Nigerian Stocks Decline as MTN and Others Weigh Down Market

In the holiday-shortened trading week ending October 2, 2026, Nigerian equities experienced a decline, with the benchmark NGX All-Share Index (ASI) dropping 0.52% to close at 250,808.27 points from 252,113.41 points. This decline was driven by losses in major stocks including MTN Nigeria, First HoldCo, Access Holdings, GTCO, and Nigerian Breweries, which outweighed gains in Fidelity Bank, UACN, ETI, and UBA.

Market capitalisation fell by approximately N812.61 billion, or 0.50%, closing at N162.843 trillion. ABC Transport emerged as the standout performer, surging 45.10% from N5.10 to N7.40, while Sovereign Trust Insurance recorded the steepest decline, falling 12.50% to N2.10.

The market opened for four trading days due to a public holiday on October 1, 2026. Despite the index decline, market breadth was positive with 44 equities appreciating in price.

The week followed three consecutive weeks of gains and coincided with the Central Bank of Nigeria's 350-basis-point MPR cut to 23% on September 22, indicating a market digesting both the rate-cut rally and a shortened trading week.