Investors Count Heavy Losses as Nigerian Stocks Retreat

Nigerian stock market opened the week on a negative note on Monday, October 12, 2026, as investors lost ₦407.30 billion following widespread sell-offs in banking and oil and gas stocks.

Nigerian Exchange Limited (NGX) recorded a 0.25 percent decline in its benchmark All-Share Index (ASI), which fell by 627.31 points to close at 247,736.24 points, compared with 248,363.55 points recorded on Friday, October 9.

Consequently, total equities market capitalisation declined from ₦161.26 trillion to ₦160.85 trillion, reflecting renewed selling pressure on major stocks.

Monday’s closing index was the lowest recorded during the five trading sessions between October 6 and October 12, indicating weakening market momentum despite increased trading activity.

Investors traded 405.36 million shares across 52,891 deals, representing increases of 25.88 percent in trading volume and 40.08 percent in the number of transactions compared with the previous session.

The higher turnover, accompanied by falling share prices, reflected increased market activity amid selling pressure in several heavily capitalised companies.

Market summary:

• All-Share Index: 247,736.24 points, down 0.25% from 248,363.55 points.
• Market capitalisation: ₦85 trillion, down from ₦161.26 trillion.
• Market value lost: ₦30 billion.
• Trading volume: 405.36 million shares, up 25.88% from 322.01 million shares.
• Total deals: 52,891, up 40.08% from 37,758.

Top five gainers:

• Neimeth International Pharmaceuticals Plc: Gained 10.00% to ₦70 from ₦7.00.
• UPDC Real Estate Investment Trust: Gained 10.00% to ₦40 from ₦24.00.
• Guinness Nigeria Plc: Gained 9.93% to ₦00 from ₦384.80.
• Livestock Feeds Plc: Gained 9.89% to ₦45 from ₦13.15.
• NPF Microfinance Bank Plc: Gained 9.52% to ₦60 from ₦4.20.

Top five losers:

• Sunu Assurances Nigeria Plc: Lost 9.85% to ₦93 from ₦3.25.
• Critical Minerals Financing Corp Plc: Lost 9.78% to ₦23 from ₦3.58.
• Oando Plc: Lost 7.55% to ₦65 from ₦36.40.
• LivingTrust Mortgage Bank Plc: Lost 6.25% to ₦00 from ₦3.20.
• Zichis Agro Allied Industries Plc: Lost 6.16% to ₦00 from ₦17.05.

Selling pressure was particularly pronounced in the banking sector, where the NGX Banking Index declined from 2,614.79 to 2,567.52 points.

Major lenders recorded losses, with Access Holdings falling 4.24 percent, Zenith Bank 4.23 percent, Fidelity Bank 2.62 percent and First Holdco 2.54 percent.

Sterling Financial Holdings also declined by 1.30 percent, followed by Jaiz Bank at 1.27 percent, Wema Bank at 1.12 percent and United Bank for Africa at 0.81 percent.

The widespread depreciation among banking stocks exerted considerable pressure on the broader market, outweighing gains in several other sectors.

The oil and gas sector also weakened, with its index slipping from 6,005.98 to 5,993.51 points, largely driven by Oando’s 7.55 percent decline and a marginal 0.39 percent loss in Japaul Gold & Ventures.

Seplat Energy remained unchanged at ₦16,000.10.

However, investors maintained selective buying interest in consumer goods, pharmaceuticals, insurance and telecommunications stocks.

The Consumer Goods Index edged up 0.05 percent, supported by gains in Guinness Nigeria, Multi-Trex Integrated Foods and Honeywell Flour Mills.

Guinness advanced 9.93 percent, while Multi-Trex and Honeywell gained 9.52 percent and 5.29 percent, respectively.

These increases helped offset losses in PZ Cussons Nigeria and Dangote Sugar Refinery, which declined by 0.76 percent and 0.71 percent.

Similarly, the Insurance Index appreciated by 0.14 percent, supported by 6.49 percent gains in both Mutual Benefits Assurance and Regency Alliance Insurance, despite Sunu Assurances’ sharp decline.

The industrial sector remained largely unchanged, with its index moving marginally from 10,442.50 to 10,442.78 points as Dangote Cement and BUA Cement maintained their previous closing prices.

MTN Nigeria also recorded a modest 0.48 percent increase, providing limited support to the broader market.

Overall, Monday’s performance reflected a market characterised by selective buying and considerable selling pressure in major banking and energy stocks.

The continued weakness in heavily weighted equities will remain an important factor in determining the market’s direction during subsequent trading sessions.