Nigerian equities closed lower in a holiday-shortened trading week, with the benchmark NGX All-Share Index (ASI) declining 0.52% to close at 250,808.27 points from 252,113.41 points, as losses in MTN Nigeria, First HoldCo, Access Holdings, GTCO, Nigerian Breweries and other prominent stocks outweighed gains in Fidelity Bank, UACN, ETI and UBA.
Market capitalisation fell by approximately N812.61 billion or 0.50% to close at N162.843 trillion, moderating the market’s year-to-date return to 61.17%, while the month-to-date return stood at -0.2%.
The market opened for four trading days this week, after the Federal Government declared Thursday, October 1, 2026, a public holiday to mark Independence Day celebrations.
ABC Transport emerged as the week’s standout performer, surging 45.10% from N5.10 to N7.40, while Sovereign Trust Insurance recorded the steepest decline, falling 12.50% to N2.10 from N2.40.
Market breadth tilted positive despite the index decline, with 44 equities appreciating in price, lower than the 61 recorded the previous week. Thirty-seven equities depreciated, higher than the 32 recorded previously, while 65 equities remained unchanged, higher than the 63 recorded the week before.
The top three equities by volume — Fidelity Bank, VFD Group and Access Holdings — accounted for 1.343 billion shares worth N27.580 billion in 15,771 deals, representing 42.42% of total volume and 17.79% of total value.
Sector performance was mixed, with most indices finishing lower.
The week’s price data points to more visible weakness among major names than strength. MTN Nigeria fell -2.67% to N840.00, while banking heavyweights First HoldCo (-4.18%), Access Holdings (-3.33%), GTCO (-3.07%), Stanbic IBTC (-0.61%) and Zenith Bank (-0.30%) all closed lower.
Several prominent large-cap names — Dangote Cement, Airtel Africa, Seplat Energy, BUA Cement, BUA Foods, Nestlé Nigeria, Presco and Aradel Holdings among them — closed the week entirely unchanged, suggesting limited trading interest in some of the market’s biggest names during the shortened week.
The week’s decline follows three consecutive weeks of gains that had taken the ASI above 252,000 points and comes against the backdrop of the CBN’s 350-basis-point MPR cut to 23% on September 22 — suggesting the market is now digesting both the rate-cut rally and a shortened trading week simultaneously.
With the holiday-shortened week behind it, the market enters October with its year-to-date return still firmly positive at 61.17%, even as this week’s pullback in heavyweight names like MTN, GTCO and First HoldCo will be closely watched for signs of whether the rate-cut-driven rally has further room to run or is entering a consolidation phase.
