Nigeria’s equities market lost about ₦534 billion in value last week, extending its decline to three consecutive weeks as losses in major banking stocks weighed on investor sentiment.
The Nigerian Exchange Limited All-Share Index fell by 0.33 per cent week-on-week to close at 247,539.73 points on Friday, 16 October 2026. Market capitalisation dropped to ₦160.73 trillion.
According to Cowry Asset Management Limited’s weekly market review, the decline reduced the market’s year-to-date return to 59.07 per cent, while its month-to-date performance stood at a negative 1.5 per cent.
Heavyweight stocks led the losses, with Zenith Bank falling 6.5 per cent during the week. Guaranty Trust Holding Company declined by 5.1 per cent, while First HoldCo shed 3.9 per cent. MTN Nigeria Communications also lost 1.8 per cent.
The banking sector recorded the largest sectoral decline, dropping 3.15 per cent as investors took profits in major stocks. Losses in Zenith Bank, GTCO and First HoldCo outweighed gains in Ecobank Transnational Incorporated and Fidelity Bank.
Insurance stocks also slipped by 0.14 per cent, as losses in AIICO Insurance, Coronation Insurance and Mansard Insurance offset gains elsewhere in the sector.
However, the broader market recorded more gainers than losers. A total of 49 stocks advanced, compared with 29 that declined, giving the market a breadth ratio of 1.69 times.
Livestock Feeds led the gainers with a 44.5 per cent rise, followed by E-Tranzact International, which gained 43 per cent. Austin Laz & Company advanced by 32.7 per cent, while Omatek Ventures and Fortis Global Insurance rose by 19.4 per cent and 13.1 per cent, respectively.
UPDC Real Estate Investment Trust recorded the biggest loss, falling 11.9 per cent. Enamelware Industries declined by 10 per cent, while NASCON Allied Industries, Trans-Nationwide Express and LivingTrust Mortgage Bank lost 9.5 per cent, 9.1 per cent and 8.4 per cent, respectively.
Sector performance was mixed. Oil and gas stocks gained 3.13 per cent, supported by buying interest in Aradel Holdings and Eterna, despite losses in Oando. Consumer goods shares rose slightly by 0.09 per cent, while the industrial goods index remained unchanged.
Trading activity weakened, with volume falling 38.91 per cent, transaction value dropping 38 per cent and the number of deals declining by 12.1 per cent. Investors traded 1.66 billion shares in 184,919 deals.
Cowry Asset Management expects cautious trading to continue, although bargain-hunting in fundamentally sound companies and demand for oil and gas and commodity-related stocks could offer support.
