NGX Records Weekly Loss as Investors Trade N176 Billion Worth of Shares Amid Heavy Financial Sector Activity

The Nigerian Exchange (NGX) closed the week ended August 14, 2026 on a weaker note as sustained profit-taking dragged the benchmark index lower despite a sharp increase in trading activity driven largely by financial services stocks.

The NGX All-Share Index (ASI) declined 1.20 percent to close at 242,619.20, down from 245,573.60 recorded in the previous week.

Equity market capitalisation also fell 1.19 percent to N156.624 trillion, indicating a weekly loss of approximately N1.89 trillion in investors’ wealth.

The decline followed a volatile week in which the market alternated between gains and losses before ending in negative territory as investors continued to lock in profits after July’s strong rally.

Trading Volume More Than Doubles

Despite the weaker market performance, trading activity accelerated significantly.

Investors traded 12.153 billion shares valued at N176.06 billion in 224,146 deals, compared with 5.359 billion shares worth N139.05 billion exchanged in 261,869 deals during the previous week.

The figures represent:

• 126.8% increase in trading volume
• 26.6% increase in transaction value
• 14.4% decline in the number of deals

The sharp increase in volume alongside fewer deals indicates that larger transactions dominated market activity during the week.

Financial Services Drive Market Turnover

The Financial Services sector remained the engine of market activity.

Investors traded 11.212 billion shares worth N88.99 billion in the sector, representing:

• 92.25% of total market volume
• 50.55% of total market value

The ICT sector ranked second with 246.13 million shares valued at N51.61 billion, while the Services sector followed with 198.20 million shares worth N2.00 billion.

The concentration of trading within financial stocks underscores continued institutional interest in banking and insurance equities despite the broader market correction.

Fortis, Cornerstone and Consolidated Hallmark Dominate Trading

Market activity was heavily concentrated in three insurance-related stocks.

Fortis Global Insurance Plc, Cornerstone Insurance Plc and Consolidated Hallmark Holdings Plc jointly accounted for 9.488 billion shares valued at N36.22 billion.

Together, the three companies represented:

• 78.07% of total market volume
• 20.57% of total market value

The figures highlight how a handful of large transactions shaped overall market liquidity during the week.

Consumer Goods Record Sharpest Sector Decline

Consumer goods stocks posted the weakest sectoral performance.

The NGX Consumer Goods Index declined 6.72 percent, making it the worst-performing sector for the week.

The weakness reflected sharp declines in several major consumer companies.

BUA Foods Plc fell 10 percent, wiping approximately N1.52 trillion from its market capitalisation during the week.

Unilever Nigeria Plc lost 18.94 percent, while Dangote Sugar Refinery Plc declined 11.58 percent.

The sustained selloff across large-cap consumer companies weighed heavily on the broader market.

Insurance Stocks Produce Some of the Week’s Biggest Winners

Although insurance stocks dominated trading activity, performance across the sector remained mixed.

International Energy Insurance Plc emerged among the week’s strongest performers after gaining 31.68 percent.

Sovereign Trust Insurance advanced 13.77 percent, while Guinea Insurance gained 8.11 percent.

The gains suggest investors selectively accumulated insurance counters despite weakness elsewhere in the market.

Trans-Nationwide Express Leads Weekly Gainers

Trans-Nationwide Express Plc recorded the strongest weekly performance after advancing 32.09 percent.

Other notable gainers included:

• International Energy Insurance (31.68%)
• Sovereign Trust Insurance (13.77%)
• Chams Holding (12.25%)
• CWG Plc (9.74%)
• Airtel Africa (8.59%)
• Guinea Insurance (8.11%)
• VFD Group (7.83%)
• Nigerian Aviation Handling Company (7.29%)
• Cadbury Nigeria (6.71%)

The performance shows buying interest remained concentrated in selected insurance, technology and industrial stocks.

AVA Capital Records Steepest Weekly Decline

AVA Capital Plc emerged as the week’s biggest loser after declining 34.55 percent, reflecting continued profit-taking following its strong post-listing rally.

Other major decliners included:

• Unilever Nigeria (-18.94%)
• Zichis Agro Allied Industries (-15.08%)
• Thomas Wyatt Nigeria (-14.33%)
• Dangote Sugar Refinery (-11.58%)
• NPF Microfinance Bank (-10.99%)
• Austin Laz & Company (-10.69%)
• Cornerstone Insurance (-10.62%)
• BUA Foods (-10.00%)
• John Holt (-9.90%)

Lasaco Expands Share Capital

During the week, Nigerian Exchange admitted 9.24 billion additional ordinary shares of Lasaco Assurance Plc following the successful completion of the company’s rights issue.

The new shares were issued at N2.00 per share, increasing Lasaco’s total issued shares from 11.08 billion to 20.32 billion ordinary shares.

The supplementary listing further strengthened activity within the insurance sector, which remained the dominant segment of the market throughout the week.

ETF and Bond Markets

Exchange-traded products recorded lower activity compared with the previous week.

A total of 2.35 million ETF units valued at N501.05 million were traded, compared with 3.56 million units worth N513.09 million in the preceding week.

Meanwhile, activity in the bond market improved as investors traded 232,979 units valued at N226.26 million, compared with 117,372 units worth N121.25 million a week earlier.

Outlook

The week reflected a market undergoing sector rotation rather than broad-based liquidation.

Financial services stocks continued to dominate trading activity, while institutional transactions in insurance counters significantly boosted overall market turnover.

However, sustained selling in consumer goods and selected large-cap stocks outweighed gains recorded in financials, leaving the benchmark index lower for the week.

Going into the new trading week, investor attention is expected to remain focused on corporate earnings, dividend announcements, institutional transactions and post-results positioning as the market searches for fresh direction after two consecutive weeks of heightened volatility.