The Nigerian Exchange (NGX) saw its market capitalization decline by N5.42 trillion over a 20-day period ending August 20, as investors aggressively locked in profits following a strong first-half rally. Total market value retreated to N154.98 trillion, with the All-Share Index falling 2.14% to 240,037.80 points. The insurance sector faced additional pressure due to regulatory license revocations, while rising yields in fixed-income markets triggered capital rotation. Despite the pullback, year-to-date returns remain strong at 54.73%, and analysts remain optimistic, pointing to potential foreign inflows and the highly anticipated listing of Dangote Petroleum Refinery.