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The Nigerian equities market extended its bearish run on Monday, August 24, 2026, as sustained selling pressure in major stocks erased N137.12 billion in market value ahead of the Eid-Ul-Mawlid public holiday.
The benchmark NGX All-Share Index (ASI) fell by 0.11% to 239,085.17 points from 239,351.16 points recorded in the previous session. Market capitalisation consequently declined to N154.40 trillion from N154.53 trillion, while the market’s year-to-date return moderated to 53.64%.
11th Straight Session of Decline
Monday’s performance extended the market’s losing streak to 11 consecutive sessions, with the latest correction continuing from the NGX’s record high of 248,529.75 points reached on August 10.
Profit-taking in selected large-cap stocks remained a major driver of the decline, although the weakness was particularly pronounced across financial-sector counters.
The market’s breadth also reflected the negative sentiment, with 31 stocks closing lower compared with 19 gainers.
Fidelity Bank, First HoldCo Lead Selling Pressure
Among the major stocks, Fidelity Bank recorded one of the sharpest declines, falling 6.00% to N18.80 from N20.00.
First HoldCo also declined 1.58% to N127.90, losing N2.05 per share. UBA dropped 1.44% to N44.45, while Wema Bank and FCMB Group declined 1.19% and 0.43%, respectively.
Other notable decliners included TIP, which fell 3.75%, Dangote Sugar, down 2.79%, and Ikeja Hotel, which lost 2.33%.
The declines came despite some buying interest among heavyweight stocks. Access Holdings gained 1.85% to N27.50, NGX Group advanced 1.61% to N126.00, while GTCO rose 0.55% to N127.70.
Banking and Insurance Bear the Brunt
The financial sector remained the main source of pressure during the session.
The NGX Banking Index declined 0.63% to 2,458.04 points, making it the worst-performing sectoral index. The Insurance Index followed with a 0.53% decline to 1,080.69 points.
The Consumer Goods Index slipped marginally by 0.01% to 4,039.72 points, while the Oil & Gas and Industrial indices were broadly unchanged.
The Commodity Index was also unchanged at 1,687.99 points, making it the most resilient sectoral index during the session.
Trading Activity Picks Up
Despite the decline in equity values, trading activity increased considerably.
A total of 668.72 million shares changed hands during the session, representing a 60.49% increase from the previous trading day. The transactions were valued at N23.83 billion across 45,894 deals.
FTG Insurance recorded the highest volume at 206.72 million shares, accounting for 30.91% of total market volume.
First HoldCo dominated value traded with N7.90 billion, representing 33.15% of the day’s total. UBA and MTN Nigeria were also among the leading stocks by traded value.
Investors Position Ahead of Holiday
The market’s latest decline came as investors adjusted their positions ahead of Tuesday’s Eid-Ul-Mawlud public holiday, which will shorten the trading week.
The combination of the holiday break and the market’s extended correction appears to have encouraged a more cautious approach among investors.
However, the weakness has not been uniform across all sectors. The continued declines in banking and insurance stocks contrast with the relative stability recorded in consumer goods, oil and gas, industrial and commodity counters.
Gainers and Losers
Red Star Express led the gainers, rising 9.86% to N16.15, followed by University Press, which gained 9.38% to N5.25.
UPDC advanced 5.97% to N3.55, Haldane McCall rose 3.90% to N4.00, while SUNU Assurances Nigeria gained 3.33% to N3.10.
On the losing side, International Energy Insurance declined 9.82% to N3.49, while Neimeth International Pharmaceuticals fell 9.38% to N7.25. Fidelity Bank, Guinea Insurance and NPF Microfinance Bank also recorded significant declines.
What Comes Next
The market enters the holiday break with sentiment increasingly cautious after three weeks of declines.
The ASI remains significantly below its August 10 peak, while the concentration of recent losses in banking and insurance stocks suggests that the correction is being driven more heavily by financial-sector selling rather than a uniform retreat across the entire market.
When trading resumes, investor repositioning and portfolio adjustments could provide some support for a recovery. However, unless buying interest returns strongly to major counters, the bearish trend could persist as investors reassess valuations following the market’s earlier rally.
