Nigeria’s equities market shed about N812 billion in market value this week as profit-taking and weaker trading activity pushed the benchmark All-Share Index (ASI) down 0.52 per cent, despite the market retaining a strong 61.17 per cent year-to-date gain.
The Nigerian Exchange Limited (NGX) index fell from 252,113.41 points to 250,808.27 points, while market capitalisation declined 0.50 per cent to N162.843 trillion, according to the Exchange’s weekly market report obtained by Business Metrics.
The decline came during a shortened four-day trading week after the Federal Government declared Thursday, October 1, a public holiday for Nigeria’s Independence Day celebration.
Trading activity weakens
Market activity also slowed considerably during the week.
Investors traded 3.166 billion shares worth N155.023 billion in 206,662 deals, compared with 4.689 billion shares valued at N240.824 billion in 261,198 deals in the previous week.
That represents a week-on-week decline of approximately 32.5 per cent in volume, 35.6 per cent in value and 20.9 per cent in the number of deals.
The Financial Services Industry remained the dominant force in the market, accounting for 1.944 billion shares worth N77.733 billion across 92,035 deals. The sector contributed 61.41 per cent of total equity turnover volume and 50.14 per cent of turnover value.
The Investment Industry followed with 409.484 million shares valued at N5.4 billion, while ICT ranked third with 231.705 million shares worth N9.606 billion.
Activity was particularly concentrated in Fidelity Bank, VFD Group and Access Holdings, which collectively accounted for 1.343 billion shares worth N27.58 billion. The three stocks represented 42.42 per cent of total equity turnover volume and 17.79 per cent of its value.
Broad market weakness, but not a rout
The weekly decline was relatively broad, although the number of advancing stocks remained significant.
Forty-four equities gained, down from 61 in the preceding week, while 37 stocks declined, compared with 32 previously. Another 65 stocks remained unchanged, up from 63 a week earlier.
The NGX Banking Index was among the weaker sectoral gauges, falling 1.33 per cent during the week, while the Consumer Goods Index declined 0.91 per cent and the Industrial Goods Index slipped 0.26 per cent.
The NGX Premium Index also fell 1.38 per cent, while the NGX 30 Index declined 0.52 per cent.
However, the market’s performance was not uniformly negative.
The NGX Growth Index rose 1.85 per cent, the strongest gain among the major indices, while the Insurance Index advanced 0.61 per cent and the Oil & Gas Index gained 0.05 per cent. The Main Board Index also edged up 0.08 per cent.
ABC Transport leads gainers
ABC Transport Plc emerged as the week’s strongest price gainer, rising 45.10 per cent from N5.10 to N7.40.
Critical Minerals Financing Corp Plc followed with a 37.73 per cent gain, while LivingTrust Mortgage Bank rose 32.69 per cent. VFD Group gained 18.42 per cent, while CWG advanced 15.28 per cent.
Other notable gainers included Haldane McCall, University Press, John Holt, Eterna and UPDC Real Estate Investment Trust.
At the other end, Sovereign Trust Insurance recorded the largest decline, falling 12.50 per cent. E-Tranzact International dropped 12 per cent, while Learn Africa lost 11.05 per cent. PZ Cussons Nigeria declined 10.03 per cent and Fortis Global Insurance fell 9.50 per cent.
Capital raising remains active
Despite the softer secondary-market performance during the week, activity on the primary side remained visible during the week.
NGX listed an additional 3.207 billion shares of Guinea Insurance Plc arising from its rights issue. The listing increased the company’s issued and fully paid-up share capital from 7.943 billion shares to 11.150 billion shares.
Regency Alliance Insurance also added 3.684 billion shares arising from a private placement, lifting its issued and fully paid-up share capital from 18.679 billion to 22.364 billion shares.
The Initiates Plc similarly listed 1.110 billion additional shares arising from a rights issue and public offer, taking its issued and fully paid-up share capital to 2 billion shares from 889.982 million previously.
The listings point to continued use of the equities market as a source of capital even as secondary-market activity moderated during the week.
Strong year-to-date performance remains intact
Despite the weekly pullback, the broader performance of the equities market remains strong.
The NGX All-Share Index’s 61.17 per cent year-to-date gain means the market entered October significantly above its end-2025 level.
The NGX Premium Index had gained 103.95 per cent year-to-date, while the NGX Banking Index was up 77.18 per cent and the NGX Industrial Goods Index 83.92 per cent.
The NGX Oil & Gas Index recorded the strongest year-to-date performance in the report at 133.94 per cent, while the NGX Consumer Goods Index was up only 2.05 per cent.
The picture, therefore, is one of short-term consolidation within a much stronger year-to-date market rally, rather than a broad reversal of the market’s 2026 performance.