Bearish sentiment dominated trading on the Nigerian Exchange Limited (NGX) on Thursday, October 22, 2026, as equity market capitalisation dropped by N103.60 billion in a single session.
The equity market capitalisation closed lower at N159.048 trillion, falling from N159.152 trillion recorded on Wednesday, October 21.
The benchmark NGX All-Share Index (ASI) slid by 159.55 points (or 0.065%) to end at 244,956.94 points, marking its lowest level of the week.
This single-day loss extends a broader weekly slide from Friday, October 16, when market capitalisation stood at N160.725 trillion and the ASI touched a week-high of 247,539.73 points.
In terms of total market liquidity, investors traded 360,706,232 equities shares across 31,355 deals during the session.
Market summary
- All-Share Index (ASI): 244,956.94 points, down 0.065% from 245,116.49 points
- Market cap: N159.048 trillion, down 0.065% from N159.152 trillion
- Market value lost: N103.60 billion
- Trading volume: 360.71 million shares, up 1.89% from 354.03 million shares
- Total deals: 31,355 deals, down 3.56% from 32,514 deals
Top 5 gainers
- AVA Capital Plc (AVACAP): Up 9.85% to N7.25 from N6.60
- PZ Cussons Nigeria Plc: Up 8.58% to N68.95 from N63.50
- Tantalizers Plc: Up 5.85% to N3.98 from N3.76
- International Energy Insurance Plc: Up 5.42% to N2.14 from N2.03
- VFD Group Plc: Up 3.59% to N13.00 from N12.55
Top 5 losers
- Thomas Wyatt Nigeria Plc: Down 10.00% to N2.52 from N2.80
- Austin Laz & Company Plc: Down 8.81% to N2.90 from N3.18
- Secure Electronic Technology Plc: Down 6.85% to N0.68 from N0.73
- UPDC Plc: Down 6.49% to N3.60 from N3.85
- Cornerstone Insurance Plc: Down 6.12% to N4.60 from N4.90
Driving the numbers
Index-level declines were led by the NGX Banking Index (falling from 2,456.31 to 2,452.40), the NGX Insurance Index (1,053.31 to 1,047.65), the NGX Consumer Goods Index (4,024.83 to 4,012.84), the NGX Oil/Gas Index (6,197.74 to 6,191.20), and the NGX Main-Board Index (10,769.39 to 10,752.60).
At the individual stock level, the downturn was driven by negative market breadth, as 22 declining equities outweighed 16 gainers.
Significant downward pressure originated from major financial services firms, including price drops in Zenith Bank Plc (-0.41%), Guaranty Trust Holding Company Plc (-0.33%), United Bank for Africa Plc (-0.24%), Wema Bank Plc (-3.33%), and exchange operator Nigerian Exchange Group Plc (-4.69%).
These losses were compounded by pullbacks in energy benchmark Oando Plc (-4.17%) and real estate developer UPDC Plc (-6.49%).
Although select stocks such as AVA Capital Plc (+9.85%) and PZ Cussons Nigeria Plc (+8.58%) advanced, the collective sell-offs across equity boards drove overall trading activity to 360,706,232 shares across 31,355 deals, while listed debt securities recorded no price movement.
Sectoral performance
Sector performance across the Nigerian Exchange on October 22, 2026, was predominantly negative, reflecting widespread pullbacks across major industry benchmarks.
The NGX Banking Index slipped from 2,456.31 points on Wednesday to 2,452.40 points, driven by mild declines in key financial heavyweights, including Zenith Bank Plc (-0.41%), Guaranty Trust Holding Company Plc (-0.33%), United Bank for Africa Plc (-0.24%), and Wema Bank Plc (-3.33%).
- The NGX Insurance Index retreated from 1,053.31 points to 1,047.65 points, under pressure from notable losses in Cornerstone Insurance Plc (-6.12%) and Veritas Kapital Assurance Plc (-5.26%).
- Meanwhile, the NGX Consumer Goods Index dropped from 4,024.83 points to 4,012.84 points, weighed down by sell-offs in International Breweries Plc (-4.74%) and Champion Breweries Plc (-2.00%), which offset a strong gain in PZ Cussons Nigeria Plc (+8.58%).
- Additionally, the NGX Oil/Gas Index eased from 6,197.74 points to 6,191.20 points as Oando Plc dropped 4.17%, contributing to a broader decline in the NGX Main-Board Index to 10,752.60 points from 10,769.39 points.
- In contrast to the prevailing weakness, select sectoral and board benchmarks managed to close in positive territory.
- The NGX Premium Index rose to 30,351.38 points from 30,330.55 points, aided by modest upticks in Access Holdings Plc (+2.49%) and Dangote Cement Plc (+0.20%).
Industrial and growth segments also showed resilience, as the NGX Industrial Index edged up to 10,269.22 points from 10,258.94 points, and the NGX Growth Index climbed to 26,839.75 points from 26,724.27 points, supported by gainers such as The Initiates Plc (+2.92%).
Across non-equity instruments, Exchange Traded Funds (ETFs) posted mixed results with top gains recorded by Vetiva Industrial ETF (+4.81%) and Vetiva Banking ETF (+3.69%), while fixed-income activity remained stagnant with the NGX Sovereign Bond Index holding flat at 661.50 points amid zero price movement across debt securities.