Nigerian equities sustain bearish run with N137.12 billion losses ahead of Eid-Ul-Mawlid break

Nigerian equities continued their downward trend for the third consecutive week on Monday, August 24, 2026, with losses amounting to N137.12 billion, ahead of the Eid-Ul-Mawlid public holiday on Tuesday. The NGX All-Share Index (ASI) fell 0.11% to 239,085.17 points, a decline from 239,351.16 points the previous day. Year-to-date returns have also moderated to 53.64%.

Market capitalization contracted to N154.40 trillion from N154.53 trillion, resulting in an estimated N137.12 billion loss for investors. Declines were primarily driven by heavyweights, such as Fidelity Bank, which dropped 6.00% to N18.80 from N20.00. Positive movers included Access Holdings, which rose 1.85% to N27.50, and NGX Group, which recovered 1.61% to N126.00.

GTCO and Dangote Sugar also showed slight gains. The Consumer Goods Index faced continued pressure. Sectoral weaknesses were largely in the financial sector, with 31 stocks declining against 19 gaining, indicating widespread selling despite some buying interest. Trading volume increased by 60.49% to 668.72 million shares, valued at N23.83 billion across 45,894 deals.

Notably, FTG Insurance led in trading volume with 206.72 million units, accounting for 30.91% of the day's volume. First HoldCo recorded the highest value at N7.90 billion, representing 33.15% of the day's traded value. This marks the 11th consecutive session of declines since the market correction began following the record high on August 10, with the ASI now 245,529.75 points lower than its peak.

The market is anticipated to remain bearish as investor sentiment turns more negative, although some optimism could lead to recovery upon the market's reopening after the holiday break.