NGX Falls 2.13% Last Week as 57 Stocks Decline, Market Rally Loses Momentum

The Nigerian Exchange (NGX) lost 2.13% last week as selling pressure spread across the market and 57 stocks declined, reversing part of the gains recorded in the preceding week.

The NGX All-Share Index fell by 5,422.27 points from 254,299.49 to 248,877.22 in the week ended November 6, 2026, while equities market capitalisation closed at N161.594 trillion.

The decline followed a 2.86% gain in the previous week when the benchmark index climbed from 247,222.27 to 254,299.49.

Market breadth deteriorated during the latest week as the number of declining stocks increased to 57 from 48 in the previous week.

Only 29 equities appreciated compared with 33 a week earlier, while 60 stocks closed unchanged against 65 previously.

The weakness also spread across virtually every major equity index tracked by the NGX.

The NGX 30 Index declined 2.19%, while the Banking Index fell 2.45%. The Consumer Goods Index lost 1.41%, Oil and Gas dropped 3.72% and Industrial Goods declined 4.35%.

The NGX Premium Index fell 3.88%, while the Lotus II Index recorded the steepest decline among the major equity indices at 5.10%.

The Growth Index was the exception, advancing 1.33% during the week, while the Sovereign Bond Index closed unchanged.

The decline in Industrial Goods represented a particularly sharp reversal from the previous week when the index surged 14.58% as Dangote Cement rallied 27.81% from N1,111 to N1,420.

Selling pressure subsequently returned to Dangote Cement, with the stock falling 10% in a single session to N1,341 on November 5 after previously climbing as high as N1,490.

Trading activity also weakened substantially compared with the unusually high turnover recorded in the preceding week.

Investors traded 2.829 billion shares valued at N208.407 billion in 192,158 deals during the week, compared with 7.619 billion shares worth N637.826 billion in 192,138 deals previously.

This represented a 62.9% decline in trading volume and a 67.3% drop in value despite the number of deals remaining virtually unchanged.

Financial Services remained the most active sector with 1.983 billion shares worth N126.627 billion traded in 84,899 deals.

The sector accounted for 70.11% of total equity volume and 60.76% of value, significantly below the previous week’s 91.75% and 89.91%, respectively.

First HoldCo, Access Holdings and Honeywell Flour Mills were the three most actively traded equities by volume, accounting for a combined 992.86 million shares valued at N71.04 billion.

Together, the three stocks represented 35.10% of market volume and 34.09% of total equity turnover value.

The concentration was considerably lower than the previous week when First HoldCo, GTCO and UBA accounted for 80.02% of total volume and 85.36% of value.

Despite the broader market decline, selected stocks continued to record substantial gains.

Honeywell Flour Mills led the gainers after surging 30.82% from N22.55 to N29.50, while Transcorp Power advanced 23.37% from N178 to N219.60.

eTranzact International gained 14.42% to N18.65, AXA Mansard Insurance rose 9.77% to N11.80 and The Initiates advanced 9.57% to N26.90.

On the losing side, Vitafoam recorded the steepest weekly decline, falling 18.96% from N174.60 to N141.50.

Sovereign Trust Insurance declined 17.02%, Eterna lost 15.79%, ABC Transport dropped 13.64% and International Energy Insurance fell 12.82%.

The combination of weaker market breadth, declines across major sector indices and a sharp reduction in turnover showed that the strong momentum recorded in the previous week lost considerable strength as investors took profits and reassessed positions across the market.