Nigerian stocks shed N407 billion, banking sell-off drags market lower

The Nigerian stock market began the week on Monday, October 12, 2026, in red as total equities market capitalisation contracted from N161.26 trillion recorded on Friday, October 9, to N160.85 trillion, losing N407.30 billion.

As a result, the benchmark All-Share Index (ASI) retreated by 627.31 index points (or 0.25%), closing at 247,736.24 points, compared to Friday’s close of 248,363.55 points.

Market turnover across all equity boards reached 405,359,288 shares executed across 52,891 deals.

The market’s performance on Monday marked the lowest index level recorded over the five-day trading window from October 6 to October 12, 2026.

The NGX Banking Index experienced a sharp decline, falling from 2,614.79 to 2,567.52 points, as heavyweights such as Access Holdings Plc (-4.24%), Zenith Bank Plc (-4.23%), Fidelity Bank Plc (-2.62%), First Holdco Plc (-2.54%), Sterling Financial Holdings (-1.30%), Jaiz Bank Plc (-1.27%), Wema Bank Plc (-1.12%), and United Bank for Africa Plc (-0.81%) suffered price depreciations.

Concurrently, the NGX Oil & Gas Index dipped from 6,005.98 to 5,993.51 points, dragged down by a 7.55% loss in Oando Plc alongside a drop in Japaul Gold & Ventures Plc (-0.39%).

While buy-side interest sustained selective rallies in defensive and high-yield counters, such as Neimeth International Pharmaceuticals Plc (+10.00%), UPDC Real Estate Investment Trust (+10.00%), Guinness Nigeria Plc (+9.93%), and MTN Nigeria Communications Plc (+0.48%), marginal gains in the Consumer Goods (+0.05%) and Insurance (+0.14%) sector indices were insufficient to offset the total market capitalization loss of N407.30 billion.

Overall trading turnover settled at 405.36 million shares across 52,891 deals, with activity heavily concentrated in Main and Premium board listings.

Sectoral performance on Monday, October 12, 2026, was heavily skewed by downturns in key weight-bearing sectors, most notably banking and energy.

The NGX Insurance Index also edged up from 1,081.10 to 1,082.56 points, helped by gains in Mutual Benefits Assurance Plc (+6.49%) and Regency Alliance Insurance Plc (+6.49%) despite a steep 9.85% drop in Sunu Assurances Nigeria Plc.

Meanwhile, the NGX Industrial Index closed virtually unchanged, moving marginally from 10,442.50 to 10,442.78 points as heavyweights Dangote Cement Plc and BUA Cement Plc recorded no price changes.

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