NGX stocks shed N718.95 billion in midweek bearish run as ASI dips 1,107 points

The Nigerian equities market reversed recent gains on Wednesday, October 28, 2026, erasing N718.95 billion in equity market value.

At the close of trading on the Nigerian Exchange Limited (NGX), the total equities market capitalisation dropped by 0.44% to settle at N164.19 trillion, down from N164.91 trillion recorded on Tuesday, October 27.

Similarly, the benchmark All-Share Index (ASI) fell by 1,107.28 points (0.44%) to close at 252,882.78 points, compared to Tuesday’s closing level of 253,990.06 points.

Overall trading activity saw investors exchange a total volume of 404,078,938 shares across 38,970 deals.

Market summary

• All-Share Index (ASI): 252,882.78 points, down 0.44% from 253,990.06 points
• Market cap: N164.19 trillion, down 0.44% from N164.91 trillion
• Market value lost: N718.95 billion
• Trading volume: 404.08 million shares, down 92.27% from 5.23 billion shares
• Total deals: 38,970 deals, up 8.61% from 35,882 deals

Top 5 gainers

• Sovereign Trust Insurance Plc: Up10.00% to N1.98 from N1.80
• UPDC Real Estate Investment Trust: Up 9.61% to N21.10 from N19.25
• Austin Laz & Company Plc: Up 9.21% to N2.61 from N2.39
• United Bank for Africa Plc (UBA): Up 6.83% to N43.00 from N40.25
• Critical Minerals Financing Corp Plc: Up 5.71% to N3.33 from N3.15

Top 5 losers

• First Holdco Plc: Down 10.00% to N139.50 from N155.00
• Tripple Gee and Company Plc: Down 5.51% to N2.40 from N2.54
• eTranzact International Plc: Down 4.76% to N16.00 from N16.80
• Royal Exchange Plc: Down 4.76% to N1.00 from N1.05
• Fortis Global Insurance Plc: Down 4.76% to N1.60 from N1.68

Driving the numbers

Heavy profit-taking in the banking sector dragged the NGX Banking Index down from 2,574.61 to 2,513.96 points, led by a maximum 10.00% drop in First Holdco Plc (losing N15.50 to close at N139.50).

• This decline was further compounded by sell-offs in major financial institutions, including Fidelity Bank (-3.18%), GTCO (-1.79%), Wema Bank (-1.61%), and Zenith Bank (-0.41%).
• Concurrently, price depreciation in industrial heavyweights such as BUA Cement (-1.21%) pulled the NGX Industrial Index down from 11,834.55 to 11,797.62 points, while elevated interest rates under the Central Bank of Nigeria’s 23.00% Monetary Policy Rate maintained broader valuation pressure on equities.
• Conversely, selective accumulation in defensive sectors and specific large-cap equities provided a moderate buffer against deeper losses.
• Strong demand for United Bank for Africa Plc (UBA), which rallied 6.83% to N43.00 on a heavy volume of 38.48 million shares, helped offset part of the banking weakness.
• Upside momentum in Sovereign Trust Insurance (+10.00%) alongside consumer goods tickers like Champion Breweries (+4.44%) and Dangote Sugar Refinery (+1.49%) lifted the NGX Consumer Goods Index from 4,014.14 to 4,019.16 points.

However, with 30 equities ending in the red against 26 advancing stocks, negative breadth across key financial and industrial leaders ultimately dictated the market’s bearish close.

Sectoral performance

The NGX Banking Index experienced a noticeable pullback, dropping from 2,574.61 to 2,513.96 points, while the broader NGX Premium Index fell from 33,313.06 to 33,039.39 points.

• Industrial and insurance sectors also faced downward pressure, as the NGX Industrial Index slipped from 11,834.55 to 11,797.62 points and the NGX Insurance Index eased from 1,030.64 to 1,029.35 points.
• Additionally, the NGX 30 Index slid from 9,367.07 to 9,322.66 points, accompanied by slight declines in the NGX Oil/Gas Index (from 6,088.52 to 6,086.43 points) and the NGX Lotus Islamic Index (from 23,808.49 to 23,801.27 points).

In contrast, a few sector indicators managed to post modest gains despite the overall market retreat.

• The NGX Consumer Goods Index advanced slightly from 4,014.14 to 4,019.16 points, while the NGX Growth Index rose from 26,667.26 to 26,896.25 points.
• Specialized indices also displayed mixed results; the NGX MERI Value Index increased from 23,634.73 to 23,911.82 points, and the NGX-AFR Bank Value Index picked up from 4,807.12 to 4,840.34 points, even as the NGX MERI Growth Index declined from 15,954.09 to 15,858.93 points.

Meanwhile, fixed-income and commodity metrics remained flat, with the NGX Sovereign Bond Index holding steady at 666.44 points and the NGX Commodity Index closing unchanged at 1,895.58 points.