The Nigerian equities market shed N293.43 billion on Wednesday, November 11, 2026, as sustained selling pressure in Okomu Oil, Nascon Allied Industries and the FUGAZ banking group deepened the previous session’s losses.
The NGX All-Share Index (ASI) slipped 0.18% to close at 251,861.24 points, down from 252,313.16 points, while market capitalisation fell to N163.53 trillion from N163.82 trillion.
Okomu Oil, Nascon Lead Decliners
Okomu Oil topped the losers’ chart, falling 10.00% or N127.60 to close at N1,148.60, down from N1,276.20. Nascon Allied Industries followed with an 8.99% decline, losing N16.50 to settle at N167.00 from N183.50.
All five Tier 1 banks, collectively known as the FUGAZ banks — First HoldCo, UBA, GTCO, Access and Zenith — closed lower. First HoldCo recorded the steepest drop among the majors, shedding 3.74% or N4.00 to close at N103.00 from N107.00.
Market Breadth Turns Negative
Market sentiment weakened accordingly, with 22 gainers against 29 losers. Five of the six sector indices declined, leaving the Oil/Gas index as the sole gainer. Banking stocks again accounted for the bulk of the market’s decline.
Trading Activity Cools
Trading activity slowed across all key measures. Volume dropped 23.28% to 418.35 million shares, reversing Tuesday’s 20.29% increase. Value traded fell 24.88% to N22.83 billion, while deals edged down 2.01% to 30,908.
The sharp contraction in volume and value points to limited buying conviction during the session.
Year-to-Date Return Eases
Wednesday’s decline followed a N93.23 billion loss on Tuesday, trimming the market’s year-to-date return to 61.85% from 62.14%. Month-to-date, the ASI is down about 1%.
Looking ahead, bargain-hunting in fundamentally sound stocks could support a near-term rebound and help moderate further losses. However, continued selling in banking and consumer counters, combined with subdued trading activity, may keep the market cautious.
