NGX Performance For The Week Ending October 23, 2026

The Nigerian Exchange All-Share Index (NGX ASI) shed 0.13% to close at 247,222.27 basis points. Amid strong selling pressure this week, MACD’s bearish momentum improved, suggesting a continued downtrend. In line with this performance, the index’s liquidity declined. However, its relative strength remained solid, signalling sustained investor interest. Based on the benchmark indices’ performance this week, investors should watch for improved performance next week.

The banking index shed 0.67% and closed at 2,515.47 bps. During the week, the index experienced strong bearish momentum. However, the market bottomed out, offering strong support at 2,441 basis points after the index experienced low selling pressure on Thursday.

Due to the strong bearish momentum, MACD’s bearish signal strengthened. However, the stock’s liquidity and relative strength remained high and solid. This performance suggests that mild profit-taking prevailed in the banking sector.

Gainers: FIDELITY (+14.01%), FIRSTHOLD (+4.42%)

Losers: ETI (-6.16%), UBA (-5.47%), ACCESSCORP (-5.79%), ZENITH (-4.05%), WEMABANK (-3.23%)

The consumer goods index rose 0.04% to close at 7,242.31 bps. Although the index experienced strong bearish momentum, the market bulls offered strong support to end the week. In line with this performance, the bullish volume closed moderately strong with high liquidity and relative strength. The index closed with a doji candlestick pattern on the weekly chart, signalling a potential trend reversal.

Gainers: ETRANZA (+8.57%), PZ (+6.90%), UNILEVER (+6.34%)

Losers: NPFMCRF (-10.87%), ROYALEX (-8.33%)

The industrial index rose 1.95% to close at 10,646.68 basis points. This performance sustained the index recovery phase within the 0.382 Fibonacci level. In line with this performance, the index’s bullish volume closed strongly above its moving average. Also, its liquidity and relative strength improved, attracting investment opportunities. Lastly, MACD sustained its divergence signal, preparing a potential trend reversal

Gainers: DNMEYER (+9.72%), DANGCEM (+4.15%), CAP (+1.38%)

Losers: TRIPPLE (-8.74%), CUTIX (-3.40%), HBMNG (-1.41%)

The oil and gas index lost 2.55%, closing at 6,035.77 bps. During the week, the sector consolidated after displaying signs of recovery above its support level. However, the selling pressure increased to end the week in a strong loss. In line with this performance, MACD initiated its bullish divergence signal, preparing for a trend reversal. The index’s liquidity also declined, but its relative strength remained solid. This performance suggests sustained investor interest amid this corrective market.

The insurance sector fell 2.79% to close at 1,049.43 bps. This performance strengthened the index’s markdown face as it approached its 52-week low. Notably, the index experienced low selling pressure to end the week. In line with this performance, the market’s liquidity and relative strength declined. Thus, investors should watch for a potential recovery phase next week to determine the index’s outlook.

This week’s performance has helped shape the NGX outlook for the following week. Despite the bearish momentum, the benchmark indices closed the week with strong bullish momentum. This performance suggests a potential recovery phase amid Q3 results releases and interim dividend proposals.