NGX loses N1.17 trillion as MTN Nigeria, First HoldCo lead profit-taking

The Nigerian equities market witnessed a significant downturn on Tuesday, August 11, 2026, following a four-day winning streak. The decline was attributed to profit-taking in large-cap stocks, particularly MTN Nigeria and First HoldCo, which resulted in a sharp loss of approximately N1.17 trillion for investors. The NGX All-Share Index (ASI) fell by 0.73% to close at 246,723.57 points, dropping from the previous day's 248,529.75 points.

The market capitalization also decreased to N159.26 trillion from N160.42 trillion. The year-to-date return moderated to 58.55% from the previous 59.71%, as the correction wiped out part of the gains that had pushed the market past the N160 trillion mark just a day earlier. MTN Nigeria was the primary culprit behind the market's decline, with Fidelity Bank, Access Holdings, and UBA providing some support to the banking sector.

Despite the overall decline, market breadth remained close to even, with 28 gainers and 27 losers, and losses concentrated in a few heavyweight stocks overpowering gains across a broader range of counters. Trading activity remained robust during the session.