NGX All-Share Index Falls For Second Week as Banks Decline

BREAKING NEWSOctober 18, 2026 at 9:12 PM UTC

TLDR

Nigerian stocks lost N535 billion in market value during the week ended October 16, 2026, led by declines in banking shares.
Trading activity slowed with a 38.89% decline in volume and a 38.02% fall in transaction value compared to the previous week.
Despite the losses, the benchmark index remained up 59.07% since the beginning of the year, showcasing overall market resilience.

Nigerian stocks lost about N535 billion in market value during the week ended October 16, 2026, as declines in banking shares outweighed gains across other sectors. The Nigerian Exchange (NGX) All-Share Index fell 0.33% to 247,539.73 points from 248,363.55 points a week earlier, marking its third consecutive weekly decline. Equity market capitalization dropped to N160.725 trillion. Despite the losses, the benchmark index remained up 59.07% since the start of the year.

Trading activity slowed during the week, with investors exchanging 1.659 billion shares worth N98.088 billion across 184,632 deals, compared with 2.715 billion shares valued at N158.280 billion in 209,986 deals the previous week. Trading volume declined 38.89%, while transaction value fell 38.02%. Financial services accounted for 65.31% of shares traded and 49.92% of total transaction value. Access Holdings, United Bank for Africa and Livestock Feeds accounted for 413.96 million shares worth N12.16 billion, representing 24.96% of market volume.

Banking stocks led the market's decline, with the NGX Banking Index falling 3.15%. Zenith Bank dropped 6.46% to N126, while Guaranty Trust Holding Company lost 5.10% to N124.80. The NGX Premium Index declined 1.50%, while the NGX 30 Index fell 0.41%. Oil and gas stocks moved against the market, with the sector index rising 3.13%. The commodity index gained 2.36%, while consumer goods advanced 0.09%.

Livestock Feeds led weekly gainers, surging 44.49% to N19 from N13.15. E-Tranzact International followed with a 42.98% increase to N17.30, while Multi-Trex Integrated Foods gained 42.86% to N0.60. Aradel Holdings rose 8.93% to N1,499.90. UPDC Real Estate Investment Trust recorded the largest decline, falling 11.88% to N21.15, followed by Nigerian Enamelware, which dropped 9.95%, and Nascon Allied Industries, which lost 9.48%.

Market breadth improved despite the index decline. A total of 50 stocks gained during the week, compared with 24 the previous week, while 30 declined against 54 previously. Another 66 stocks were unchanged. In the fixed-income market, bond transactions increased to N2.641 billion from N146.416 million a week earlier. Exchange-traded product transactions totaled N447.27 million, compared with N687.31 million previously.

Key Takeaways

Nigeria's stock market recorded its third consecutive weekly decline, but the latest figures show that losses were concentrated in companies with large index weightings rather than across the entire market. The NGX All-Share Index declined 0.33% even as 50 stocks gained and 30 lost value, a reversal from the previous week when 24 stocks advanced and 54 declined. This difference matters because the index is weighted by market capitalization, meaning declines in companies such as Zenith Bank and GTCO can offset gains in several smaller companies. Banking stocks remain under pressure, with the sector index down 6.62% in October, compared with a 3.15% weekly loss. However, the sector remains up 67.07% in 2026, indicating that investors who entered earlier in the year may still hold gains. Oil and gas stocks have provided support, with the sector index rising 131.96% year to date, compared with the broader market's 59.07% return. The fall in trading volume and value also deserves attention. With weekly turnover dropping by nearly 39%, investors appear to be committing less capital even as more stocks record price increases. This could limit the market's ability to sustain gains without a recovery in trading activity. Dividend-related price adjustments also affected some stocks during the week, including GTCO, PZ Cussons and Stanbic IBTC Holdings. Investors should account for these adjustments when comparing share prices. The next test for the NGX will be whether banking stocks stabilize and whether buying activity returns across the market.

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