Nigerian Stocks Decline as Banking and Oil Sectors Weigh Down Market

On November 2, 2026, the Nigerian equities market opened trading with a decline, primarily due to losses in banking, oil and gas, and consumer goods sectors. The NGX All-Share Index (ASI) decreased by 0.02% to 254,245.21 points from 254,299.49 points in the previous session, resulting in a market capitalisation drop of approximately N35.25 billion to N165.08 trillion.

The Month-to-Date and Year-to-Date returns were recorded at 0.0% and +63.4%, respectively. The market breadth was negative, with 41 decliners compared to 21 advancers, indicating stronger selling pressure.

The NGX Oil and Gas Index saw the largest sectoral decline, falling 3.75% to 5,857.51 points, while the Banking Index declined by 1.79% to 2,386.08 points. Despite the overall market weakness, Consolidated Hallmark Holdings (NGX: CONHALLPLC) and Livestock Feeds (NGX: LIVESTOCK) recorded gains of 10% and 9.77%, respectively.

The session marked a weak start to November trading, with sustained weakness in key sectors potentially affecting near-term market sentiment.