By Boluwatife Oshadiya | October 26, 2026
Key Points
- The NGX All-Share Index fell 0.97% to 247,222.27 points, while market capitalisation declined by ₦206 billion to ₦160.52 trillion
- Market breadth weakened to 20 gainers against 55 decliners, even as weekly trading volume and transaction value increased
- Industrial goods gained 1.95%, but insurance and oil and gas fell 2.80% and 2.55%, respectively
Main Story
The Nigerian Exchange (NGX) lost about ₦206 billion in market value during the week as the All-Share Index fell 0.97% to 247,222.27 points, reducing market capitalisation to ₦160.52 trillion.
The decline moderated the market’s year-to-date return to 58.87%, according to the figures provided in the market update. Trading activity was mixed: volume rose 7.17% week-on-week and transaction value increased 12.81%, while the number of deals fell 6.23%.
Investors traded 1.78 billion shares valued at ₦110.81 billion in 173,403 deals during the week, according to Cowry Asset Securities Limited. However, market breadth remained negative, with 20 stocks gaining against 55 decliners, a ratio of 0.36x that indicated declining shares significantly outnumbered advancing stocks.
Sector performance was mixed. Industrial goods led the gainers, rising 1.95%, supported by MEYER and DANGCEM, although losses in HBMNG and TRIPPLEG limited the advance. Insurance recorded the steepest sectoral decline at 2.80%, as REGALINS, LINKASSURE and AIICO fell despite a 1.25% gain in WAPIC.
Oil and gas declined 2.55%, with ARADEL, OANDO and ETERNA weighing on performance. Banking fell 0.67%, as losses in ACCESSCORP, UBA and ZENITHBANK outweighed gains in FIRSTHOLDCO and FIDELITYBK. Consumer goods lost 0.55%, with declines in INTBREW, VITAFOAM and DANGSUGAR partly offset by gains in NASCON, MULTITREX and PZ.
ABCTRANS led the reported gainers with a 20.7% increase, followed by AVACAP at 17.7%. CAVERTON, FIDELITYBK and MULTITREX gained 17.1%, 14.0% and 10.0%, respectively. The supplied report lists UPDCREIT among the steepest decliners, alongside OMATEK, UPL, REGALINS and NGXGROUP.
What’s Being Said
Cowry Asset Securities Limited attributed the market outlook to corporate earnings expectations, valuations, dividend prospects and broader investor sentiment amid changing macroeconomic conditions. The supplied material also indicates that negative breadth could encourage investors to favour companies with stronger fundamentals, sustainable earnings and dividend prospects.
No direct quotation or separate independent analyst response was supplied for this brief.
What’s Next
- Investors will monitor corporate earnings releases and dividend announcements for signals on individual stock valuations.
- Market participants will watch whether buying interest broadens beyond selected industrial stocks and helps improve market breadth.
- Subsequent NGX trading sessions will show whether the late-week rally can be sustained across more sectors.
The Bottom Line:
The market’s positive year-to-date return contrasts with a weekly decline in which losers substantially outnumbered gainers. Higher turnover alone did not translate into a broad recovery, leaving sustained demand and improved market breadth as important indicators to watch.
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