By Obah Sylva
The NGX market closed lower on Friday, October 2, 2026, as investors took profits after a strong run, wiping about ₦261.92 billion from the value of listed equities. The market’s year-to-date gain nevertheless remained above 60 per cent.
Key Highlights
- Listed equities lost ₦261.92 billion in Friday’s session.
- Market capitalisation fell from ₦163.10 trillion to ₦162.84 trillion.
- The All-Share Index declined 0.16 per cent to 250,808.27 points.
- The market retained a 61.17 per cent year-to-date return.
- Market breadth was even, with 26 gainers and 26 losers.
- PZ Cussons fell 9.91 per cent, while AIICO Insurance and Trans-Nationwide Express each gained 10 per cent.
The NGX All-Share Index (ASI) declined by 403.40 points from 251,211.67 points in the previous session to close at 250,808.27. Market data reported by Nairametrics also showed trading of 557.12 million shares in 53,370 deals.
Market capitalisation falls to ₦162.84 trillion
The total value of listed equities fell by ₦261.92 billion, or 0.16 per cent, to approximately ₦162.84 trillion from ₦163.10 trillion at the previous session.
The movement followed a broader week of consolidation. Over the four trading sessions during the holiday-shortened week, market capitalisation declined by approximately ₦812.61 billion, while the All-Share Index fell 0.52 per cent.
Despite Friday’s decline, the market remained significantly higher than its level at the start of the year, with the ASI retaining a 61.17 per cent year-to-date return.
Gainers and losers split evenly
Market breadth was neutral, with 26 equities recording gains and another 26 recording losses. The evenly balanced breadth indicated that the session’s decline was not accompanied by a significantly wider sell-off across listed equities.
PZ Cussons Nigeria Plc recorded the biggest decline among the top losers, falling 9.91 per cent to close at ₦66.40. Other decliners included eTranzact International Plc, down 9.84 per cent to ₦11.00; Zichis Agro Allied Industries Plc, down 8.29 per cent to ₦18.25; FTN Cocoa Processors Plc, down 8.19 per cent to ₦7.62; and Royal Exchange Plc, down 7.83 per cent to ₦1.06.
AIICO Insurance Plc and Trans-Nationwide Express Plc each rose by the daily maximum of 10 per cent, closing at ₦4.18 and ₦2.97, respectively. Livestock Feeds Plc gained 9.88 per cent to ₦8.90, LivingTrust Mortgage Bank Plc rose 9.87 per cent to ₦3.45, and ABC Transport Plc added 9.63 per cent to ₦7.40.
Banking stocks weigh on the index
The NGX Banking Index was one of the major drags on Friday, falling 0.97 per cent. First Holdco declined 6.16 per cent, while NGX Group and VFD Group also recorded notable losses. These declines outweighed gains in some banking stocks, including Fidelity Bank and GTCO.
In contrast, the NGX Insurance Index gained 1.21 per cent, making it the strongest-performing sectoral index during the session.
Investors exchanged 557.12 million shares across 53,370 deals. Volume was lower than in the previous session, while the number of deals increased. Access Holdings accounted for a significant portion of trading activity, with more than 183.5 million shares changing hands.
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Holiday-shortened week ends lower
Friday’s performance capped a holiday-shortened trading week, as October 1 was a public holiday for Nigeria’s Independence Day celebrations. For the week, the NGX All-Share Index declined approximately 0.52 per cent and market capitalisation dropped about ₦812.61 billion.
The September performance had been considerably stronger, with the ASI gaining 2.87 per cent during the month and market capitalisation increasing by ₦5.37 trillion.
What investors will watch next
The latest NGX market movement highlights the tension between profit-taking and continued investor demand for Nigerian equities. With the market still posting a substantial year-to-date gain, investors will be watching corporate earnings, liquidity, sector rotation and broader economic developments as trading resumes next week.
Friday’s decline, while significant in naira terms, represented a relatively modest 0.16 per cent movement in the benchmark index. The next sessions will show whether the market’s consolidation continues or renewed buying interest returns.
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