The Nigerian equities market lost N93.23 billion on Tuesday, November 10, 2026 as selling pressure in First HoldCo, Stanbic IBTC, Zenith Bank and NAHCO triggered reversal of a small part of the previous session’s rebound.
The NGX All-Share Index (ASI) declined by 0.06% to 252,313.16 points from 252,456.74 points.
Market capitalisation fell to N163.82 trillion from N163.92 trillion.
Banking blue-chip names majorly drove market decline on Tuesday, led by First HoldCo which fell 1.83%, shedding N2.00 to close at N107.00 from N109.00.
Stanbic IBTC also declined 1.54%, losing N2.50 to close at N160.00 from N162.50 while Zenith Bank dropped 0.85%, shedding N1.00 to N116.50 from N117.50.
Fidelity Bank slipped 0.60% to N24.80 from N24.95 just as Wema Bank dipped 0.31%, losing N0.10 to close at N31.90 from N32.00.
Despite the decline, market sentiment remained positive with 32 gainers against 21 losers. Most of the decline came from selling in a few banking stocks and from NAHCO, not from broad-based selling.
The market’s decline was concentrated in banking stocks. First HoldCo recorded the sharpest fall among the major blue-chip banks, dropping 1.83% to N107.00. Stanbic IBTC had the largest absolute decline, losing N2.50 to close at N160.00.
Other notable decliners that weighed on market performance included:
NAHCO was the biggest drag outside banking, shedding N15.10 per share as it fell 9.99%.
However, gains in other large-cap stocks limited the broader decline. Transcorp rose 6.67%, UACN added 1.74%, GTCO gained 0.33%, and Access Holdings advanced 0.18%.
Trading activity was higher in volume but lower in value and deals. Neimeth led by volume with 79.86 million units, or 14.65% of the total.
The heavy trading in First HoldCo, even as its price declined, suggests that selling pressure was concentrated in the stock.
Banking was the only major sector to decline, while insurance posted the strongest gain.
Tuesday’s decline reversed part of the gains from Monday’s N2.32 trillion rebound, moderating the market’s year-to-date return to 62.14%. Month-to-date, the ASI is down 0.8%.
Improving breadth and gains across several sectors could support a near-term rebound. Continued selling in heavyweight banking stocks and subdued trading activity may limit a broader recovery.
