Nigerian Stocks Drop Below 250k Amid Profit-Taking

On October 13, 2026, the Nigerian equities market saw a decline, with the Nigerian Exchange (NGX) All-Share Index (ASI) falling to 247,736.24 points, a drop of 627.31 points after a brief rally. This decline followed a seven-session slide and was attributed to heavy profit-taking after the index had previously surpassed the 250k mark.

The market capitalization decreased by N407.3 billion, with the year-to-date return standing at 59.20%. The retreat was intensified by bearish pressure on Tier-1 banking and industrial stocks.

Technical analysis indicated that the 250k level was a critical psychological support for investors. The ASI had peaked above 255k points in late September 2026, following Nigeria's reclassification by FTSE Russell back into the Frontier market and a 350-bps rate cut by the Central Bank of Nigeria (CBN) to 23.00%.

Recent trends suggest a potential consolidation towards the 240k mark, with a need for the index to reclaim above 251,200 to reestablish a bullish trend.