NGX Extends August Selloff As Investors Trade N157.8 Billion Worth Of Shares

The Nigerian Exchange (NGX) extended its August correction in the week ended August 21, 2026 as sustained profit-taking erased another 1.35 percent from the benchmark index despite robust trading activity across financial services stocks.

The NGX All-Share Index (ASI) declined 1.35 percent to close the week at 239,351.16 points, down from 242,619.20 points recorded the previous week.

Equity market capitalisation also fell 1.33 percent to N154.534 trillion, extending the market’s August losses as investors continued to take profits in several large-cap equities.

Trading Volume Remains Strong

Despite the market decline, investor participation remained robust.

A total of 6.242 billion shares valued at N157.764 billion were exchanged in 186,496 deals during the week, compared with 12.153 billion shares worth N176.058 billion traded in 224,146 deals a week earlier.

Compared with the previous week:

Trading volume declined by 48.6%
Transaction value eased by 10.4%
Number of deals fell by 16.8%

Although activity moderated from the exceptionally high levels recorded a week earlier, turnover remained relatively strong, indicating that institutional investors continued to reposition portfolios rather than exit the market entirely.

Financial Services Retain Market Leadership

Financial services remained the dominant sector on the Exchange.

The sector accounted for 5.594 billion shares worth N56.431 billion, representing:

89.62% of total trading volume
35.77% of total transaction value

ICT followed with 143.70 million shares valued at N29.79 billion, while the Services sector recorded 138.67 million shares worth N1.75 billion.

The continued dominance of financial services underscores sustained investor interest in banking and insurance counters despite the broader market weakness.

Fortis, Lasaco and Consolidated Hallmark Lead Trading

Trading activity remained heavily concentrated in insurance stocks.

Fortis Global Insurance Plc, Lasaco Assurance Plc and Consolidated Hallmark Holdings Plc jointly accounted for 4.168 billion shares worth N9.249 billion, representing:

66.77% of total market volume
5.86% of total market value

The figures reinforce the insurance sector’s position as one of the busiest segments of the market throughout August.

Oil & Gas and Insurance Weigh on Market

Sector performance remained largely negative.

The NGX Oil & Gas Index recorded the steepest decline, falling 4.64 percent, while the NGX Insurance Index shed 3.75 percent.

The NGX Banking Index declined 2.92 percent, the NGX Consumer Goods Index fell 2.36 percent, and the NGX Premium Index slipped 0.82 percent.

The NGX Consumer Goods Index was the only major sectoral index to finish marginally positive, gaining 0.05 percent, while the NGX Sovereign Bond Index closed unchanged.

Haldane McCall Tops Weekly Gainers

Haldane McCall Plc emerged as the week’s best-performing stock after gaining 32.30 percent.

Other notable gainers included:

Trans-Nationwide Express Plc (+16.20%)
Dangote Sugar Refinery Plc (+5.19%)
Cadbury Nigeria Plc (+4.68%)
UAC of Nigeria Plc (+4.62%)
Legend Internet Plc (+3.75%)
Honeywell Flour Mill Plc (+3.55%)
RT Briscoe Plc (+3.02%)
The Initiates Plc (+2.69%)
NPF Microfinance Bank Plc (+2.47%)

Insurance Stocks Dominate Losers’ Chart

Insurance companies also featured prominently among the week’s biggest decliners.

International Energy Insurance Plc led the losers after shedding 27.26 percent.

Other major decliners included:

Fortis Global Insurance Plc (-23.95%)
Royal Exchange Plc (-18.49%)
Red Star Express Plc (-18.33%)
UPDC Plc (-10.67%)
Nigerian Exchange Group Plc (-10.66%)
University Press Plc (-10.28%)
NEM Insurance Plc (-10.18%)
Aradel Holdings Plc (-9.99%)
Critical Minerals Financing Corporation Plc (-9.94%)

ETF and Bond Markets

Exchange-traded products recorded 1.707 million units worth N571.97 million, compared with 2.346 million units valued at N501.05 million in the previous week. While ETF volume declined, transaction value increased.

The bond market recorded a significant increase in activity, with investors trading 1.476 million units valued at N1.476 billion, compared with 232,979 units worth N226.26 million a week earlier.

The surge was driven primarily by activity in NBET2033S1B, which accounted for the bulk of bond turnover.

Corporate Actions

During the week, NGX admitted 15 billion additional ordinary shares of Veritas Kapital Assurance Plc following the completion of its private placement, increasing the company’s total issued shares to 28.87 billion.

The Exchange also announced the suspension of trading in Universal Insurance Plc effective August 20, 2026, following the revocation of the company’s operating licence by the National Insurance Commission (NAICOM) and the appointment of a liquidator.

Outlook

The week’s performance confirms that the Nigerian stock market remains in a corrective phase after July’s historic rally.

While liquidity remains healthy and institutional investors continue to dominate trading in financial services stocks, sustained profit-taking across insurance, oil and gas, banking and selected large-cap equities continues to weigh on market performance.

Going into the final full week of August, investor attention is expected to remain focused on corporate actions, institutional positioning and value opportunities as the market searches for a new equilibrium following its recent pullback.