The Nigerian equities market lost another N540 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.
But on a week-to-date basis, the market declined by N3.520 trillion, from N165.114 trillion opening level on November 2, to N161.593 trillion on Friday, November 6, 2026 representing 2.13% drop in one week.
MTN Nigeria led the heavyweight sell-offs, falling 1.53% to N837.00 and shedding N13.00 per share. Zenith Bank declined 2.17% to N117.40, while GTCO lost 1.80% to N119.80. HBM Nigeria and Fidelity Bank also recorded losses of 2.48% and 3.51%, respectively.
Consequently, the NGX All-Share Index (ASI) declined by 0.33% to 248,877.22 points from 249,710.59 points in the previous session. Market capitalisation fell to N161.59 trillion from N162.13 trillion, representing a loss of approximately N540 billion.
The latest decline extended Thursday’s sell-off, bringing the market’s loss in capitalisation to approximately N3.83 trillion from Wednesday’s close of N165.42 trillion. The ASI also fell 5,885.59 points from its weekly high of 254,762.81 points.
Market sentiment tilted towards heavy profit taking on blue-chip banking and industrial stocks. A total of 29 stocks, dominated by mid- and low caps, gained in prices while 23 largely made up of blue chips posted losses.
However, insurance stocks recorded a strong rebound from weeks of losses, providing support against the downward pressure exerted by falling banking and industrial stocks.
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 N13.00 to close at N837.00.
Other notable decliners included:
However, selected large-cap stocks recorded gains, limiting the broader decline. ETI rose 4.48% to N70.00, Transcorp gained 5.67% to N31.70, Oando advanced 5.08% to N33.10, while UACN added 3.12% to N172.00.
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 activity 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.
The concentration of trading activity 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 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% decline.
Friday’s decline extended the Nigerian equities market’s losing streak, with market capitalisation shedding another N540 billion to N161.59 trillion.
The market has lost approximately N3.83 trillion in capitalisation since Wednesday’s weekly high of N165.42 trillion.
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.
