NGX loses N5.45tn in 8-day crash as insurance stocks lead Thursday's N440bn plunge
NGX crashed for 8th consecutive session Thursday, Aug 21, 2026, wiping N5.45tn from investor wealth. Thursday alone saw N440bn lost as market cap fell 0.30% from N155.417tn opening to N154.977tn close. Insurance stocks led declines after Universal Insurance and Nigeria Reinsurance lost NIC licenses under 2025 Reform Act - International Energy Insurance dropped 9.85% to N4.30. DAILY POST reports Haldane McCall topped gainers' list despite 9.38% decline (source notes this anomaly).
Losses accumulated: N3.8tn in prior week's 4 sessions + N1.65tn Mon-Thu this week = N5.45tn total over 8 days, erasing previous gains. Profit-taking in large/mid-cap stocks drove Thursday's drop, with market breadth showing more losers than gainers.
This sustained bear run signals persistent investor caution, particularly in regulated sectors like insurance. With reform implementation pressuring specific stocks, should you audit holdings for insurance exposure, hold cash for opportunities, or continue profit-taking in lagging sectors?