Okomu, Nascon, FUGAZ stocks wipe N293.43 billion off NGX

The Nigerian equities market lost N293.43 billion on Wednesday, November 11, 2026, as selling pressure in Okomu Oil, Nascon Allied Industries and FUGAZ banks extended the previous session’s decline.

The NGX All-Share Index (ASI) declined by 0.18% to 251,861.24 points from 252,313.16 points. Market capitalisation fell to N163.53 trillion from N163.82 trillion.

Okomu Oil led the laggards, dropping 10.00% and shedding N127.60 to close at N1,148.60 from N1,276.20. Nascon fell 8.99%, losing N16.50 to close at N167.00 from N183.50.

All five Tier 1 banks popularly known as the FUGAZ banks (First HoldCo, UBA, GTCO, Access and Zenith) closed lower, led by First HoldCo, which fell 3.74% and shed N4.00 to close at N103.00 from N107.00.

• UBA fell 2.38% to N41.00 from N42.00, while Access Holdings dropped 1.63% to N27.10 from N27.55.
• Zenith Bank declined 0.52% to N115.90 from N116.50, GTCO shed 0.33% to N119.50 from N119.90.
• Fidelity Bank also added to the losses, shedding 0.40% to N24.70 from N24.80.

Consequently, market sentiment turned negative, with 22 gainers against 29 losers. Five of the six sector indices declined, and the Oil/Gas index was the only gainer.

Highlights of market performance:

ASI: 251,861.24 points; down 0.18% from 252,313.16 points.

• ASI YTD gain: 61.85%.
• Market Capitalisation: N163.53 trillion; down 0.18% from N163.82 trillion.
• Market cap YTD gain: 64.56%.
• Deals: 30,908 transactions, down 2.01% from 31,543.
• Volume Traded: 418.35 million shares, down 23.28% from 545.30 million.
• Value Traded: N22.83 billion, down 24.88% from N30.39 billion.
• Market Breadth: Negative, with 22 gainers against 29 losers.

Top 5 Gainers:

• UPL: up 9.89%, from N4.55 to N5.00.
• Caverton Offshore Support: up 8.96%, from N3.35 to N3.65.
• Abbey Mortgage Bank: up 8.66%, from N6.35 to N6.90.
• Champion Breweries: up 8.56%, from N9.35 to N10.15.
• Ecobank Transnational Incorporated (ETI): up 6.93%, from N70.00 to N74.85.

Top 5 Losers:

• Okomu Oil: down 10.00%, from N1,276.20 to N1,148.60.
• Enamelware: down 9.96%, from N36.65 to N33.00.
• Nascon Allied Industries: down 8.99%, from N183.50 to N167.00.
• FTN Cocoa: down 8.36%, from N7.42 to N6.80.
• VFD Group: down 6.67%, from N12.00 to N11.20.

More insights:

The market’s decline was again concentrated in banking stocks. First HoldCo recorded the sharpest fall among the major banks, dropping 3.74% to N103.00.

• First HoldCo extends its Tuesday loss, so the stock has shed about 5.5% over two sessions from N109.00.
• Okomu Oil was the biggest drag outside banking, shedding N127.60 per share.
• However, gains in other large-cap stocks limited the broader decline.
• ETI added 6.93%
• Wema Bank rose 3.45% to N33.00
• Oando gained 1.08% to N37.40
• Transcorp advanced 0.94% to N32.30
• Stanbic IBTC added 0.56% to N160.90
• Abbey Mortgage Bank and Caverton Offshore Support, both among Tuesday’s losers, rebounded into the gainers’ chart.

Volume and value:

Trading activity weakened across all measures. Volume fell 23.28% to 418.35 million shares, reversing Tuesday’s 20.29% increase.

Value traded declined 24.88% to N22.83 billion, while deals slipped 2.01% to 30,908.

The sharp drop in volume and value suggests limited buying conviction during the session.

Sectoral performance:

Banking was the weakest major sector, while Oil/Gas was the only one to gain.

• Banking stocks declined 0.60% to 2,345.43 points.
• Commodity stocks fell 0.55% to 1,848.95 points.
• Insurance stocks lost 0.29% to 1,050.61 points.
• Consumer goods stocks slipped 0.15% to 3,957.52 points.
• Oil and gas stocks added 0.03% to 5,879.41 points.

Industrial stocks closed flat at 12,336.71 points.

What you should know:

Wednesday’s decline followed Tuesday’s N93.23 billion loss, moderating the market’s year-to-date return to 61.85% from 62.14%. Month-to-date, the ASI is down about 1%.

• First HoldCo, UBA, Access Holdings, Zenith Bank, Fidelity Bank and GTCO all closed lower, pulling the banking index down 0.60%.
• Breadth turned negative, and insurance, which gained 1.33% on Tuesday, reversed to a 0.29% loss.
• Volume, value and deal count all declined.

Bargain-hunting in fundamentally sound stocks could support a near-term rebound and moderate further losses. Continued selling in banking and consumer counters, along with subdued trading activity, may keep the market cautious.