KEY POINTS

• The Nigerian Exchange lost ₦3.28 trillion in market value on Thursday as the All-Share Index fell 1.98 per cent to 249,710.59 points.
• Dangote Cement and Presco led the losses, each declining 10 per cent.
• Market breadth weakened, with 36 stocks declining against 20 gainers.
• Trading value nearly doubled to ₦74.09 billion, although First HoldCo accounted for 60.66 per cent of the total.
• The naira weakened slightly at the official foreign exchange window, while Brent crude rose to $96.76 per barrel.

MAIN STORY

The Nigerian stock market lost ₦3.28 trillion in value on Thursday, November 5, 2026, as renewed selling pressure across major stocks ended two consecutive sessions of gains on the Nigerian Exchange (NGX).

The All-Share Index fell by 1.98 per cent to close at 249,710.59 points, down from 254,762.81 points recorded on Wednesday. Market capitalisation consequently dropped to approximately ₦162.12 trillion, while the year-to-date return eased to 60.47 per cent.

The 5,052.22-point decline was more than 10 times Wednesday’s 473.46-point gain. It also left the benchmark index 1.16 per cent below its September 28 closing level of 252,635.11 points, according to Proshare’s calculations.

Selling pressure was led by Dangote Cement and Presco, which both fell by 10 per cent. Other major decliners included UACN, down 7.85 per cent; HBMNG, which lost 7.71 per cent; and Eterna, which declined 6.49 per cent.

The losses extended to banking stocks, including First HoldCo, which fell 2.40 per cent, and Stanbic IBTC, down 0.85 per cent. GTCO and UBA also recorded declines.

Market breadth closed negative, with 36 stocks losing value against 20 gainers. CWG led the advancing stocks, while Dangote Cement recorded the steepest decline.

The sell-off affected several sectors. The Industrial Index fell 7.14 per cent, while Consumer Goods declined 1.12 per cent and Banking lost 0.66 per cent. The Insurance Index also dropped 2.51 per cent. The Oil and Gas Index eased 0.04 per cent.

THE ISSUES

Despite the market decline, trading activity increased sharply. A total of 856.28 million shares worth ₦74.09 billion changed hands in 33,540 deals. Volume rose 55.04 per cent, while traded value increased 97.78 per cent.

However, trading was heavily concentrated in First HoldCo, which recorded 478.42 million shares, representing 55.87 per cent of total volume. Its transactions were valued at ₦44.94 billion, accounting for 60.66 per cent of the day’s traded value.

Excluding First HoldCo, market turnover stood at ₦29.15 billion, about 18 per cent higher than Wednesday’s ₦24.79 billion. This suggests that trading activity also strengthened across other stocks, even though one company dominated the session.

The concentration is important when assessing the quality of the market’s turnover. The increase in total traded value does not necessarily mean that buying interest strengthened across the wider market, particularly when the benchmark and most sectors closed lower.

In the foreign exchange market, the naira weakened by 0.07 per cent to ₦1,348.74 per dollar at the Nigerian Foreign Exchange Market (NFEM) window. The average Bureau de Change rate remained unchanged at ₦1,400 per dollar, narrowing the gap between the two rates to 3.80 per cent from 3.87 per cent.

Global commodity markets recorded gains. Brent crude rose 2.26 per cent to $96.76 per barrel, while gold increased 1.19 per cent to $4,110.64 per ounce. The Oil and Gas Index, however, declined slightly.

WHAT’S NEXT

No financial statements were filed on the NGX on Thursday, although Airtel Africa announced the commencement of a share buyback programme.

Investors will be watching whether the All-Share Index can recover its September 28 closing level, whether selling pressure in Dangote Cement and other industrial stocks continues, and whether trading value remains strong after excluding First HoldCo’s contribution.

Further third-quarter corporate results, movements in the Oil and Gas Index relative to crude prices, and changes in the gap between the official and BDC exchange rates will also provide indicators of market direction.

BOTTOM LINE

Thursday’s session showed that increased trading activity did not translate into stronger market performance. The ₦3.28 trillion loss, broad sector declines and heavy concentration of transactions in First HoldCo point to a market facing significant selling pressure, despite higher turnover.