NGX Loses N544.5 billion as First HoldCo, Fidelity Bank Lead Profit-taking

The Nigerian equities market extended its bearish run on Tuesday, August 18, 2026, as renewed profit-taking in large-cap stocks, led by First HoldCo and Fidelity Bank, dragged the NGX All-Share Index (ASI) down 0.35% to close at 241,611.23 points.

The Nigerian equities market extended its bearish run on Tuesday, August 18, 2026, as renewed profit-taking in large-cap stocks, led by First HoldCo and Fidelity Bank, dragged the NGX All-Share Index (ASI) down 0.35% to close at 241,611.23 points.

Market capitalisation fell by approximately N544.5 billion to N155.97 trillion from N156.52 trillion previously, while the market’s year-to-date return moderated to 55.26%.

The decline marked the sixth consecutive losing session since Tuesday last week as investors continued to lock in gains following the market’s earlier rally.

Market summary:

• All-Share Index (ASI): 241,611.23 points, down 0.35%.
• Market capitalisation: N155.97 trillion, down N544.5 billion.
• YTD market return: +55.26%.
• Market breadth: 22 gainers against 37 losers.
• Trading volume: 429.84 million shares, down 67.7%.
• Market turnover: N27.48 billion.
• Total deals: 35,683.

Top 5 Gainers:

• HM Call: up 9.97% to N4.84.
• Veritaskap: up 7.09% to N1.36.
• Tantalizer: up 5.26% to N4.00.
• RT Briscoe: up 4.31% to N10.90.
• Regal Insurance: up 3.66% to N0.85.

Top 5 Losers:

• Red Star Express: down 10.00% to N16.20.
• Trans-Nationwide Express: down 9.94% to N2.81.
• Meyer & Baker: down 9.88% to N15.05.
• Chellarams: down 9.77% to N9.70.
• FTG Insurance: down 9.70% to N2.14.

HM Call led the gainers, rising 9.97% to N4.84, while Veritaskap gained 7.09% to N1.36 and Tantalizer advanced 5.26% to N4.00.

RT Briscoe rose 4.31% to N10.90, while Regal Insurance gained 3.66% to N0.85.

On the losers’ chart, Red Star Express plunged 10% to N16.20, followed by Trans-Nationwide Express, which declined 9.94% to N2.81.

Meyer & Baker fell 9.88% to N15.05, Chellarams dropped 9.77% to N9.70, while FTG Insurance declined 9.70% to N2.14.

Driving the numbers:

First HoldCo emerged as one of the biggest heavyweight drags, declining 5.71% to N132.00 from N140.00, shedding N8.00 per share.

• Fidelity Bank was the session’s biggest large-cap decliner, falling 6.59%, while NGX Group declined 3.83%.
• Other major stocks that weighed on the market included Unilever Nigeria, down 3.64%, Dangote Sugar, down 1.57%, GTCO, down 0.39%, UBA, down 0.33%, Oando, down 0.28%, and Zenith Bank, down 0.16%.

The losses reinforced the broader profit-taking trend that has characterised the market since after last week’s record rally on Monday, August 10.

Sector performance:

Sectoral performance was largely negative, with the NGX Banking Index declining 1.82% and the Consumer Goods Index falling marginally by 0.03%.

• The Oil & Gas sector also recorded a marginal 0.01% decline.
• The Insurance Index edged up 0.04%.
• The Industrial Goods and Commodity indices closed flat.

The banking sector’s decline reflected the pressure on Fidelity Bank, First HoldCo and other major financial stocks, while the marginal movement in consumer goods suggested a relatively contained pullback outside selected heavyweight names.

Volume and value:

Trading activity weakened sharply during the session, with total volume traded falling 67.69% to 429.84 million shares, valued at N27.48 billion across 35,683 deals.

Sterling Financial Holdings recorded the highest volume at 51.57 million shares.

MTN Nigeria led the value chart with transactions worth N9.76 billion, accounting for 35.50% of total market value traded.

What you should know:

Tuesday’s decline extends the market’s correction since after the impressive surge of the ASI which closed at 248,529.75 points on August 10.

The benchmark has now lost more than 6,900 points from that peak, while market capitalisation has fallen below the N156 trillion level.

The continued weakness in large-cap banking and consumer stocks suggests that investors remain focused on profit-taking.

The near-term direction of the NGX will likely depend on whether profit-taking in heavyweight stocks persists or whether bargain hunting and portfolio repositioning begin to restore buying interest.