Get Guardian on GoogleThe Nigerian Exchange Limited (NGX) sustained sliding profile as investors wealth declined by N386 billion in three trading days, amid renewed selloff in many bluechip stocks.
The market capitalisation which stood at N163.917 trillion at the beginning of trading on Monday, November 9, 2026 depreciated by N386 billion or 0.2 per cent to close at N163.531 yesterday. Similarly, the All-Share Index which measures the performance of listed equities declined by 598.5 points from 252,456.74 to 252,861.24 points.
Meanwhile, yesterday downturn was occassioned by price depreciation in both high and medium cap stocks, particularly Okomu Oil, Enamelwa, NASCON Allied Industries, FTN Cocoa Processors and VFD Group as 29 stocks depreciated in price while 23 others constituted the losers chart.
UPL led the gainers’ chart with a 9.89 per cent appreciation, rising from N4.55 kobo to N5.00 per share. Caverton Offshore Support Group followed with an 8.96 per cent gain to close at N3.65, while Abbey Mortgage Bank advanced by 8.66 per cent to N6.90.
Champion Breweries gained 8.56 per cent to close at N10.15 kobo, while Ecobank Transnational Incorporated (ETI) appreciated by 6.93 per cent to N74.85 kobo.
Other notable gainers included CHAMS, which rose by 6.17 per cent to close at N3.27 kobo, Wema Bank was up by 3.45 per cent to N33 while Cornerstone Insurance gained 2.50 per cent to close at N4.10 kobo.
On the losers’ table, Okomu Oil led with a 10 per cent decline from N1, 276.20 kobo to N1, 148.60 kobo. Enamelwa followed with a 9.96 per cent loss to close at N33 while NASCON Allied Industries shed 8.99 per cent to N167.
FTN Cocoa Processors declined by 8.36 per cent to close N6.80 kobo, while VFD Group lost 6.67 per cent to close at N11.20 kobo.
On the sectoral performance, t he NGX banking index declined from 2,359.68 to 2,345.43 points, while the NGX Consumer Goods Index fell from 3,963.58 to 3,957.52 points.
Similarly, the NGX Insurance Index declined from 1,053.71 to 1,050.61 points, while the NGX Oil and Gas Index also.dropped from 5,877.44 to 5,879.41 points.
Operators attributed the renewed decline to profit-taking by investors seeking to secure gains after the strong rally recorded by equities this year, alongside portfolio repositioning and concerns over stock valuations.
They noted that the market’s impressive year-to-date performance had encouraged some investors to sell down their holdings, particularly in highly capitalised stocks that had recorded significant price appreciation.
Analysts at Cowry Asset Management Limited said the market could experience renewed volatility this month amid profit-taking, valuation concerns and uncertainty over monetary policy. However, they maintained a cautiously positive outlook, supported by expectations of improved corporate earnings and resilient market liquidity.
Similarly, Chief Executive Officer of Arthur Stevens Asset Management, Olatunde Amolegbe, attributed the losses, partly to profit-taking by investors seeking to secure gains after the market’s strong performance, as well as portfolio repositioning ahead of the year-end.
