Nigeria’s stock market extended its losing streak last week, as 55 listed companies recorded share price declines on the Nigerian Exchange Limited (NGX), amid profit-taking by investors following significant gains earlier in the year.
The decline saw the market’s capitalisation fall by approximately ₦206 billion, from ₦160.725 trillion recorded the previous week to ₦160.519 trillion at the close of trading on Friday, October 23, 2026.
Similarly, the NGX All-Share Index declined by 0.13 per cent, closing at 247,222.27 points, compared with 247,539.73 points recorded in the preceding week. Despite the downturn, the market maintained a positive year-to-date return of 58.87 per cent.
Market data showed that 20 stocks recorded price gains, while 71 equities closed unchanged. This represented a reversal from the previous week, when 50 stocks advanced and 30 declined, indicating a broader spread of selling pressure across the market.
Despite the negative performance, trading activity increased during the week, with investors exchanging 2.024 billion shares valued at ₦110.773 billion in 173,113 deals. This compared with 1.659 billion shares worth ₦98.088 billion traded in 184,632 deals in the previous week.
The Financial Services Industry led trading by volume, with 1.111 billion shares valued at ₦53.908 billion exchanged in 81,787 deals, accounting for 54.89 per cent of total equity turnover volume. The Consumer Goods Industry followed with 394.039 million shares worth ₦9.811 billion, while the Agriculture Industry ranked third with 147.170 million shares valued at ₦2.821 billion.
On the gainers’ chart, ABC Transport led with a 20.66 per cent appreciation, closing at ₦7.30 per share. Ava Capital followed with a 17.74 per cent gain, while Caverton Offshore Support Group advanced by 17.07 per cent to ₦4.80 per share.
Conversely, UPDC Real Estate Investment Trust recorded the steepest decline, shedding 17.26 per cent to close at ₦17.50 per share. Omatek Ventures fell by 12.50 per cent to ₦1.40, while University Press declined by 12.12 per cent to ₦4.35 per share.
Sectoral performance was also largely negative, with the insurance index declining by 2.79 per cent, followed by the oil and gas index, which fell by 2.55 per cent. The banking index dropped by 0.67 per cent, while the consumer goods index declined by 0.55 per cent. However, the industrial goods index gained 1.95 per cent, emerging as the strongest-performing sectoral index during the week.
Analysts at InvestData Consulting Limited said the near-term outlook for the equities market remained cautious as investors weighed the need to preserve gains against opportunities in selected stocks.
They noted that sustained selling pressure in banking, energy and other influential stocks could prolong the market’s consolidation, even as selected equities continue to attract buying interest.
