The Nigerian equities market lost N293.43 billion on Wednesday, November 11, 2026, as selling pressure in Okomu Oil, Nascon Allied Industries and FUGAZ banks extended the previous session’s decline.
The NGX All-Share Index (ASI) declined by 0.18% to 251,861.24 points from 252,313.16 points. Market capitalisation fell to N163.53 trillion from N163.82 trillion.
Okomu Oil led the laggards, dropping 10.00% and shedding N127.60 to close at N1,148.60 from N1,276.20. Nascon fell 8.99%, losing N16.50 to close at N167.00 from N183.50.
All five Tier 1 banks popularly known as the FUGAZ banks (First HoldCo, UBA, GTCO, Access and Zenith) closed lower, led by First HoldCo, which fell 3.74% and shed N4.00 to close at N103.00 from N107.00.
Consequently, market sentiment turned negative, with 22 gainers against 29 losers. Five of the six sector indices declined, and the Oil/Gas index was the only gainer.
ASI: 251,861.24 points; down 0.18% from 252,313.16 points.
The market’s decline was again concentrated in banking stocks. First HoldCo recorded the sharpest fall among the major banks, dropping 3.74% to N103.00.
Trading activity weakened across all measures. Volume fell 23.28% to 418.35 million shares, reversing Tuesday’s 20.29% increase.
Value traded declined 24.88% to N22.83 billion, while deals slipped 2.01% to 30,908.
The sharp drop in volume and value suggests limited buying conviction during the session.
Banking was the weakest major sector, while Oil/Gas was the only one to gain.
Industrial stocks closed flat at 12,336.71 points.
Wednesday’s decline followed Tuesday’s N93.23 billion loss, moderating the market’s year-to-date return to 61.85% from 62.14%. Month-to-date, the ASI is down about 1%.
Bargain-hunting in fundamentally sound stocks could support a near-term rebound and moderate further losses. Continued selling in banking and consumer counters, along with subdued trading activity, may keep the market cautious.
