Industrial shares defy market slump as NGX starts November with narrow loss

Investors in Nigeria’s equity market began November with a cautious retreat, as losses in banking, oil and gas and consumer goods shares outweighed gains in industrial stocks. The Nigerian Exchange All-Share Index shed 54.28 points, or 0.02 per cent, to close Monday’s session at 254,245.21 points, while total market capitalisation declined by approximately ₦35.25 billion to ₦165.08 trillion.

The decline was relatively small in percentage terms, but the distribution of losses across major sectors pointed to continued selling pressure among investors. The oil and gas index recorded the steepest sectoral decline, falling 3.75 per cent. Banking stocks lost 1.79 per cent, while consumer goods shares declined by about 1.25 per cent. Industrial goods moved in the opposite direction, gaining approximately 3.34 per cent and providing some support against the wider market weakness. Market data published by Proshare showed that losses in heavyweight counters, including Access Corporation, Zenith Bank and GTCO, contributed to the weakness in the banking sector. Aradel Holdings and other stocks also faced selling pressure. Trading activity stood at 517.26 million shares valued at ₦47.48 billion, with 54,015 deals recorded during the session, according to market reports. Despite the opening setback, the market retained a year-to-date gain of 63.38 per cent, indicating that the November decline has not erased the substantial appreciation recorded by equities since the beginning of the year. The contrasting performance of industrial stocks and other major sectors also suggests that investors are becoming more selective, rather than withdrawing uniformly from the market. For investors, the next sessions will help determine whether Monday’s losses represent a brief adjustment after an extended rally or the beginning of a broader reassessment of share prices. The immediate market picture is therefore one of a narrow overall decline masking sharper movements beneath the benchmark index. 📰 Get Latest News Updates Join our Telegram group and receive breaking and trending news updates directly on your phone.

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