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Nigeria’s equities market endured its sharpest weekly pullback since the June correction, with investors losing about N3.8 trillion in market value between Monday’s record-setting rally and Friday’s close.
Despite the broad market downturn, a number of small- and mid-cap stocks bucked the trend, led by Trans-Nationwide Express Plc, which gained more than 32% during the week ended August 14, 2026.
The market’s decline followed a record start to the week when market capitalisation reached N160.42 trillion and the NGX All-Share Index (ASI) climbed to 248,529.75 points on Monday. By Friday, the ASI had retreated to 242,619.20 points, leaving its year-to-date return at about 55.9%, compared with 59.71% at the record peak.
Top Gainers: Trans-Nationwide Express Leads
Trans-Nationwide Express emerged as the strongest-performing stock, appreciating 32.09% from N2.15 to N2.84 per share.
International Energy Insurance followed with a 31.68% increase, rising from N4.04 to N5.32, as investors continued to find opportunities in selected insurance and smaller-cap stocks despite the broader profit-taking wave.
Other notable gainers included:
| Rank | Stock | Weekly Gain | Closing Price |
|---|---|---|---|
| 1 | Trans-Nationwide Express | 32.09% | N2.84 |
| 2 | International Energy Insurance | 31.68% | N5.32 |
| 3 | Sovereign Trust Insurance | 13.77% | N1.90 |
| 4 | Chams Holding Company | 12.25% | N4.58 |
| 5 | CWG | 9.74% | N21.40 |
| 6 | Airtel Africa | 8.59% | N6,300.00 |
| 7 | Guinea Insurance | 8.11% | N0.80 |
| 8 | VFD Group | 7.83% | N12.40 |
| 9 | NAHCO | 7.29% | N150.20 |
| 10 | Cadbury Nigeria | 6.71% | N62.00 |
The performance shows that gains were concentrated in selected counters rather than reflecting a broad recovery across the market.
Top Losers: AVA Capital Falls 34.55%
At the other end of the market, AVA Capital recorded the steepest decline, plunging 34.55% to N7.20.
The recently listed company’s reversal extended a period of considerable volatility after it had previously featured among the market’s strongest performers.
Unilever Nigeria was the second-biggest decliner, losing 18.94% to N118.30 despite the company’s strong first-half 2026 performance.
The other stocks in the bottom 10 were:
| Rank | Stock | Weekly Loss | Closing Price |
|---|---|---|---|
| 1 | AVA Capital | 34.55% | N7.20 |
| 2 | Unilever Nigeria | 18.94% | N118.30 |
| 3 | Zichis Agro Allied Industries | 15.08% | N18.30 |
| 4 | Thomas Wyatt Nigeria | 14.33% | N2.75 |
| 5 | Dangote Sugar Refinery | 11.58% | N64.55 |
| 6 | NPF Microfinance Bank | 10.99% | N4.05 |
| 7 | Austin Laz & Company | 10.69% | N2.84 |
| 8 | Cornerstone Insurance | 10.62% | N5.05 |
| 9 | BUA Foods | 10.00% | N760.60 |
| 10 | John Holt | 9.90% | N9.10 |
Consumer Goods Bears Brunt of Selloff
The NGX Consumer Goods Index suffered the heaviest sectoral decline, dropping 6.72% week-on-week to 4,037.91 points.
The sector came under pressure from major counters including Dangote Sugar and Unilever Nigeria. Its performance has also left it as the weakest-performing major sector on a year-to-date basis, with a gain of only 1.57%.
Other sectoral indices also closed lower:
- Insurance: -2.72% to 1,128.74 points
- Banking: -1.48% to 2,548.02 points
- Industrial Goods: -1.22% to 10,379.10 points
- Oil & Gas: -0.74% to 5,201.81 points
Despite the weekly losses, Oil & Gas remained the best-performing major sector in 2026, up 94.81%, followed by Industrial Goods at 82.84%.
Market Activity Jumps Despite Falling Prices
The selloff occurred alongside significantly higher trading activity.
Investors exchanged 12.153 billion shares valued at N176.058 billion in 224,146 deals, compared with 5.359 billion shares worth N139.053 billion in 261,869 deals during the previous week.
The Financial Services Industry dominated trading, accounting for 92.25% of total volume and 50.55% of total value, with 11.212 billion shares worth N88.991 billion changing hands.
The ICT sector followed with 246.127 million shares valued at N51.605 billion, while Services recorded 198.195 million shares worth N1.995 billion.
Three insurance-related counters—Fortis Global Insurance, Cornerstone Insurance and Consolidated Hallmark Holdings—alone accounted for 9.488 billion shares, worth N36.219 billion, representing 78.07% of total market volume.
26 Stocks Gain as 59 Decline
The breadth of the market reflected the bearish sentiment.
Only 26 equities appreciated, matching the previous week’s figure, while 59 stocks declined, down from 63 a week earlier. Another 62 equities remained unchanged, compared with 58 in the preceding week.
The numbers indicate that although selected stocks attracted buying interest, selling pressure remained dominant across the broader market.
Corporate Actions Shape Some Price Movements
Corporate actions also influenced prices during the week.
Lasaco Assurance Plc listed an additional 9.236 billion ordinary shares on August 12, taking its total issued shares from 11.08 billion to 20.32 billion. The new shares arose from a rights issue priced at N2 per share, offered at a ratio of five new shares for every six shares held.
Several counters also traded ex-dividend, resulting in price adjustments. Presco fell from N2,070 to N2,055.34 following a N14.66 dividend, while Seplat Energy adjusted from N11,363.90 to N11,200.63 after a N163.27 dividend.
Other ex-dividend adjustments affected Ikeja Hotel, The Initiates and HBM Nigeria.
Profit-Taking Overshadows Earlier Rally
The week’s performance highlights the sharp reversal in sentiment after Monday’s record-setting session.
From the N160.42 trillion market value reached on August 10, the NGX shed approximately N3.80 trillion by Friday. On a week-on-week basis, however, market capitalisation declined by about N1.89 trillion, or 1.19%, from N158.51 trillion on August 7 to N156.62 trillion on August 14.
The correction was largely attributed to profit-taking, with stocks such as MTN Nigeria (-4.73%), BUA Foods (-10.00%) and Zenith Bank (-2.70%) weighing on the market.
Still, the performance of Airtel Africa (+8.59%), GTCO (+0.39%) and AccessCorp (+0.37%) shows that buying interest has not disappeared entirely.
For investors, the key question heading into the new week is whether the recent selloff represents a temporary profit-taking phase after a powerful rally or the beginning of a deeper market correction.
