The Nigerian Exchange (NGX) shed roughly ₦530 billion in market value over five trading sessions, and the damage was unevenly spread.
Banking stocks bore the heaviest losses, while oil and gas names quietly moved in the opposite direction.
The headline index barely moved, but sector-level action told a far more dramatic story.
October 16 marked the second straight weekly decline, with the gap between winners and losers wider than at any point this month.
Banking stocks drag NGX to second consecutive weekly loss
The NGX All-Share Index (ASI) fell 0.33% to close the week ended October 16, 2026, at 247,539.73 points, pulling overall market capitalization to ₦160.725 trillion, the NGX weekly market report showed.
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The NGX Banking Index took the biggest hit among primary sector indices, sinking 3.15% over the five sessions as selling pressure swept through tier-one lenders.
Zenith Bank fell 6.46% to close at ₦126, while Guaranty Trust Holding Company (GTCO) shed 5.10% to end the week at ₦124.80, the report confirmed.
The losses extended a pattern now stretching across consecutive weeks, with the banking index down 6.62% month-to-date.
The exchange shed ₦1.6 trillion the previous week, with just one sector barely surviving.
GTCO went ex-dividend on October 13 with a ₦1.00 payout, which mechanically reduced its opening price.
Zenith Bank’s 6.46% loss came without any such reset, pointing to active selling pressure across tier-one lenders, the report showed.
Oil stocks surge 3% while NGX trading volume crashes 39%
The NGX Oil and Gas Index bucked the sell-off, climbing 3.13% as the exchange’s strongest sectoral performer, the NGX report indicated.
Consumer Goods edged up 0.09%, and the Commodity Index jumped 2.36%, but oil names dominated the upside.
Trading activity collapsed, with 1.659 billion shares worth ₦98.088 billion exchanged in 184,632 deals, down from 2.715 billion shares valued at ₦158.280 billion the prior week, the exchange confirmed, a roughly 39% drop in volume.
David Adonri, managing director of Highcap Securities, said investors shifted capital from the secondary market to position for the Dangote Refinery initial public offering (IPO), which weighed on stock prices before subsiding, ThisDay reported.
“The switch by investors from the secondary market to the primary market to position for the Dangote Refinery IPO, which initially depressed the secondary market, subsequently fizzled out.” — David Adonri, managing director, Highcap Securities, via ThisDay
Fifty stocks rise even as the broader NGX market bleeds value
Market breadth improved sharply, with 50 equities gaining versus just 24 a week earlier, while only 30 stocks declined compared to 54 the prior week, the NGX report indicated.
The reversal suggests selling pressure has narrowed rather than spread further.
Livestock Feeds topped all gainers, surging 44.49% to ₦19, while E-Tranzact International followed with a 42.98% jump to ₦17.30, the exchange’s data confirmed. Guinness Nigeria also gained 9.93% to close at ₦423.
On the losing side, UPDC Real Estate Investment Trust fell 11.88% to ₦21.15, and NASCON Allied Industries shed 9.48% to ₦171.
The Dangote IPO’s expansion into Cairo and other African markets has continued to redirect investor attention to the primary market, adding context for the muted secondary turnover.
Bond trading also jumped sharply, with 2.643 million units valued at ₦2.641 billion traded across 56 deals, up from just 144,034 units the prior week, the exchange confirmed.
Key figures from the NGX week ended October 16, 2026
- The ASI fell 0.33% to 247,539.73 points, with market capitalization at ₦160.725 trillion, the NGX weekly report showed.
- The Banking Index dropped 3.15%, with Zenith Bank down 6.46% and GTCO down 5.10%, the report confirmed.
- The Oil and Gas Index surged 3.13%, and the Commodity Index rose 2.36%, the exchange noted.
- Equity turnover fell to 1.659 billion shares worth ₦98.088 billion, down from 2.715 billion shares the prior week, the report confirmed.
- Livestock Feeds surged 44.49% to lead all gainers, rising from ₦13.15 to ₦19, the report indicated.
