NGX All-Share Index Slips 0.33% as Bank Stocks Drop 3.15%

The Nigerian stock market ended the week to Friday, 16 October 2026, slightly lower, with the NGX All-Share Index (ASI) down 0.33% to 247,539.73 points and market capitalisation at ₦160.725 trillion, according to the Nigerian Exchange's weekly report. Bank shares did most of the damage: the NGX Banking Index fell 3.15% as Zenith Bank and Guaranty Trust Holding Company (GTCO) lost ground. Oil and gas stocks went the other way, rising 3.13%. Trading also slowed sharply. Here is what happened and what to watch next week.

The week in numbers

The ASI is still up 59.07% in 2026 but down 1.46% for October, a slow pullback rather than a sharp one.

Day by day: small moves, no panic

The index moved in a narrow band. It hit its weekly high of 247,736.24 on Monday and its low of 247,513.63 on Tuesday, a gap of about 223 points. Small gains on Wednesday and Thursday were followed by a 0.07% dip on Friday, when market value fell ₦108.70 billion, Nairametrics reported.

Breadth was better than the headline. Fifty stocks rose, up from 24 the week before, while 30 fell, down from 54, and 66 did not move. The index slipped anyway because the fallers included large banks, which carry more weight.

Why bank stocks fell

The banking index dropped 3.15% for the week and is now down 6.62% in October. Two big names led the fall:

• Zenith Bank fell 6.46% to ₦126.00 from ₦134.70, one of the ten biggest decliners of the week.
• GTCO fell 5.10% to ₦124.80 from ₦131.50. Part of that drop is mechanical: GTCO shares went ex-dividend on 13 October, and the exchange cut the reference price by the ₦1.00 interim dividend.
• Stanbic IBTC Holdings also went ex-dividend on Friday, 16 October, with a ₦4.50 dividend taken off its price.

The selling came in the same week that Fitch Ratings moved its outlook on several Nigerian banks to positive. So the drop looks more like profit-taking after a big year than a loss of confidence. The banking index is still up 67.07% in 2026.

Oil and gas led the gainers

The NGX Oil/Gas Index rose 3.13%, the best of the main sector indices, and is up 131.96% this year. Aradel Holdings gained 8.93% to ₦1,499.90. Brent crude ended the week at US$108.16 a barrel, up 1.36%, according to AIICO Capital, which helps sentiment towards oil producers.

Top gainers and losers of the week

Livestock Feeds was also one of the three most traded stocks by volume, alongside Access Holdings and United Bank for Africa. Together the three accounted for about 25% of shares traded.

Naira and fixed income backdrop

The naira was almost flat. The official rate closed Friday at ₦1,332.26 per dollar, slightly stronger than a week earlier, while the parallel market rate eased to about ₦1,370, Daily Post reported. Bond yields rose, with the 10-year FGN yield up 51 basis points to 16.94%, AIICO Capital said. Higher yields on safe government paper can pull money away from shares at the margin.

What to watch next week

• FGN bond auction on Monday, 19 October. The result will show whether yields keep rising.
• Third-quarter results. Listed companies will begin to report results for July to September in the coming weeks, which could move individual stocks more than the index.

What this means for investors

• A quiet week, not a crash. A 0.33% weekly dip is small after a 59% rise this year.
• Watch the banks. They are heavy in the index, so their direction sets the tone. Separate dividend adjustments from real selling before you react.
• Low volume means thin conviction. Trading value fell about 38%, so a few large orders can move prices.
• Big weekly gains in small stocks can reverse. Treat 40% weekly jumps with caution.

This is for information only and is not investment advice.

FAQ

How did the NGX All-Share Index perform this week?

The NGX All-Share Index fell 0.33% to 247,539.73 points in the week ended 16 October 2026, and market capitalisation closed at ₦160.725 trillion.

Why did Nigerian bank stocks fall this week?

The NGX Banking Index fell 3.15% as Zenith Bank, GTCO and other large lenders declined. Part of GTCO's and Stanbic IBTC's drop reflects dividend price adjustments.

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

As of 16 October 2026, the NGX All-Share Index was up 59.07% for the year.

Sources

• Nigerian Exchange Limited, Weekly Report for 16 October 2026 (via Mondo Visione)
• Nairametrics, "Nigerian stocks close week in red as NGX dips by N108.7 billion" (16 Oct 2026)
• AIICO Capital, "Financial Markets Week Ended 16 October 2026"
• Daily Post, "Dollar-to-Naira exchange rate today, October 16, 2026" (16 Oct 2026)