The Nigerian Exchange Limited fell further Week-on-Week amid selling pressure across sectors. This came despite the fourth consecutive monthly decline in the headline inflation rate for September 2026.
Specifically, the NGX market capitalisation, which represents the total value of equities listed on the Exchange, dropped to N260.725 trillion last Friday from N161.260 trillion the previous week, as investors lost over N535 billion.
Similarly, the NGX All Share Index, another market gauge, nosedived by 0.3% to close last Friday at 247539.73 points from 248,363.55 points the previous week.
Analysis of trading showed that the market closed lower for the third consecutive week. Losses in Zenith Bank (-6.5%), MTN Nigeria (-1.8%), First HoldCo (-3.9%) and GTCO (-4.4%) contributed significantly to dragging the ASI down WoW. This brought the Month-to-Date (MtD) and Year-to-Date (YtD) returns to -1.5% and +59.1% respectively.
On market activity, trading volume and value declined by 39.0% WoW and 38.0% WoW respectively.
On sector performance, the Banking Index declined by 3.1% and the Insurance Index by 0.1%. The Oil & Gas Index rose by 3.1% and the Consumer Goods Index by 0.1%, while the Industrial Goods Index closed flat.
Commenting on the market outlook, analysts at Cordros Capital Limited stated: “Looking ahead, we expect market sentiment to improve, supported by bargain hunting following recent price declines. Secondly, anticipation of third quarter, Q3 earnings releases and positioning ahead of upcoming dividend qualification dates, which could drive selective buying interest.”
On their part, analysts at InvestData Consulting Limited said: “The oil market’s movements may also influence expectations regarding inflation, energy costs and broader economic activity. Changes in crude prices can affect transportation, production and distribution costs, with potential implications for businesses across several sectors.
“However, the implications for individual companies will vary according to their exposure to energy prices, operating structures and ability to pass higher costs on to customers. Investors should therefore assess the potential impact of oil-price movements within the context of individual company fundamentals and the wider economic environment.”
