Investors on the Nigerian Exchange (NGX) recorded losses of approximately ₦1.58 trillion in the trading week ended October 9, 2026, as widespread selling pressure across major sectors pushed the equities market into negative territory.
The downturn was driven largely by losses in banking and oil and gas stocks, which outweighed gains recorded by some listed companies and reduced the market's impressive returns since the beginning of the year.
At the close of the week, the NGX All-Share Index declined by 0.97 per cent to 248,363.55 points, while the total market capitalisation fell from approximately ₦162.84 trillion to ₦161.26 trillion.
The losses also brought the market's year-to-date return down to 59.60 per cent from 61.17 per cent in the preceding week, although the exchange remained substantially ahead of its position at the start of 2026.
Banking stocks suffered the steepest sectoral decline, with the NGX Banking Index dropping 3.93 per cent. The oil and gas sector followed with a 3.81 per cent loss.
Other sectors also ended the week lower, as the Consumer Goods Index declined by 1.49 per cent, Insurance lost 1.15 per cent, and Industrial Goods slipped by 0.24 per cent.
Among individual equities, Fidelity Bank recorded a 10.64 per cent decline, making it one of the major contributors to the banking sector's poor performance. First HoldCo dropped 4.27 per cent, while Access Holdings fell by 1.37 per cent.
However, some stocks attracted significant buying interest despite the broader market weakness.
Livestock Feeds emerged among the strongest performers, appreciating by 47.75 per cent during the week. Guinea Insurance gained 29.17 per cent, while CAP advanced by 16.22 per cent.
The market showed signs of recovery during Friday's trading session, with both the All-Share Index and market capitalisation rising by 0.13 per cent.
The modest improvement was supported by gains in Oando, which appreciated by 6.90 per cent, MTN Nigeria Communications, which rose by 2.69 per cent, and Livestock Feeds, which added 9.58 per cent.
These advances helped offset losses recorded by Fidelity Bank, Nigerian Aviation Handling Company (NAHCO) and Jaiz Bank.
Despite the positive closing session, trading activity weakened considerably.
The volume of shares traded declined by 34.57 per cent to 322.04 million shares, while the value of transactions dropped by 46.08 per cent to ₦20.50 billion.
The number of completed deals also decreased by 2.33 per cent to 37,810.
Access Holdings accounted for the highest trading volume, with 19.19 million shares exchanged, while Zenith Bank led in transaction value at ₦4.30 billion.
Market breadth remained negative, with 37 stocks recording price declines against 29 that appreciated, suggesting that selling pressure continued despite Friday's marginal recovery.
The week's performance followed months of substantial gains in Nigerian equities, with the latest decline highlighting the impact of profit-taking after a prolonged period of rising share prices.
The banking sector's performance was particularly significant, given its influence on overall market activity and investor sentiment.
Meanwhile, the downturn extended beyond the main exchange to the NASD Over-the-Counter market.
The NASD Securities Index declined by 2.40 per cent to close at 4,355.00 points, while market capitalisation fell by 2.61 per cent to ₦2.61 trillion.
The market's year-to-date return consequently moderated to 22.89 per cent.
Unlike the NGX, however, the NASD market recorded a substantial increase in trading activity during the week.
Trading volume surged by 1,820.06 per cent to 6.07 million units, while transaction value increased by 1,853.62 per cent to ₦393.37 million.
The number of transactions also climbed by 391.43 per cent to 172 deals.
Beyond domestic trading conditions, international economic developments continued to influence the broader investment environment.
Consumer sentiment in the United States weakened in October amid concerns about living costs, while uncertainty in global energy markets persisted despite plans by Germany and other countries to release strategic oil reserves to ease supply pressures.
Although the Nigerian equities market recorded a substantial weekly loss, its 59.60 per cent gain since the beginning of the year indicates that the latest decline has not erased the broader market rally.
The direction of trading in the coming weeks is likely to be influenced by corporate earnings expectations, developments across key sectors and investors' willingness to maintain their holdings following the sharp appreciation in share prices this year.