The Nigerian Exchange Limited (NGX) recorded a significant decline in the week ended November 6, 2026, as investors lost approximately N3.52 trillion in market capitalisation amid widespread sell-offs across several sectors.
Despite the downturn, Honeywell Flour Mills and Transcorp Power emerged as the leading gainers, recording significant increases in their share prices during the review period.
Data from the Nigerian Exchange showed that the All-Share Index (ASI) declined by 2.13 per cent, closing at 248,877.22 points compared with 254,299.49 points recorded at the beginning of the week.
The decline represented a loss of 5,422.27 index points, while the market’s total capitalisation dropped from N165.11 trillion to N161.59 trillion.
The market’s year-to-date return also moderated to 59.93 per cent.
The downturn followed renewed sell-offs in international equity markets, which affected investor confidence and triggered profit-taking across the domestic market.
Market performance indicators showed that 57 equities recorded price declines, compared with 48 in the preceding week. Meanwhile, 29 stocks appreciated, down from 33 previously, while 60 equities closed unchanged against 65 in the previous week.
Honeywell Flour Mills and Transcorp Power Lead Gainers
Honeywell Flour Mills emerged as the best-performing stock during the week, appreciating by 30.82 per cent to close at N29.50 per share from N22.55.
The company’s positive performance extended its rally recorded in October, when its share price increased by 25.28 per cent to N22.55.
Compared with its N18.00 closing price at the end of September, Honeywell Flour Mills has gained approximately 63.89 per cent.
Transcorp Power followed, appreciating by 23.37 per cent as its share price increased from N178.00 to N219.60.
E-Tranzact International also recorded a strong performance, rising by 14.42 per cent to close at N18.65 from N16.30. Its cumulative appreciation since the end of September stood at approximately 52.87 per cent.
Other stocks among the leading gainers included Axamansard Insurance, which appreciated by 9.77 per cent to N11.80, while The Initiates gained 9.57 per cent to close at N26.90.
University Press advanced by 9.52 per cent to N4.60, followed by UPDC, which gained 7.46 per cent to close at N3.60.
Haldane McCall appreciated by 7.36 per cent to N3.50, while AIICO Insurance gained 7.04 per cent to N3.80. Omatek Ventures rounded out the top 10 gainers with a 6.06 per cent increase to N1.40.
Vitafoam, Sovereign Trust Insurance Lead Losers
On the losing side, Vitafoam Nigeria recorded the steepest decline, shedding 18.96 per cent as its share price dropped from N174.60 to N141.50.
Sovereign Trust Insurance followed with a 17.02 per cent decline to N1.95, while Eterna lost 15.79 per cent to close at N36.00.
ABC Transport declined by 13.64 per cent to N5.70, while International Energy Insurance shed 12.82 per cent to close at N1.70.
Mcnichols Consolidated fell by 10.28 per cent to N4.80, while HBM Nigeria and Sunu Assurances each recorded a 10 per cent decline, closing at N315.00 and N2.70 respectively.
Presco also lost 10 per cent to close at N1,656.80, while Aradel Holdings declined by 9.99 per cent to N1,296.00.
Major Blue-Chip Stocks Record Declines
Several major companies also experienced significant losses during the week, reversing some of the gains recorded in October.
Dangote Cement, which emerged as October’s leading large-cap performer after gaining 33.12 per cent, declined by 5.56 per cent during the review period.
Its share price dropped by N79.00 from N1,420.00 to N1,341.00.
First HoldCo also extended its decline, losing 7.68 per cent to close at N110.00. The stock had already recorded a 25.48 per cent decline in October, bringing its cumulative loss since the end of September to approximately 31.21 per cent.
Other major stocks that recorded losses included Access Holdings, which declined by 5.94 per cent to N26.90, and Nestlé Nigeria, which shed 3.64 per cent to close at N2,650.00.
MTN Nigeria dropped by 1.53 per cent to N837.00, while Zenith Bank declined by 1.34 per cent to N117.40.
Guinness Nigeria also recorded a 1.65 per cent decline to N416.00, reflecting an ex-dividend adjustment following its N7.00 dividend, which became effective on November 2, 2026.
Unilever Nigeria similarly traded ex-dividend, with its share price adjusted from N109.00 to N107.00 following a N2.00 dividend adjustment.
Industrial and Oil and Gas Stocks Drive Market Decline
Sectoral performance showed that the Industrial Goods and Oil and Gas indices were the biggest contributors to the market’s downturn.
The NGX Industrial Goods Index declined by 4.35 per cent to 11,668.33 points, while the Oil and Gas Index dropped by 3.72 per cent to 5,859.28 points.
The Banking Index also fell by 2.45 per cent to 2,369.84 points, while the Consumer Goods Index declined by 1.41 per cent to 3,957.25 points.
The Insurance Index proved the most resilient, recording a marginal decline of 0.03 per cent to close at 1,026.74 points.
Despite the weekly losses, the Oil and Gas and Industrial Goods indices maintained substantial year-to-date gains of 119.43 per cent and 105.56 per cent respectively.
However, the Insurance Index remained down 13.67 per cent year-to-date, while the Consumer Goods Index recorded a marginal decline of 0.46 per cent.
Trading Activities Decline by More Than 60 Per Cent
Trading activities also weakened considerably during the week, with investors exchanging 2.829 billion shares valued at N208.407 billion in 192,158 transactions.
This represented a sharp decline compared with the previous week, when 7.619 billion shares worth N637.826 billion were traded in 192,138 deals.
Trading volume declined by approximately 62.87 per cent, while transaction value dropped by 67.33 per cent. However, the number of deals remained relatively stable.
The Financial Services Industry dominated trading activities, recording 1.983 billion shares valued at N126.627 billion across 84,899 transactions.
The sector accounted for 70.11 per cent of total trading volume and 60.76 per cent of transaction value.
The Consumer Goods Industry followed with 245.568 million shares worth N15.852 billion in 21,445 deals, while the Agriculture Industry ranked third with 160.610 million shares valued at N3.283 billion in 5,511 transactions.
First HoldCo, Access Holdings and Honeywell Flour Mills emerged as the most actively traded stocks by volume, collectively accounting for 992.859 million shares valued at N71.044 billion in 20,512 deals.
Their combined activities represented 35.10 per cent of total trading volume and 34.09 per cent of the market’s transaction value.
The week’s performance reflects a broad market correction, with losses across major stocks outweighing gains recorded by a relatively small group of companies.
Investors will be monitoring whether buying interest returns to large-cap stocks in the coming weeks as the market approaches the final trading period of 2026.