Stock Market Sustains Downward Trend, Drops by N3.54tn in Three Days
Kayode Tokede The stock market section of the Nigerian Exchange Limited (NGX) has continued its downward trend, dropping by N3.54 trillion in its third consecutive day trading activities. The market
The Nigerian stock market has continued its downward trajectory, declining by N3.54 trillion over the past three consecutive trading days. The market, which started the week on a positive note, has seen massive profit-taking by investors in majorly capitalized stocks, leading to a reduction in investors' returns. As of August 13, 2026, the market capitalization has dropped to N156.881 trillion, a 2.21 percent decrease from its closing value on August 10, 2026.
The NGX All Share Index also closed at 243,017.38 basis points, down by 5,512.37 basis points or 2.27 percent from the previous trading day. This downward trend has led to a significant reduction in the Month-to-Date and Year-to-Date returns, settling at -0.9 percent and +56.2 percent, respectively. The market capitalization and the index values were affected by profit-taking in large and medium-capitalized stocks, including HBM Nigeria Plc, Unilever Nigeria Plc, and 39 others.
HBM Nigeria experienced a 4.6 percent decline, while Unilever Nigeria saw a 10 percent drop. The NGX Consumer Goods, NGX Insurance, NGX Banking, and NGX Oil & Gas indices all saw negative performance, with the NGX Industrial Goods Index remaining unchanged. On Wednesday, investors lost N1.76 trillion due to profit-taking and renewed selling pressure, triggering a broad market decline.
The NGX All-Share Index (ASI) dropped by 2,756.48 basis points or 1.12 percent, closing at 243,967.09 basis points. Large and medium-capitalized stocks like BUA Foods, Unilever Nigeria, HBM Nigeria, UACN, and Zenith Bank experienced price depreciation, with BUA Foods' stock price falling by 10 percent or N84.50 to close at N760.60 per share.
The telecommunication company MTN Nigeria Communications (MTNN) also saw a 4.73 percent drop, with its stock price declining by N40 per share to close at N805.00 per share. As the market outlook remains bearish, analysts at Cowry Assets Management Limited predict the trend to persist due to increasingly negative investor sentiment, although a recovery might occur driven by portfolio readjustment and strategic repositioning.
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