NGX sheds another N540 billion as MTN Nigeria, Zenith Bank, GTCO, drag stocks lower

The Nigerian equities market lost another N540 billion on Friday, November 6, 2026, as sustained selling in MTN Nigeria, Zenith Bank, GTCO, HBM Nigeria and Fidelity Bank extended the previous session’s sharp decline.

But on a week-to-date basis, the market declined by N3.520 trillion, from N165.114 trillion opening level on November 2, to N161.593 trillion on Friday, November 6, 2026 representing 2.13% drop in one week.

MTN Nigeria led the heavyweight sell-offs, falling 1.53% to N837.00 and shedding N13.00 per share.

Zenith Bank declined 2.17% to N117.40, while GTCO lost 1.80% to N119.80. HBM Nigeria and Fidelity Bank also recorded losses of 2.48% and 3.51%, respectively.

Consequently, the NGX All-Share Index (ASI) declined by 0.33% to 248,877.22 points from 249,710.59 points in the previous session. Market capitalisation fell to N161.59 trillion from N162.13 trillion, representing a loss of approximately N540 billion.

The latest decline extended Thursday’s sell-off, bringing the market’s loss in capitalisation to approximately N3.83 trillion from Wednesday’s close of N165.42 trillion. The ASI also fell 5,885.59 points from its weekly high of 254,762.81 points.

Market sentiment remained negative, with 36 stocks recording losses against 20 gainers. Banking and industrial stocks provided notable downward pressure, although insurance stocks recorded a strong rebound.

Highlights of market performance:

• ASI: 248,877.22 points; down 0.33% from 249,710.59 points.
• ASI YTD gain: Approximately 59.93%.
• Market Capitalisation: N161.593 trillion; down approximately N540 billion from N162.134 trillion.
• Market YTD gain: Approximately 62.61%
• Deals: 32,666 transactions, down 2.61% from 33,540
• Volume Traded: 377.66 million shares, down 55.90% from 856.28 million
• Value Traded: N26.865 billion, down 63.74% from N74.09 billion.
• Market Breadth: Negative, with 20 gainers against 36 losers.

Top 5 Gainers:

• Champion Breweries: up 10.00%, from N8.00 to N8.80.
• WAPIC: up 10.00%, from N2.00 to N2.20.
• Honeywell Flour: up 9.87%, from N26.85 to N29.50.
• Sovereign Trust Insurance: up 9.55%, from N1.78 to N1.95.
• AXA Mansard: up 9.26%, from N10.80 to N11.80.

Top 5 Losers:

• PZ Cussons: down 9.94%, from N71.95 to N64.80.
• ABC Transport: down 8.06%, from N6.20 to N5.70.
• Africa Prudential: down 6.07%, from N10.70 to N10.05.
• Tantalizers: down 5.26%, from N3.80 to N3.60.
• UPL: down 5.15%, from N4.85 to N4.60.

More insights:

The market’s decline reflected weakness in several large-cap stocks, particularly across banking, telecommunications and industrial counters. Their combined losses outweighed gains in selected stocks and the insurance sector.

MTN Nigeria recorded the largest absolute share price decline among the highlighted heavyweight stocks, losing N13.00 to close at N837.00.

Other notable decliners included:

• Zenith Bank: fell 2.17% to N117.40, losing N2.60 per share.
• GTCO: declined 1.80% to N119.80, shedding N2.20.
• HBM Nigeria: lost 2.48% to N315.00, down N8.00.
• Fidelity Bank: dropped 3.51% to N23.35.
• Custodian: declined 3.08% to N63.00.
• Dangote Sugar: fell 0.99% to N65.00.
• Nigerian Breweries: lost 0.28% to N70.00.
• Access Holdings: dipped 0.19% to N26.90.

However, selected large-cap stocks recorded gains, limiting the broader decline. ETI rose 4.48% to N70.00, Transcorp gained 5.67% to N31.70, Oando advanced 5.08% to N33.10, while UACN added 3.12% to N172.00.

Volume and value:

Trading activity was concentrated in a handful of banking and large-cap stocks. GTCO, Zenith Bank and MTN Nigeria were also among the leading stocks by transaction value, indicating substantial trading activity in some of the counters under pressure.

GTCO led trading by volume, with 41.02 million shares, followed by UBA with 25.96 million shares and Zenith Bank with 23.44 million shares.

Other actively traded stocks included FCMB, with 18.88 million shares, and Fidelity Bank, with 18.25 million shares.

• By transaction value, GTCO led with approximately N4.92 billion.
• Zenith Bank recorded N2.76 billion.
• MTN Nigeria accounted for about N2.06 billion.
• NGX Group followed with approximately N2.01 billion.
• UBA recorded about N1.09 billion.

The concentration of trading activity in banking stocks suggests that financial counters remained central to market turnover, even as several major lenders recorded price declines.

Sectoral performance:

Banking and industrial stocks were among the major sectoral drags, while insurance recorded the strongest recovery.

• Banking stocks declined 0.77% to 2,369.84 points.
• Industrial stocks fell 0.33% to 11,668.33 points.
• Consumer goods stocks shed 0.09% to 3,957.25 points.
• Insurance stocks rebounded 3.34% to 1,026.74 points.
• Oil and gas stocks gained 0.12% to 5,859.28 points.
• Commodity stocks closed flat at 1,851.36 points.
• The banking sector’s decline reflected losses in major lenders, including Zenith Bank, GTCO and Fidelity Bank.

The industrial index also remained under pressure after Thursday’s sharp 7.14% decline.

What you should know:

Friday’s decline extended the Nigerian equities market’s losing streak, with market capitalisation shedding another N540 billion to N161.59 trillion.

• The market has lost approximately N3.83 trillion in capitalisation since Wednesday’s weekly high of N165.42 trillion.
• MTN Nigeria, Zenith Bank, GTCO, HBM Nigeria and Fidelity Bank were among the heavyweight stocks that dragged market down after Dangote Cement’s losses on Thursday.
• Banking and industrial indices declined the most, while insurance stocks gained 3.34%, providing some support.
• Market breadth remained negative, with 36 decliners against 20 advancers.

Selected large-cap gains in ETI, Transcorp, Oando and UACN were insufficient to reverse the market’s decline.

The simultaneous weakness in major banking, telecommunications and industrial stocks points to continued pressure on heavyweight counters. Further selling in these stocks could prolong market volatility, although bargain-hunting and gains in selected counters may provide intermittent support.