Bearish sentiment tightened its grip on the Nigerian Exchange Limited (NGX) as share prices of 55 listed equities depreciated during trading for the week ended Friday, October 23, 2026. The downturn was driven primarily by sustained profit-taking across key sectors, overwhelming the gains recorded by 20 appreciating equities.
​Trading on the floor of the Exchange, located at Customs Street, Lagos, concluded at 2:30 PM on Friday, leaving overall equity investor wealth down as selling pressure persisted in heavyweight banking and energy stocks.
​The weekly contraction reflects an ongoing market correction following substantial gains achieved earlier in the year. Investors increasingly reassessed their portfolios against a backdrop of domestic economic adjustments and rising international crude oil prices triggered by Middle East geopolitical tensions.
While elevated crude prices provide macro support for Nigeria’s foreign exchange earnings and government revenues, domestic market participants remain cautious regarding potential inflationary pressure, fuel costs, and elevated corporate operating expenses.
​Commenting on the market performance, analysts at Cowry Asset Management Limited noted that the decline highlights a broader market correction as investors realign portfolios following substantial earlier gains.
They added that negative market breadth points to persistent selling pressure, suggesting investors will remain cautious and selective, favouring fundamentally strong stocks with sustainable dividend yields.
​Despite the dominant bear activity across the trading floor, selective bargain hunting provided a strong boost to a handful of mid- and small-cap stocks.
On the gainers’ chart, ABC Transport led the advancing 20 stocks with a notable 20.7 percent price increase, followed closely by AVACAP with a 17.7 percent gain, Caverton Offshore rising 17.1 percent, and Fidelity Bank advancing 14.0 percent. Conversely, the 55 declining stocks were dragged down by sharp pullbacks in UPDC REIT, Omatek Ventures, University Press Plc (UPL), Regal Insurance, and NGX Group.
​Stockbrokers at Customs Street emphasized that continued price adjustments could unlock value for discerning long-term investors.
Trading analysts noted that market trajectory over the coming sessions will largely depend on upcoming corporate earnings releases, valuation adjustments, and broader macroeconomic conditions, though continued weakness in large-capitalization stocks may prolong market consolidation in the near term.
