Nigerian Stock Market Loses N407 Billion Amid Banking Decline

On October 12, 2026, the Nigerian stock market opened the week with a decline, as total equities market capitalization fell from N161.26 trillion on October 9 to N160.85 trillion, losing N407.30 billion. The benchmark All-Share Index (ASI) decreased by 627.31 index points, or 0.25%, closing at 247,736.24 points.

Market turnover reached 405,359,288 shares across 52,891 deals, marking the lowest index level for the trading week from October 6 to October 12. The NGX Banking Index dropped from 2,614.79 to 2,567.52 points, influenced by price declines in major banks including Access Holdings Plc (-4.24%), Zenith Bank Plc (-4.23%), and Fidelity Bank Plc (-2.62%).

The NGX Oil & Gas Index also fell, primarily due to a 7.55% loss in Oando Plc. Despite some gains in defensive sectors like Neimeth International Pharmaceuticals Plc (+10.00%) and Guinness Nigeria Plc (+9.93%), these were insufficient to counterbalance the overall market loss.