The Nigerian equities market lost approximately N5.9 trillion in market value in two weeks as sustained profit-taking dragged the market capitalisation down from a month-high N160.42 trillion on Monday, August 10, 2026, to N154.53 trillion on Friday, August 21.
The decline represents a 3.67% drop in market capitalisation, while the All-Share Index (ASI) fell by 9,178.59 points, or 3.69%, from 248,529.75 points to 239,351.16 points over the same period.
The market correction, which began on Tuesday, August 11, followed a strong rally that pushed the benchmark index above the 248,000-point level and market capitalisation beyond N160 trillion.
By Friday, August 21, the ASI had fallen below the psychologically significant 240,000-point threshold for the first time since early July, highlighting the intensity of the sell-off across major sectors.
BUA Foods and MTN Nigeria accounted for almost half of the total market value lost during the review period.
BUA Foods recorded the largest decline in absolute market value, shedding N1.521 trillion as its market capitalisation fell from N15.211 trillion to N13.690 trillion.
Its share price dropped from N845.10 to N760.60, representing a 10% decline.
MTN Nigeria followed closely, losing N1.386 trillion in market value as its capitalisation fell from N17.741 trillion to N16.355 trillion.
The telecommunications giant’s share price declined from N845.00 to N779.00, representing a 7.81% drop. The decline was further affected on Friday after the stock was adjusted for dividends from N805.00 to N779.00.
Together, BUA Foods and MTN Nigeria accounted for 49.3% of the N5.9 trillion market value decline, while the other major stocks tracked during the period accounted for the remaining 50.7%.
The selling pressure became evident on Tuesday, August 11, when investors began taking profits after the market’s record performance the previous day.
The ASI fell by 1,806.18 points, or 0.73%, to 246,723.57 points, while market capitalisation declined by about N1.7 trillion to N159.26 trillion.
The pressure on large-cap stocks persisted throughout the week ended August 14 and extended into the following trading week, spreading across banking, energy, consumer goods and other sectors.
By Friday, August 14, the first week of the correction, the ASI had declined to 242,619.20 points, representing a loss of 5,910.55 points, or 2.38%, from the August 10 close.
The second week brought further losses as energy and banking stocks came under renewed selling pressure.
On Friday, August 21 alone, the ASI declined by 686.64 points, or 0.29%, to 239,351.16 points, while market capitalisation fell by approximately N443 billion to N154.53 trillion.
Beyond BUA Foods and MTN Nigeria, several blue-chip stocks recorded significant losses during the two-week correction.
Topping the percentage declines was newly listed AVA Capital, whose market value fell from N49.5 billion to N36.5 billion. The N13 billion decline represented a 26.26% drop, while its share price fell from N9.90 to N7.30.
Unilever Nigeria recorded the second-largest percentage decline, losing N183.553 billion in market value as its capitalisation fell from N838.483 billion to N654.930 billion. Its share price declined from N145.95 to N114.00, representing a 21.89% drop.
FCMB Group lost N92.336 billion, with its market value declining from N850.814 billion to N758.478 billion. Its share price fell from N12.90 to N11.50, representing a 10.85% decline.
Dangote Sugar lost N61.949 billion, as its market capitalisation fell from N886.722 billion to N824.773 billion. Its share price declined from N73.00 to N67.90, representing a 6.99% drop.
HBM’s market value declined by N401 billion, from N5.781 trillion to N5.380 trillion, representing a 6.94% decline. Its share price fell from N421.70 to N391.70.
Seplat Energy lost N98 billion, with market value declining from N6.817 trillion to N6.719 trillion. Its share price fell from N11,363.90 to N11,200.60.
Presco shed N11 billion, while Transcorp lost N25.914 billion. UACN declined by N1.024 billion, while Nigerian Breweries lost N78 billion.
Fidelity Bank’s market value fell by N105 billion, from N1.368 trillion to N1.263 trillion, as its share price declined from N21.65 to N20.00.
GTCO lost N109.651 billion, with its market capitalisation falling from N4.752 trillion to N4.642 trillion. Its share price moderated from N130.00 to N127.00.
Sterling Financial Holdings lost N3.296 billion, while Stanbic IBTC Holdings shed N81.099 billion as its market value declined from N2.563 trillion to N2.482 trillion.
Overall, the major stocks tracked accounted for a substantial portion of the market’s N5.9 trillion decline.
The market’s losing streak reached 10 consecutive trading sessions on Friday, August 21, as investors continued to lock in gains following the strong rally that lifted the ASI to 248,529.75 points on August 10.
Despite the sharp correction, the Nigerian equities market remains firmly positive on a year-to-date basis, with the ASI recording a 53.81% year-to-date return.
The latest sell-off therefore represents a significant short-term correction following the market’s strong rally, rather than a reversal of its broader year-to-date gains.
