NGX All-Share Index Falls 0.97% as Oil, Bank Stocks Weigh

The NGX All-Share Index (ASI) closed the week ended 9 October 2026 at 248,363.55 points, down 0.97% from 250,808.27 a week earlier. It was the second losing week in a row, led by oil and gas and banking stocks. Despite the dip, the index is still up 59.60% year to date as of 9 October.

NGX this week in numbers

Day by day: a sharp Thursday, a small Friday bounce

Thursday's sell-off

The heaviest damage came on Thursday, 8 October, when the ASI fell 0.82% to 248,042.50 from 250,096.75. Market capitalisation dropped from ₦162.39 trillion to ₦161.05 trillion, wiping out about ₦1.33 trillion in a single session. Around 492.14 million shares changed hands in 38,644 deals. Aradel Holdings led the losers, falling 10% to ₦1,377, while eTranzact International led the gainers, up 10% to ₦12.10.

Friday's recovery

On Friday, 9 October, the index added 321.05 points (0.13%) to close at 248,363.55, lifting market value by ₦208.46 billion to ₦161.26 trillion. Breadth was still negative, with 25 gainers, 34 losers and 87 stocks unchanged.

• Top gainers: Regency Alliance Insurance (REGALINS) up 10% to ₦0.77, Livestock Feeds (+9.58%) and Guinea Insurance (+9.41%).
• Top loser: Red Star Express (REDSTAREX), down 9.76% to ₦13.40.
• Most traded by volume: Zenith Bank, with 31.69 million shares.
• Activity: 322.01 million shares worth ₦20.49 billion in 37,758 deals.

Sector performance: oil and gas hit hardest

According to Proshare's weekly index report, the decline was broad:

Why oil and gas stocks slipped

The week brought a new government plan for a ₦1,350 per litre ceiling on petrol's landing cost, which could squeeze supplier margins, while Aradel's 10% drop dragged the sector index. Some market watchers also point to profit-taking after a strong year and to cash being channelled into the Dangote Refinery IPO, which closes on 13 October. These explanations are reasonable but cannot be proven from the data alone.

What to watch next week

1. Dangote Refinery IPO close (13 Oct). Once the offer closes, some liquidity tied up in subscriptions may return to the market over time.
2. September inflation (expected mid-October). A further fall from 15.39% would support the CBN's easing stance.
3. Q3 earnings season. Banks and large caps usually begin releasing third-quarter results in late October.
4. Fixed-income yields. The one-year Treasury bill fell to 15.85% this week. Falling yields have historically helped push some investors towards equities.

What this means for investors

A 1% weekly dip after a near-60% year-to-date rally is a modest pullback, not a crash. Sharp single-stock moves, like Aradel's 10% fall in one day, are a reminder to check company announcements before reacting and to avoid putting too much money into one name. Long-term investors often use quieter weeks to review their portfolios rather than to trade on headlines. Track your holdings and follow these stocks on Gopexly to see how the community is reading the market.

This is for information only and is not investment advice.

FAQ

What is the NGX All-Share Index today?

The ASI last closed at 248,363.55 points on Friday, 9 October 2026, up 0.13% on the day but down 0.97% for the week. Markets reopen on Monday.

What is the NGX year-to-date return in 2026?

The All-Share Index is up 59.60% year to date as of 9 October 2026.

Which NGX sector fell the most this week?

The NGX Oil/Gas Index fell the most, down 3.85% for the week, followed by the Commodity Index (-2.86%) and the Banking Index (-2.64%).

Sources

• Network Capital, Weekly Market Report (9 Oct 2026): https://networkcapitalltd.com/research/reports/weekly-market-report-2026-10-09/
• Proshare Index Report @9Oct26: https://proshare.co/articles/the-proshare-index-report-9oct26-equities-extend-losses-as-oilgas-index-leads-broad-decline?menu=Market&classification=Read&category=Stock+%26+Analyst+Updates
• Kobo Terminal, NGX Market Wrap (9 Oct 2026): https://koboterminal.com/ngx-market-wrap/2026-10-09
• Nairametrics, weekly best performers (10 Oct 2026): https://nairametrics.com/2026/10/10/best-performing-nigerian-stocks-for-the-week-ended-october-9-2026/
• Fellow Press, 9 Oct and 11 Oct economy reports: https://www.fellowpress.com/nigeria-economy-today-9-october-2026/ and https://www.fellowpress.com/nigeria-economy-today-11-october-2026/