Negative sentiment tightened its grip on the Nigerian stock market last week, pushing the number of declining equities up by 83.3 per cent as selling pressure spread across the market, despite a significant increase in trading activity on the Nigerian Exchange Limited (NGX)
The bearish mood saw 55 stocks close in the red during the week ended October 23, 2026, compared with 30 in the preceding week. Meanwhile, the number of advancing equities plunged by 60 per cent from 50 to 20, underscoring the deterioration in market sentiment.
The selling pressure dragged theNGX All-Share Index down by 0.13 per cent to 247,222.27 points from 247,539.73 points, while market capitalisation declined to N160.519 trillion.
The downturn unfolded against a backdrop of increased trading activity, as investors exchanged 2.024 billion shares valued at N110.77 billion, compared with 1.659 billion shares worth N98.09 billion in the previous week.
This represented a 22 per cent increase in trading volume and a 12.9 per cent rise in transaction value. However, the number of deals fell by 6.2 per cent to 173,113 from 184,632, highlighting the contrast between rising turnover and weakening share prices.
Financial services dominate trading
The financial services industry remained the market’s busiest sector by volume, accounting for 1.111 billion shares valued at N53.91 billion in 81,787 deals.
The sector contributed 54.89 per cent of total equity turnover volume and 48.66 per cent of its value, reinforcing its dominant role in trading activity during the week.
Consumer goods ranked second, with 394.04 million shares worth N9.81 billion traded in 17,912 deals, while agriculture came third with 147.17 million shares valued at N2.82 billion in 7,462 deals.
Multitrex Integrated Foods Plc, Zenith Bank Plc and Livestock Feeds Plc were the three most actively traded equities by volume. Together, they accounted for 521.57 million shares worth N19.09 billion in 16,487 deals, representing 25.76 per cent of total equity turnover volume and 17.24 per cent of its value.
Insurance and banking stocks face pressure
Sectoral performance reflected the uneven sentiment across the market, with insurance and oil and gas stocks recording some of the steepest declines.
The NGX Insurance Index fell 2.79 per cent to 1,049.43 points, the sharpest decline among the listed indices. The NGX Oil and Gas Index dropped 2.55 per cent, while the NGX MERI Value Index declined 1.41 per cent and the NGX MERI Growth Index lost 1.07 per cent.
The NGX Banking Index also fell 0.67 per cent, closing at 2,515.47 points, while the NGX Pension Index declined 0.71 per cent.
However, some segments bucked the broader weakness. The NGX Industrial Goods Index rose 1.95 per cent, the NGX Premium Index gained 0.80 per cent, and the Consumer Goods and Growth indices recorded marginal increases of 0.04 per cent each. The NGX Pension Broad Index also edged up 0.03 per cent, while the Sovereign Bond Index closed flat.
UPDC REIT leads decliners
UPDC Real Estate Investment Trust led the market’s top decliners, shedding 17.26 per cent to close at N17.50 from N21.15 at the start of the week.
Omatek Ventures Plc followed with a 12.50 per cent decline, while University Press Plc fell 12.12 per cent. Regency Alliance Insurance Plc lost 11.25 per cent, and Nigerian Exchange Group Plc dropped 10.29 per cent to N152.50.
Livestock Feeds Plc declined 10.26 per cent, Vitafoam Nigeria Plc shed 10.00 per cent, and CWG Plc fell 9.98 per cent. International Breweries Plc and Tripple Gee and Company Plc also recorded losses of 9.50 per cent and 8.74 per cent, respectively.
On the positive side, ABC Transport Plc led the gainers, advancing 20.66 per cent to N7.30. Ava Capital Plc rose 17.74 per cent, while Caverton Offshore Support Group Plc gained 17.07 per cent. Fidelity Bank Plc appreciated 14.01 per cent to N24.00, and Multitrex Integrated Foods Plc added 10.00 per cent.
Despite the increase in turnover, declining equities outnumbered gainers by more than two to one, while the All-Share Index recorded a weekly loss. The figures suggest that the rise in trading activity did little to offset the broader weakness in share prices, as selling pressure spread across more listed companies.
