The Nigerian stock market began the second week of October 2026 on a downward trend. The decline was attributed to investors' profit-taking in Nestle Nigeria Plc and 28 other stocks. This resulted in the Nigerian Exchange Limited All-Share Index (NGX ASI) dropping 140.41 basis points or 0.06% to close at 250,667.86 basis points. The overall market capitalisation value decreased by N91 billion to close at N162.752 trillion.
The sectoral performance was mixed, with some indices declining while others advanced. The Insurance, Consumer Goods, and Oil & Gas indices dropped by 1.2%, 0.7%, and 0.1%, respectively. In contrast, the Banking index increased by 0.4%, and the Industrial Goods index remained flat. The market breadth also indicated a negative market sentiment, with 24 tickers gaining and 29 losers.
Among the gainers, Sovereign Trust Insurance recorded the highest price gain of 10% to close at N2.31 per share. FTN Cocoa Processors followed with a 9.97% gain to close at N8.38, while Tripple Gee & Company rose by 9.87% to close at N2.56 per share. Learn Africa appreciated by 9.80% to close at N8.40, and Livestock Feeds increased by 9.55% to close at N9.75 per share.
On the other hand, Critical Minerals Financing Corporation (CMFC) led the losers' chart with a 9.80% decline to close at N4.05 per share. ABC Transport followed with a 9.46% decline to close at N6.70, while Africa Prudential dipped by 7.31% to close at N10.15 per share. Japaul Gold & Ventures dropped by 6.94% to close at N2.68, and Wapic Insurance declined by 6.36% to close at N2.21 per share.
The total volume traded decreased by 59.3% to 875.28 million units, valued at N40.88 billion, and exchanged in 53,887 deals. Transactions in the shares of Access Holdings topped the activity chart with 440.653 million shares valued at N13.229 billion. CMFC followed with 57.779 million shares worth N235 million, while United Bank for Africa (UBA) traded 45.441 million shares valued at N2.046 billion.
Looking ahead, Cowry Assets Management provided an outlook for the market. They expect the market to gradually recover from its recent bearish bias as investor sentiment improves. However, they noted that continued profit-taking and selective selling may constrain the pace of gains in the near term. This assessment suggests that the market may experience some fluctuations in the coming days.
In summary, the Nigerian stock market experienced a decline on the first trading day of the second week of October 2026. The market's negative performance was driven by profit-taking in various stocks, including Nestle Nigeria Plc. The mixed sectoral performance and negative market breadth further highlighted the market's bearish trend. Nevertheless, market analysts expect the market to recover gradually as investor sentiment improves.
Key points
- The Nigerian stock market declined by 0.06% due to profit-taking in Nestle Nigeria Plc and 28 other stocks.
- The market capitalisation value decreased by N91 billion to close at N162.752 trillion.
- Cowry Assets Management expects the market to recover gradually as investor sentiment improves.
