NGX reverses gains as bearish pressure wipes out N516 billion in market value

The Nigerian Exchange Limited (NGX) reversed its brief upward traction on Wednesday, returning to negative territory as N515.95 billion was wiped out of equities market capitalisation.

The main benchmark All-Share Index (ASI) shed 794.64 points or 0.32%, closing at 245,116.49 points compared to 245,911.13 points recorded on Tuesday.

Total market capitalisation dropped from N159.67 trillion to N159.15 trillion.

Despite the overall decline in equity values, trading activity remained active across the floor as investors traded a total volume of 354.03 million shares across 32,514 deals in the equities market.

Market summary

• All-Share Index (ASI): 245,116.49 points, down 0.32% from 245,911.13 points
• Market cap: N159.15 trillion, down 0.32% from N159.67 trillion
• Market value lost: N515.95 billion
• Trading volume: 354.03 million shares, up 1.53% from 348.69 million shares
• Total deals: 32,514 deals, down 0.23% from 32,588 deals

Top 5 gainers

• Livingtrust Mortgage Bank Plc: Up 9.90% to N3.22 from N2.93
• ABC Transport Plc: Up 9.77% to N7.30 from N6.65
• Meyer Plc: Up 9.72% to N17.50 from N15.95
• Livestock Feeds Plc: Up 9.65% to N18.75 from N17.10
• Caverton Offshore Support Group Plc: Up 6.67% to N4.80 from N4.50

Top 5 losers

• Computer Warehouse Group (CWG) Plc: Down 9.98% to N18.05 from N20.05
• UPDC Real Estate Investment Trust (UPDCREIT): Down 9.93% to N19.05 from N21.15
• Austin Laz & Company Plc: Down 9.92% to N3.18 from N3.53
• Neimeth International Pharmaceuticals Plc: Down 9.52% to N7.60 from N8.40
• CUSTODIAN: Down 7.57% to N64.70 from N70.00

Driving the numbers

The NGX Banking Index dropped by 1.49% to close at 2,456.31 points, dragged down by price contractions in major heavyweights including Access Holdings (-6.12%), First Holdco (-4.59%), Zenith Bank (-1.21%), Ecobank Transnational (-1.47%), and United Bank for Africa (-0.24%).

Similarly, the NGX Insurance Index fell 1.41% to 1,053.31 points following significant declines in counters such as Consolidated Hallmark Holdings (-7.14%), Regency Alliance Insurance (-6.41%), and Sovereign Trust Insurance (-5.58%).

Negative market breadth further sustained the downturn, with 37 declining equities overwhelming 18 gainers and driving widespread losses across technology, real estate, and healthcare listings.

Sharp double-digit and near-limit drops in stocks like Computer Warehouse Group (-9.98%), UPDC Real Estate Investment Trust (-9.93%), Austin Laz & Company (-9.92%), and Neimeth International Pharmaceuticals (-9.52%) significantly eroded equities capitalization.

Modest increases in counters like Livingtrust Mortgage Bank (+9.90%) and a 0.12% uptick in the NGX Oil/Gas Index were insufficient to counteract losses across the NGX Consumer Goods Index (-0.43%) and the NGX Main-Board Index (-0.07%).

Sectoral performance

Sectoral performance on October 21, 2026, was predominantly bearish, driven by downward adjustments across major sector and board benchmarks.

• The financial sector experienced the sharpest pressure, as the NGX Banking Index declined by 1.49% from 2,493.34 points to 2,456.31 points, while the NGX Insurance Index fell 1.41% from 1,068.32 points to 1,053.31 points.
• Underperformance extended across key governance and thematic indices, with the NGX CG Index dropping 1.05% to 7,104.12 points and the NGX Premium Index receding 0.69% to 30,330.55 points.
• Additionally, the NGX Consumer Goods Index decreased by 0.43% to close at 4,024.83 points, the NGX Pension Broad Index slid 0.30% to 4,925.56 points, and the NGX Main-Board Index trimmed 0.07% to finish at 10,769.39 points.
• In contrast, the energy sector provided a notable buffer against deeper market losses. The NGX Oil/Gas Index advanced 0.12% to close at 6,197.74 points (up from 6,190.61 points), supported by price appreciation in Oando Plc (+4.50%) and Japaul Gold & Ventures (+0.80%).

Meanwhile, the NGX Industrial Index closed virtually flat at 10,258.94 points compared to 10,258.95 points on Tuesday, as strong gains in Meyer Plc (+9.72%) offset sharp losses in Austin Laz & Company (-9.92%). Other specialized indicators saw minimal changes, including the NGX Lotus Islamic Index, which eased slightly from 23,167.70 points to 23,166.06 points.