The Nigerian Exchange (NGX) lost ₦3.52 trillion in equity market value in the week ended November 6, 2026, as sustained selling pressure in major stocks dragged the benchmark All-Share Index lower, reversing part of the market’s strong gains recorded in October.
The NGX All-Share Index declined by 2.13 per cent, shedding 5,422.27 points to close at 248,877.22 points on Friday, November 6, compared with 254,299.49 points recorded at the end of the preceding week.
Market capitalisation fell from ₦165.114 trillion to ₦161.593 trillion, representing a loss of approximately ₦3.52 trillion, according to Nairametrics’ market report published on November 7, 2026.
The decline moderated the market’s year-to-date return to 59.93%.
Selling pressure intensified towards the end of the week, with investors losing another ₦540 billion on Friday alone as MTN Nigeria, Zenith Bank, Guaranty Trust Holding Company (GTCO), HBM Nigeria and Fidelity Bank recorded losses.
Nairametrics reported on November 6 that MTN Nigeria fell 1.53% to ₦837 per share, while Zenith Bank declined 2.17% to ₦117.40. GTCO lost 1.80 per cent to close at ₦119.80, with HBM Nigeria and Fidelity Bank also recording declines.
Dangote Cement was the biggest drag on the benchmark during the week, losing 5.56%, according to First Securities Brokers’ market wrap published on November 6. Aradel Holdings, HBM Nigeria, First HoldCo, Presco and Access Holdings also contributed to the negative performance.
Market breadth reflected the extent of the sell-off, with 57 equities recording losses, against 29 gainers, while 60 stocks closed unchanged, according to The Sun’s market report of November 9.
However, Honeywell Flour Mills emerged as the best-performing stock, appreciating by 30.82% to close at ₦29.50 from ₦22.55. Transcorp Power followed with a 23.37% gain to ₦219.60, while E-Tranzact International advanced by 14.42% to ₦18.65.
Trading activity also weakened considerably during the review period.
Investors exchanged 2.83 billion shares valued at ₦208.41 billion in 192,158 deals, compared with 7.62 billion shares worth ₦637.83 billion in 192,138 deals recorded in the preceding week.
The figures represented a 62.87% decline in trading volume and a 67.32% drop in transaction value, according to The Sun.
Despite the downturn, some market analysts believe the correction could create opportunities for fresh investment rather than signal the end of the market’s upward movement.
Speaking to The Sun, Chief Executive Officer of Arthur Stevens Asset Management, Olatunde Amolegbe, attributed part of the decline to profit-taking after the market’s strong year-to-date performance and investors repositioning their portfolios ahead of the year-end period.
He also identified the expected listing of Dangote Petroleum Refinery shares as a potential catalyst for renewed market activity.
The refinery’s proposed initial public offering carries an indicative market capitalisation of approximately ₦65.22 trillion at the offer price of ₦525 per share, according to its prospectus, as reported by BusinessDay on September 11, 2026.
Amolegbe said the refinery’s expected size could significantly influence the benchmark index, particularly if its shares appreciate after trading commences.
Another factor investors will be watching is the Central Bank of Nigeria’s next Monetary Policy Committee meeting, scheduled for November 23 and 24, 2026, according to the apex bank’s official meeting calendar.
The committee’s decision on interest rates could influence the relative attractiveness of equities and fixed-income investments as investors position their portfolios for the final weeks of the year.
