The Nigerian equities market has suffered a sharp two-week sell-off, wiping approximately N5.9 trillion off its market capitalisation as investors continued to take profits across major stocks. The market value fell from a recent high of N160.42 trillion on August 10 to N154.53 trillion on August 21, 2026, while the All-Share Index (ASI) dropped 9,178.59 points, or 3.69%, to close at 239,351.16 points.
The downturn has been particularly painful for some of Nigeria’s biggest listed companies, with BUA Foods and MTN Nigeria accounting for almost half of the total market value lost. BUA Foods recorded the largest decline, losing N1.521 trillion in market value as its share price fell from N845.10 to N760.60. MTN Nigeria followed closely, shedding N1.386 trillion as its share price declined from N845.00 to N779.00, representing a 7.81% drop.
The pressure on the market has now extended to 10 consecutive trading sessions, reflecting sustained profit-taking after the NGX recorded a strong rally earlier in August. By August 14, the first week of the correction had already erased 5,910.55 points from the ASI. Selling pressure intensified during the following week, with energy and banking stocks also coming under renewed pressure. On Friday, August 21 alone, the ASI fell 686.64 points, while market capitalisation declined by about N443 billion.
Several other blue-chip stocks also contributed heavily to the sell-off. Among the notable decliners were Unilever Nigeria, FCMB Group, Dangote Sugar, Seplat Energy, Fidelity Bank, GTCO, Stanbic IBTC Holdings and Nigerian Breweries. Unilever recorded one of the steepest percentage declines, losing N183.55 billion in market value, while newly listed AVA Capital suffered a 26.26% decline. Altogether, 12 major stocks accounted for about N4.17 trillion, or 70.7%, of the market’s total loss during the review period.
Despite the recent correction, the NGX remains firmly in positive territory for the year, with the ASI posting a 53.81% year-to-date return. However, the latest decline highlights how quickly profit-taking can reverse market gains after a strong rally. With the index now below the psychologically important 240,000-point level and investors closely watching major stocks, the coming trading sessions could provide a clearer indication of whether the sell-off is a temporary correction or the beginning of a broader market slowdown.
source: nairametrics
