangote Sugar edged up marginally by 0.15% to N68.00 in a separate large-cap movement, even as the broader Consumer Goods Index remained under pressure.

Sector performance:

Sectoral weakness was concentrated more heavily in financial-sector indices.

• The NGX Banking Index declined 0.63% to 2,458.04 points, from 2,473.50 points, the session’s biggest sector decline.
• The Insurance Index followed, down 0.53% to 1,080.69 points.
• The Consumer Goods Index eased marginally by 0.01% to 4,039.72 points.
• The Oil & Gas and Industrial indices were both broadly flat, closing at 4,960.19 points and 10,378.83 points respectively.
• The Commodity Index closed unchanged at 1,687.99 points, the most resilient index of the session.

Market breadth remained negative, with 31 decliners outpacing 19 advancers, signalling broad-based selling despite modest pockets of buying interest.

Volume and value:

Trading activity strengthened during the session, with total volume traded rising 60.49% to 668.72 million shares, valued at N23.83 billion across 45,894 deals.

FTG Insurance recorded the highest volume with 206.72 million units traded, accounting for 30.91% of the day’s volume.

First HoldCo recorded the highest value at N7.90 billion, representing 33.15% of the value traded for the day.

UBA and First HoldCo accounted for 13.40% and 9.23% of total volume respectively, while UBA and MTN Nigeria followed First HoldCo in traded value.

What you should know:

Monday’s decline extends the market’s losing streak to 11th consecutive sessions since the correction began following the month’s record high, with the ASI now down considerably from its 248,529.75-point peak on August 10.

• With the market going on break Tuesday for the Eid-Ul-Mawlid holiday declared by the Federal Government of Nigeria, cautious positioning was seen across Monday’s session, as investors weighed exposure ahead of the break that shortens the trading week.
• The continued weakness in banking and insurance names, even as consumer goods, oil & gas, industrial, and commodity indices held broadly steady, suggests the correction remains concentrated in financial services rather than reflecting a uniform market-wide retreat.

Looking ahead, the market is expected to sustain its bearish trend as investor sentiment tilts increasingly negative, though residual optimism could spark a recovery driven by portfolio readjustment and strategic repositioning when trading resumes after the holiday break.