The Nigerian equities market closed the week ended October 16, 2026 slightly lower, with the NGX All-Share Index (ASI) shedding 0.33% to settle at 247,539.73 points.
Market capitalisation fell by the same margin to ₦160.725 trillion. The dip is small, but how it happened is worth a closer look. Fifty equities gained in price during the week, against 30 that lost ground, while 66 were unchanged. Yet the index still fell.
The ASI is weighted by market capitalisation, so losses in the market’s largest stocks can outweigh gains in smaller ones. That is what the week’s numbers show: heavy losses in banking, offset only in part by gains in oil and gas and a handful of small caps.
Banks Take the Hit
The NGX Banking Index fell 3.15% to 2,532.47 points, and the NGX-AFR Bank Value Index lost 3.80%. The Banking Index is now down 6.62% month to date. Zenith Bank was among the week’s top 10 decliners, dropping 6.46% from ₦134.70 to ₦126.00.
Guaranty Trust Holding Company (GTCO) fell 5.10% from ₦131.50 to ₦124.80. Of GTCO’s ₦6.70 loss, ₦1.00 reflects the dividend adjustment when the stock went ex-dividend on October 13.
Financial services also dominated trading. The industry led activity with 1.083 billion shares worth ₦48.967 billion in 86,994 deals, accounting for 65.31% of total volume and 49.92% of total value. Heavy trading alongside falling prices suggests the sector saw significant repositioning, although the exchange’s report does not say what drove it.
Oil and Gas, Commodities Push Back
The NGX Oil & Gas Index rose 3.13% to 6,194.00 points, and the NGX Commodity Index gained 2.36% to 1,937.41. The Oil & Gas Index is now up 131.96% year to date, the highest year-to-date gain among the indices in the report. Aradel Holdings was among the top gainers, rising 8.93% from ₦1,377.00 to ₦1,499.90.
Some of the sharpest moves came from smaller stocks. Livestock Feeds climbed 44.49% from ₦13.15 to ₦19.00, E-Tranzact International rose 42.98% to ₦17.30, and Multi-Trex Integrated Foods gained 42.86% to ₦0.60. Guinness Nigeria added 9.93% to close at ₦423.00.
Livestock Feeds was also one of the three most-traded stocks by volume, alongside Access Holdings and United Bank for Africa. Together, the three accounted for 413.964 million shares worth ₦12.158 billion, or 24.96% of total volume.
On the losing side, UPDC Real Estate Investment Trust fell -11.88% to ₦21.15, Nigerian Enamelware lost -9.95%, and Nascon Allied Industries dropped -9.48%. PZ Cussons fell -5.15% to ₦64.50, though ₦2.50 of its ₦3.50 loss was the ex-dividend adjustment on October 12.
What to Watch
Despite the week’s slip, the ASI is still up 59.07% year to date, so the pullback is modest against the year’s gains. The question for the coming sessions is whether banking stocks keep falling or stabilise, and whether the lift in oil and gas and commodities holds.