The Nigerian Exchange (NGX) closed the trading week ended Friday, August 21, 2026, on a bearish note, as renewed selling pressure across major sectors pushed the benchmark index and market capitalisation lower.
The NGX All-Share Index (ASI) fell by 1.35 per cent to 239,351.16 points from 242,619.20 points in the previous week, while market capitalisation declined by 1.33 per cent to ₦154.534 trillion.
The performance showed a broad weakening in investor sentiment, with 59 stocks recording price losses compared with only 18 gainers, while 70 stocks closed unchanged.
The sell-off was particularly visible in the oil and gas, insurance and banking sectors.
The oil and gas index recorded the largest decline among the highlighted sectors, falling 4.64 per cent to 4,960.37.
The insurance index followed with a 3.75 per cent decline to 1,086.42, while the commodity index fell 3.18 per cent to 1,687.99.
The banking index also declined by 2.92 per cent to 2,473.50.
The industrial goods index was virtually unchanged, recording a marginal 0.22-point decline to 10,378.88, while the consumer goods index was the only highlighted sector to gain, rising 0.05 per cent to 4,040.07.
The bearish mood was reflected in the biggest price losers, with International Energy Insurance leading the decliners, falling 27.26 per cent from ₦5.32 to ₦3.87, followed by Fortis Global Insurance, which declined 23.95 per cent from ₦2.63 to ₦2.00. Royal Exchange fell 18.49 per cent, while Red Star Express dropped 18.33 per cent.
Other major decliners included UPDC, down 10.67 per cent; Nigerian Exchange Group, down 10.66 per cent; University Press, down 10.28 per cent; NEM Insurance, down 10.18 per cent; Aradel Holdings, down 9.99 per cent; and Critical Minerals Financing Corp, down 9.94 per cent.
The few stocks that bucked the broader decline were led by Haldane McCall, which gained 32.30 per cent from ₦2.91 to ₦3.85. Trans-Nationwide Express rose 16.20 per cent, while Dangote Sugar Refinery gained 5.19 per cent. Cadbury Nigeria, UACN, Legend Internet, Honeywell Flour Mill, RT Briscoe, The Initiates and NPF Microfinance Bank also recorded gains.
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Trading Activity Loses Momentum
The bearish performance came alongside a significant slowdown in market activity, as total turnover volume fell 48.64 per cent to 6.242 billion shares from 12.153 billion shares in the preceding week.
Turnover value also declined, falling 10.39 per cent to ₦157.764 billion from ₦176.058 billion, while the number of deals dropped from 224,146 to 186,496.
The financial services industry continued to dominate trading, accounting for 89.62 per cent of total equity turnover volume and 35.77 per cent of the total value traded.
Veritas Kapital, Universal Insurance and FGN Bonds
Three notable market activities also took place during the week.
On Thursday, August 20, the NGX listed an additional 15 billion ordinary shares of Veritas Kapital Assurance through a private placement at ₦1.00 per share. The listing increased the company’s total issued and fully paid-up shares from 13.866 billion to 28.867 billion.
Trading in Universal Insurance was also suspended on the NGX effective August 20. The suspension followed the revocation of the company’s operational licence by the National Insurance Commission after it failed to meet the minimum capital requirement for its licensing category. A liquidator was also appointed to take over the company’s assets.
Meanwhile, the NGX on August 18 listed additional units of existing Federal Government of Nigeria bonds issued in July 2026. The supplementary listings covered the 22.60 per cent FGN JAN 2035, 16.2499 per cent FGN APR 2037 and 15.45 per cent FGN JUN 2038 bonds, increasing their outstanding units to 2.134 billion, 3.276 billion and 1.046 billion respectively.
Looking ahead, analysts at Cowry Asset Management said, “The Nigerian equities market is expected to remain volatile and cautious in the short term amid continued profit-taking. However, the medium-term outlook remains cautiously positive, supported by strong earnings and attractive valuations, with investors likely to favour fundamentally sound stocks.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X