LAGOS, Nigeria — Nigerian equities lost ₦3.52 trillion in market value in the week ended November 6, 2026, as the All-Share Index fell 2.13% to 248,877.22 points. The index closed the week down 5,422.27 points from 254,299.49 points. Equity market capitalisation fell to ₦161.59 trillion from ₦165.11 trillion at the start of the week.
The analysis attributes the decline to renewed sell-offs across global equity markets, which weighed on domestic sentiment, along with profit-taking and portfolio rebalancing as investors position for the year-end trading period. The index’s year-to-date return has moderated to 59.93%.
Market breadth was negative. Twenty-nine equities gained, down from 33 the previous week, while 57 declined, up from 48. Sixty equities closed unchanged, compared with 65 a week earlier.
Honeywell Flour Mills was the best performer, rising 30.82% to ₦29.50 from ₦22.55. The rally extends its October run, when the stock rose 25.28% to ₦22.55. Since the end of September, when it traded at ₦18.00, Honeywell has gained about 63.89%.
Transcorp Power followed, rising 23.37% to ₦219.60 from ₦178.00. E-Tranzact International gained 14.42% to ₦18.65 from ₦16.30. The stock is up about 52.87% from ₦12.20 at the end of September.
Axamansard Insurance rose 9.77% to ₦11.80, The Initiates gained 9.57% to ₦26.90, and University Press rose 9.52% to ₦4.60. UPDC added 7.46% to ₦3.60, Haldane McCall rose 7.36% to ₦3.50, AIICO Insurance gained 7.04% to ₦3.80 and Omatek Ventures rose 6.06% to ₦1.40.
Vitafoam Nigeria recorded the steepest decline, falling 18.96% to ₦141.50 from ₦174.60. Sovereign Trust Insurance lost 17.02% to ₦1.95 from ₦2.35, and Eterna fell 15.79% to ₦36.00 from ₦42.75. ABC Transport dropped 13.64% to ₦5.70, and International Energy Insurance lost 12.82% to ₦1.70. Mcnichols Consolidated fell 10.28% to ₦4.80, while HBM Nigeria, Sunu Assurances and Presco each dropped 10%, to ₦315.00, ₦2.70 and ₦1,656.80 respectively. Aradel Holdings lost 9.99% to ₦1,296.00.
Large-cap stocks gave back part of October’s gains. Dangote Cement, the top large-cap performer in October, fell 5.56% to ₦1,341.00 from ₦1,420.00, after rallying 33.12% in October. First HoldCo lost 7.68% to ₦110.00, extending its 25.48% decline in October. The analysis puts its cumulative loss since the end of September at about 31.21%.
Access Holdings fell 5.94% to ₦26.90 from ₦28.60. Nestlé Nigeria dropped 3.64% to ₦2,650.00, MTN Nigeria slipped 1.53% to ₦837.00 and Zenith Bank eased 1.34% to ₦117.40.
Guinness Nigeria’s 1.65% decline to ₦416.00 reflects the adjustment for its ₦7.00 dividend, which took effect on November 2, 2026. Unilever Nigeria also traded ex-dividend, with its price adjusted by ₦2.00 to ₦107.00 from ₦109.00.
Industrial goods and oil and gas were the main drags. The Industrial Goods Index fell 4.35% to 11,668.33 points, and the Oil and Gas Index dropped 3.72% to 5,859.28 points. The Banking Index lost 2.45% to 2,369.84 points, and the Consumer Goods Index fell 1.41% to 3,957.25 points. The Insurance Index was the most resilient, easing 0.03% to 1,026.74 points. Several sector indices remain well ahead for the year: Oil and Gas is up 119.43% and Industrial Goods 105.56%, while the Insurance Index is down 13.67% and Consumer Goods 0.46%.
Trading activity dropped sharply. Investors traded 2.829 billion shares worth ₦208.41 billion in 192,158 deals, compared with 7.619 billion shares worth ₦637.83 billion the previous week. Volume fell 62.87% and value fell 67.33%, while the number of deals was flat. The Financial Services sector accounted for 1.983 billion shares, or about 70% of volume, and ₦126.63 billion, about 61% of value. First HoldCo, Access Holdings and Honeywell Flour Mills were the most traded stocks, together accounting for about 35% of equity turnover by volume.
The analysis describes a sharp but broad pullback, with gains confined to a handful of mid-cap and small-cap names. It says investors will be watching whether buying returns to the large caps as the year-end trading period approaches.
