NGX investors lose N5.9trn in two weeks as BUA Foods, MTN shed

Nigerian equities investors suffered a N5.9 trillion loss in market value over two weeks as aggressive profit-taking across blue-chip stocks pushed the NGX All-Share Index below the psychologically important 240,000-point mark for the first time since early July.

Market capitalisation fell from N160.42 trillion on August 10 to N154.53 trillion on August 21, representing a decline of N5.89 trillion, or 3.67 per cent, as investors extended their sell-off to a 10th consecutive trading session.

The NGX All-Share Index dropped 9,178.59 points, or 3.69 per cent, from 248,529.75 points on August 10 to 239,351.16 points on Friday, August 21.

The two-week correction was led by heavy losses in the market’s largest stocks, with BUA Foods and MTN Nigeria alone accounting for N2.91 trillion, or 49.3 per cent, of the total market-value loss.

BUA Foods lost N1.52 trillion, as its market value declined from N15.21 trillion to N13.69 trillion. Its share price fell 10 per cent from N845.10 to N760.60 over the review period.

MTN Nigeria suffered a further N1.39 trillion loss in market value, falling from N17.74 trillion to N16.36 trillion. Its share price declined 7.81 per cent from N845 to N779. The stock was also adjusted for dividend on Friday, moving from N805 to N779.

The scale of losses highlights the concentration of the correction in heavyweight stocks, with 14 major companies accounting for the remaining N2.99 trillion, or 50.7 per cent, of the market’s total decline.

HBM lost about N401 billion, or 6.94 per cent, as its market value fell to N5.38 trillion.

Unilever Nigeria recorded one of the steepest percentage declines, losing 21.89 per cent, equivalent to N183.55 billion, as its share price dropped from N145.95 to N114.

Fidelity Bank lost N105 billion, while GTCO shed N109.65 billion. Seplat Energy lost N98 billion, FCMB Group N92.34 billion and Stanbic IBTC Holdings N81.10 billion.

Nigerian Breweries lost N78 billion, Dangote Sugar N61.95 billion, Transcorp N25.91 billion and Presco N11 billion.

The newly listed AVA Capital suffered the largest percentage decline among the stocks highlighted, falling 26.26 per cent and wiping N13 billion from its market value.

The broad sell-off began on August 11, a day after the NGX reached its recent high, as investors began locking in gains following the market’s strong rally.

The first week of correction ended on August 14 with the ASI down 5,910.55 points, or 2.38 per cent, from its August 10 close.

Selling pressure intensified in the second week as energy and banking stocks came under renewed pressure, pushing the benchmark below 240,000 points and market capitalisation towards the N154 trillion level.

On Friday alone, the ASI fell 686.64 points, or 0.29 per cent, while market capitalisation declined by about N443 billion to N154.53 trillion.

Despite the sharp correction, the market remains strongly positive on a year-to-date basis, with the ASI still delivering a 53.81 per cent YTD return.

The latest sell-off therefore represents a significant withdrawal of recent gains rather than a reversal of the market’s broader 2026 rally.

For investors, the correction is increasingly becoming a valuation and portfolio-rotation story. The heavy losses in BUA Foods, MTN Nigeria and other large-cap counters suggest that investors are taking profits aggressively after the market’s earlier surge, while the sharp decline in some stocks could begin to attract bargain hunters seeking more attractive entry points.

The immediate question is whether the 10-session losing streak will trigger a stabilisation in valuations or whether continued profit-taking will drive the market deeper into correction territory.

At 239,351.16 points, the NGX has now given back a substantial portion of its August gains, but remains firmly in positive territory for the year.