NGX sheds N93 billion as First HoldCo, Stanbic IBTC, NAHCO drag stocks lower

The Nigerian equities market lost N93.23 billion on Tuesday, November 10, 2026 as selling pressure in First HoldCo, Stanbic IBTC, Zenith Bank and NAHCO triggered reversal of a small part of the previous session’s rebound.

The NGX All-Share Index (ASI) declined by 0.06% to 252,313.16 points from 252,456.74 points.

Market capitalisation fell to N163.82 trillion from N163.92 trillion.

Banking blue-chip names majorly drove market decline on Tuesday, led by First HoldCo which fell 1.83%, shedding N2.00 to close at N107.00 from N109.00.

Stanbic IBTC also declined 1.54%, losing N2.50 to close at N160.00 from N162.50 while Zenith Bank dropped 0.85%, shedding N1.00 to N116.50 from N117.50.

Fidelity Bank slipped 0.60% to N24.80 from N24.95 just as Wema Bank dipped 0.31%, losing N0.10 to close at N31.90 from N32.00.

Despite the decline, market sentiment remained positive with 32 gainers against 21 losers. Most of the decline came from selling in a few banking stocks and from NAHCO, not from broad-based selling.

Highlights of market performance:

• ASI: 252,313.16 points; down 0.06% from 252,456.74 points.
• ASI YTD gain: 62.14%.
• Market Capitalisation: N163.82 trillion; down 0.06% from N163.92 trillion.
• Market cap YTD gain: 64.85%.
• Deals: 31,543 transactions, down 26.46% from 42,891.
• Volume Traded: 545.30 million shares, up 20.29% from 453.31 million.
• Value Traded: N30.39 billion, down 0.54% from N30.55 billion.
• Market Breadth: Positive, with 32 gainers against 21 losers.

Top 5 Gainers:

• Champion Breweries: up 10.00%, from N8.50 to N9.35.
• Honeywell Flour: up 9.90%, from N29.30 to N32.20.
• CMFC: up 8.75%, from N2.97 to N3.23.
• Sovereign Trust Insurance: up 8.41%, from N2.14 to N2.32.
• UPL: up 8.33%, from N4.20 to N4.55.

Top 5 Losers:

• NAHCO: down 9.99%, from N151.20 to N136.10.
• Red Star Express: down 9.85%, from N13.70 to N12.35.
• LivingTrust Mortgage Bank: down 9.79%, from N2.86 to N2.58.
• Abbey Mortgage Bank: down 5.22%, from N6.70 to N6.35.
• Caverton Offshore Support: down 4.29%, from N3.50 to N3.35.

More insights:

The market’s decline was concentrated in banking stocks. First HoldCo recorded the sharpest fall among the major blue-chip banks, dropping 1.83% to N107.00. Stanbic IBTC had the largest absolute decline, losing N2.50 to close at N160.00.

Other notable decliners that weighed on market performance included:

• Zenith Bank: fell 0.85% to N116.50, losing N1.00 per share.
• Fidelity Bank: dropped 0.60% to N24.80.
• Wema Bank: declined 0.31% to N31.90.

NAHCO was the biggest drag outside banking, shedding N15.10 per share as it fell 9.99%.

However, gains in other large-cap stocks limited the broader decline. Transcorp rose 6.67%, UACN added 1.74%, GTCO gained 0.33%, and Access Holdings advanced 0.18%.

Volume and value:

Trading activity was higher in volume but lower in value and deals. Neimeth led by volume with 79.86 million units, or 14.65% of the total.

• First HoldCo led by value with N6.31 billion, or 20.77% of the total.
• Excluding First HoldCo, value traded was N24.08 billion, about 5% below Monday’s N25.35 billion excluding Seplat.
• The average value per share traded fell about 17% to N55.73.

The heavy trading in First HoldCo, even as its price declined, suggests that selling pressure was concentrated in the stock.

Sectoral performance:

Banking was the only major sector to decline, while insurance posted the strongest gain.

• Banking stocks declined 0.67% to 2,359.68 points.
• Insurance stocks gained 1.33% to 1,053.71 points.
• Consumer goods stocks rose 0.19% to 3,963.58 points.
• Oil and gas stocks added 0.09% to 5,877.44 points.
• Industrial stocks gained 0.04% to 12,336.97 points.
• Commodity stocks closed flat at 1,859.15 points.

What you should know:

Tuesday’s decline reversed part of the gains from Monday’s N2.32 trillion rebound, moderating the market’s year-to-date return to 62.14%. Month-to-date, the ASI is down 0.8%.

• First HoldCo, Stanbic IBTC, Zenith Bank, Fidelity Bank and Wema Bank all closed lower, pulling the banking index down 0.67%.
• Positive breadth and gains in insurance, consumer goods and oil and gas stocks limited the market’s losses.
• Turnover by value and deal count fell, even as volume rose 20.29%.

Improving breadth and gains across several sectors could support a near-term rebound. Continued selling in heavyweight banking stocks and subdued trading activity may limit a broader recovery.