Nigerian stocks open November lower as banking, oil and gas stocks drag market

The Nigerian equities market opened November trading on a bearish note on Monday, November 2, 2026, as losses in banking, oil and gas, and consumer goods stocks outweighed gains in industrial and insurance counters.

Selloffs in Aradel (-10%), International Breweries (-8.6%), Zenith Bank (-2.5%) and Access Corp (-7.3%) weighed on market performance, dragging the All-Share Index down. Consequently, the Month-to-Date and Year-to-Date returns settled at 0.0% and +63.4%, respectively.

The NGX All-Share Index (ASI) declined by 0.02% to 254,245.21 points, down from 254,299.49 points in the previous session, while investors lost approximately N35.25 billion, reducing market capitalisation to N165.08 trillion with year-to-date in market capitalisation at 66.11%.

Trading activity was mixed, as deal count increased sharply despite declines in volume and transaction value. Market breadth remained negative, with 41 decliners against 21 advancers, indicating stronger selling pressure across the exchange.

The market’s decline reflected significant selling pressure in oil and gas, banking and consumer goods stocks, despite strong gains in industrial counters.

The NGX Oil and Gas Index recorded the steepest sectoral decline, falling 3.75% to 5,857.51 points. The NGX Commodity Index followed with a 2.76% loss to 1,843.21 points.

Banking stocks also came under pressure, with the Banking Index declining 1.79% to 2,386.08 points. Consumer goods stocks shed 1.17%, closing at 3,966.93 points.

Despite the sectoral weakness, selected stocks recorded strong gains. Consolidated Hallmark Holdings led the advancers with a 10% appreciation, followed by Livestock Feeds, which gained 9.77%.

On the losing side, a total of 41 stocks recorded losses with Aradel Holdings booking the most significant losses in absolute terms.

The combination of lower turnover and negative market breadth suggests that buying interest remained selective, while selling pressure affected a wider range of stocks.

Monday’s session marked a weak opening to November trading, with the NGX All-Share Index losing 0.02% as losses in oil and gas, banking and consumer goods stocks outweighed gains elsewhere.

Sustained weakness in banking and oil and gas stocks could weigh on near-term sentiment, while selective buying in industrial and insurance counters may provide some support.

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