The Nigerian equities market lost another ₦540 billion on Friday, November 6, 2026, as sustained selling in MTN Nigeria, Zenith Bank, GTCO, HBM Nigeria and Fidelity Bank extended the previous session’s sharp decline.
On a week-to-date basis, the market shed ₦3.520 trillion, falling from its opening level of ₦165.114 trillion on November 2 to ₦161.593 trillion on Friday, November 6, 2026. This represents a 2.13 per cent drop in one week.
MTN Nigeria led the sell-offs among the heavyweights, falling 1.53 per cent to ₦837.00 and shedding ₦13.00 per share. Zenith Bank declined 2.17 per cent to ₦117.40, while GTCO lost 1.80 per cent to ₦119.80. HBM Nigeria and Fidelity Bank also recorded losses of 2.48 per cent and 3.51 per cent respectively.
As a result, the NGX All-Share Index (ASI) fell by 0.33 per cent to 248,877.22 points from 249,710.59 points in the previous session. Market capitalisation dropped to ₦161.59 trillion from ₦162.13 trillion, a loss of about ₦540 billion.
The latest decline extended Thursday’s sell-off. It brought the market’s loss in capitalisation to about ₦3.83 trillion from Wednesday’s close of ₦165.42 trillion. The ASI also dropped 5,885.59 points from its weekly high of 254,762.81 points.
Market sentiment tilted heavily towards profit taking on blue-chip banking and industrial stocks. A total of 29 stocks, mostly mid- and low-cap counters, gained in price, while 23, largely made up of blue chips, posted losses.
Insurance stocks, however, rebounded strongly after weeks of losses, providing some support against the downward pressure from falling banking and industrial stocks.
The ASI closed at 248,877.22 points, down 0.33 per cent from 249,710.59 points. Its year-to-date gain stood at about 59.93 per cent.
Market capitalisation closed at ₦161.593 trillion, down about ₦540 billion from ₦162.134 trillion. The market’s year-to-date gain was about 62.61 per cent.
Investors executed 32,666 deals, down 2.61 per cent from 33,540 deals in the previous session.
The volume of shares traded fell 55.90 per cent to 377.66 million from 856.28 million. The value of transactions dropped 63.74 per cent to ₦26.865 billion from ₦74.09 billion.
Market breadth was reported as negative, with 29 gainers against 23 losers.
Champion Breweries topped the gainers’ chart with a 10.00 per cent rise, moving from ₦8.00 to ₦8.80.
WAPIC also gained 10.00 per cent, rising from ₦2.00 to ₦2.20. Honeywell Flour appreciated by 9.87 per cent, from ₦26.85 to ₦29.50.
Sovereign Trust Insurance rose 9.55 per cent, from ₦1.78 to ₦1.95, while AXA Mansard gained 9.26 per cent, from ₦10.80 to ₦11.80.
On the losers’ chart, PZ Cussons led with a 9.94 per cent decline, falling from ₦71.95 to ₦64.80.
ABC Transport dropped 8.06 per cent, from ₦6.20 to ₦5.70. Africa Prudential lost 6.07 per cent, from ₦10.70 to ₦10.05.
Tantalizers declined 5.26 per cent, from ₦3.80 to ₦3.60, while UPL fell 5.15 per cent, from ₦4.85 to ₦4.60.
The market’s decline reflected weakness in several large-cap stocks, particularly across banking, telecommunications and industrial counters. Their combined losses outweighed gains in selected stocks and the insurance sector.
MTN Nigeria recorded the largest absolute share price decline among the highlighted heavyweight stocks, losing ₦13.00 to close at ₦837.00.
Zenith Bank fell 2.17 per cent to ₦117.40, losing ₦2.60 per share. GTCO declined 1.80 per cent to ₦119.80, shedding ₦2.20.
HBM Nigeria lost 2.48 per cent to ₦315.00, down ₦8.00. Fidelity Bank dropped 3.51 per cent to ₦23.35.
Custodian declined 3.08 per cent to ₦63.00, while Dangote Sugar fell 0.99 per cent to ₦65.00.
Nigerian Breweries lost 0.28 per cent to ₦70.00, and Access Holdings dipped 0.19 per cent to ₦26.90.
Some large-cap stocks recorded gains, which limited the broader decline. ETI rose 4.48 per cent to ₦70.00, Transcorp gained 5.67 per cent to ₦31.70, Oando advanced 5.08 per cent to ₦33.10, and UACN added 3.12 per cent to ₦172.00.
Trading activity was concentrated in a handful of banking and large-cap stocks. GTCO, Zenith Bank and MTN Nigeria were also among the leading stocks by transaction value, indicating substantial trading in some of the counters under pressure.
GTCO led trading by volume with 41.02 million shares, followed by UBA with 25.96 million shares and Zenith Bank with 23.44 million shares.
Other actively traded stocks included FCMB with 18.88 million shares and Fidelity Bank with 18.25 million shares.
By transaction value, GTCO led with about ₦4.92 billion, followed by Zenith Bank with ₦2.76 billion and MTN Nigeria with about ₦2.06 billion.
NGX Group followed with approximately ₦2.01 billion, while UBA recorded about ₦1.09 billion.
The concentration of trading in banking stocks suggests that financial counters remained central to market turnover, even as several major lenders recorded price declines.
Banking and industrial stocks were among the major sectoral drags, while insurance recorded the strongest recovery.
The banking index declined 0.77 per cent to 2,369.84 points, while the industrial index fell 0.33 per cent to 11,668.33 points.
The consumer goods index shed 0.09 per cent to 3,957.25 points. The insurance index rebounded 3.34 per cent to 1,026.74 points.
The oil and gas index gained 0.12 per cent to 5,859.28 points, while the commodity index closed flat at 1,851.36 points.
The banking sector’s decline reflected losses in major lenders, including Zenith Bank, GTCO and Fidelity Bank.
The industrial index also remained under pressure after Thursday’s sharp 7.14 per cent decline.
Friday’s decline extended the equities market’s losing streak, with market capitalisation shedding another ₦540 billion to ₦161.59 trillion.
The market has lost about ₦3.83 trillion in capitalisation since Wednesday’s weekly high of ₦165.42 trillion.
MTN Nigeria, Zenith Bank, GTCO, HBM Nigeria and Fidelity Bank were among the heavyweight stocks that dragged the market down, following Dangote Cement’s losses on Thursday.
The banking and industrial indices declined the most, while insurance stocks gained 3.34 per cent, providing some support.
Market breadth remained negative, though 29 stocks gained against 23 decliners. Gains in ETI, Transcorp, Oando and UACN were not enough to reverse the market’s decline.
The simultaneous weakness in major banking, telecommunications and industrial stocks points to continued pressure on heavyweight counters. Further selling in these stocks could prolong market volatility, although bargain hunting and gains in selected counters may provide intermittent support.
