Nigerian equities sell-off stretches to 11th straight session, wiping out N260 billion

Resuming after the Eid-Ul-Mawlid public holiday, the Nigerian equities market extended its bearish run on Wednesday, August 26, 2026, as sustained selling pressure across insurance, banking, consumer goods and oil & gas stocks wiped out approximately N259.76 billion, marking the 11th consecutive session of losses.

The benchmark NGX All-Share Index (ASI) declined 0.17% to close at 238,682.92 points, down from 239,085.17 points recorded in the previous session, extending the market’s slide further away from its psychological 240,000-point support level.

Consequently, market capitalisation fell to N154.14 trillion from N154.40 trillion, as investors continued locking in gains following the market’s strong rally earlier in the month, even as the market’s year-to-date return remained firmly positive at 53.38%.

Market summary:

• All-Share Index (ASI): 238,682.92 points, down 0.17%.
• Market capitalisation: N154.14 trillion, down 0.17%.
• Market value lost: Approximately N259.76 billion.
• Month-to-Date & Year-to-Date returns: -2.7% and +53.38%, respectively.
• Volume: 733.35 million shares, up 9.67%.
• Value: N34.52 billion, up 44.90%.
• Deals: 49,210, up 7.23%.
• Market breadth: 17 gainers vs 41 losers.

Top 5 Gainers:

• Neimeth International Pharmaceuticals: up 9.66% to N7.95, from N7.25.
• NEM Insurance: up 6.67% to N32.00, from N30.00.
• Regency Alliance Insurance: up 6.25% to N0.85, from N0.80.
• Linkage Assurance: up 5.62% to N1.88, from N1.78.
• Critical Minerals Financing Corporation (CMFC): up 2.84% to N2.90, from N2.82.

Top 5 Losers:

• Fidson Healthcare: down 9.99% to N84.20.
• FTN Cocoa Processors: down 9.94% to N7.79.
• International Energy Insurance: down 9.74% to N3.15.
• Livestock Feeds: down 9.43% to N7.20.
• Omatek Ventures: down 9.42% to N1.25.

Driving the numbers:

The market’s decline was largely driven by renewed weakness across banking, healthcare and consumer goods names.

• Fidson Healthcare emerged as the session’s biggest single decliner, shedding its maximum 9.99% to close at N84.20.
• Zenith Bank fell 2.1%, Jaiz Bank declined 7.7%, and Oando dropped 3.0%, extending pressure across banking and energy counters.
• PZ Cussons Nigeria and Zichis Agro Allied Industries also featured among the session’s notable large and medium-cap decliners, weighing on the Consumer Goods Index.

On the positive side, Neimeth International Pharmaceuticals led all gainers, advancing 9.66% to N7.95, while NEM Insurance added 6.67% to close at N32.00, providing some of the session’s only meaningful support amid otherwise broad-based selling.

Sector performance:

Sectoral performance remained negative across the board, though the Industrial Goods Index held broadly flat.

The NGX Insurance Index recorded the steepest sector decline, falling 0.94% to close at 1,070.51 points from 1,080.69 points.

• The Banking Index eased 0.41% to 2,447.97 points, from 2,458.04 points.
• The Consumer Goods Index declined 0.28% to 4,028.23 points.
• The Oil & Gas Index slipped 0.11% to 4,954.75 points.
• The Industrial Index was virtually unchanged at 10,378.92 points.
• The Commodity Index closed flat at 1,687.99 points.

Market breadth remained firmly negative, with 41 decliners outpacing 17 advancers, underscoring the depth of the session’s selling pressure despite the modest scale of the index’s overall decline.

Volume and value:

Trading activity strengthened notably despite the market’s weakness, with total volume traded rising 9.67% to 733.35 million shares, valued at N34.52 billion, a sharp 44.90% jump in value, while deal count advanced 7.23% to 49,210 transactions.

• Fortis Global Insurance topped the activity chart by volume with 134.006 million shares worth N267.979 million.
• First HoldCo led by value with 88.939 million shares worth N11.061 billion.
• Access Holdings traded 32.658 million shares worth N910.460 million.

Zenith Bank transacted 30.869 million shares valued at N3.712 billion, and Veritas Kapital Assurance traded 28.627 million shares worth N34.120 million.

What you should know:

Wednesday’s session extends the Nigerian equities market’s losing streak to 11th consecutive trading days since August 11, with investors continuing to reassess valuations following the strong rally that pushed the ASI to the month’s high of 248,529.75 points on Monday, August 10.

• The session was characterised by bearish sentiment alongside stronger trading activity, as increased market participation failed to offset resumed selling pressure across major sectors.
• Insurance stocks remain a key battleground, with International Energy Insurance extending losses.
• With the market’s month-to-date return now at -2.7%, the shortened trading week following the Eid-Ul-Mawlid holiday has failed to break the pattern of sustained profit-taking that has defined the market since its early-August peak.

Looking ahead, analysts at Cowry Asset Management Limited said the market is expected to sustain its bearish trend amid persistent profit-taking activity, though residual optimism could spark a recovery driven by portfolio readjustment and strategic repositioning.