The Nigerian equities market has recorded a N5.89 trillion decline in quoted market value over nine consecutive trading sessions, as profit-taking swept across major stocks and pushed the benchmark index below the 240,000-point mark.
Market capitalisation fell from N160.42 trillion on Monday, August 10, to N154.53 trillion on Friday, August 21, representing a 3.67 per cent decline.
Similarly, the NGX All-Share Index dropped by 9,178.59 points, or 3.69 per cent, from 248,529.75 points to 239,351.16 points, its lowest closing level since early July.
The downturn followed a strong market rally that pushed the NGX to a record close on August 10, prompting investors to lock in gains from some of the market’s biggest stocks.
BUA Foods and MTN Nigeria accounted for nearly half of the total market-value decline, jointly contributing N2.91 trillion, or 49.3 per cent, to the N5.89 trillion loss.
BUA Foods recorded the biggest decline, losing N1.52 trillion in market value as its capitalisation dropped from N15.21 trillion to N13.69 trillion. Its share price also fell from N845.10 to N760.60.
MTN Nigeria followed with a N1.39 trillion decline in market value, falling from N17.74 trillion to N16.36 trillion. Its share price dropped from N845 to N779.
However, part of MTN Nigeria’s decline was attributed to an ex-dividend price adjustment on Friday, when the stock moved from N805 to N779 to reflect its dividend entitlement. The adjustment reduced the company’s quoted market value but was not entirely driven by selling pressure.
The market correction began on Tuesday, August 11, a day after the NGX reached its record close. The All-Share Index fell by 0.73 per cent, while market capitalisation declined to N159.26 trillion.
Selling pressure subsequently spread across consumer goods, banking, telecommunications and energy stocks. By Friday, August 14, the index had fallen to 242,619.20 points, representing a 2.38 per cent decline from the August 10 peak.
The downward trend continued into the following week, with the index shedding another 686.64 points, or 0.29 per cent, on Friday, August 21. Market capitalisation also fell by about N443 billion during the session.
HBM Nigeria, formerly Lafarge Africa, recorded the next-largest market-value loss after BUA Foods and MTN Nigeria. Its market capitalisation declined by about N401 billion, from N5.78 trillion to N5.38 trillion, while its share price fell from N358.90 to N334.
Other major decliners included Unilever Nigeria, which lost N183.55 billion; GTCO, N109.65 billion; Fidelity Bank, N105 billion; Seplat Energy, N98 billion; and FCMB Group, N92.34 billion.
Stanbic IBTC Holdings lost N81.10 billion, Nigerian Breweries shed N78 billion, while Dangote Sugar recorded a N61.95 billion decline.
Among the highlighted stocks, AVA Capital recorded the largest percentage decline, falling 26.26 per cent from N9.90 to N7.30. Unilever Nigeria followed with a 21.89 per cent decline.
Despite the recent correction, the NGX All-Share Index remains strongly positive year-to-date, delivering a 53.81 per cent return in 2026.
The 16 highlighted companies collectively lost about N4.17 trillion, accounting for approximately 70.8 per cent of the overall N5.89 trillion decline.
The latest sell-off comes after an exceptional rally that lifted market capitalisation above N160 trillion and pushed the All-Share Index to a record 248,529.75 points.
Investors and analysts are now watching corporate earnings, interest rates, foreign investment flows and overall market breadth for signs of whether the current decline is simply a temporary correction or the start of a deeper market downturn.
Importantly, the N5.89 trillion figure represents a decline in the quoted market value of listed companies. It does not mean that an equivalent N5.89 trillion in cash was physically withdrawn from the Nigerian equities market.
