NGX sheds N93 billion as First HoldCo, Stanbic IBTC, NAHCO drag stocks lower

The Nigerian stock market witnessed a decline of N93.23 billion on Tuesday, November 10, 2026, as selling pressure from First HoldCo, Stanbic IBTC, Zenith Bank, and NAHCO led to a reversal of some of the previous day's gains. The NGX All-Share Index (ASI) dropped by 0.06%, closing at 252,313.16 points, down from 252,456.74 points the previous day. Market capitalization also decreased to N163.82 trillion, a 0.06% reduction from N163.92 trillion.

Banking stocks, particularly, were the main drivers behind the market's decline. First HoldCo experienced the most significant drop, falling 1.83% to N107.00 per share, while Stanbic IBTC lost 1.54% and closed at N160.00. Zenith Bank also declined by 0.85%, with its share price dipping to N116.50. Fidelity Bank and Wema Bank also saw slight losses, with their stocks closing at N24.80 and N31.90, respectively. The overall market sentiment remained positive, with 32 stocks gaining value against 21 that lost value.

Although the decline was primarily due to a few banking stocks and NAHCO, the market's breadth remained positive, indicating that not all sectors were affected. Among the notable gainers were Transcorp, UACN, GTCO, and Access Holdings, which recorded gains of 6.67%, 1.74%, 0.33%, and 0.18%, respectively.

Trading volumes were higher than the previous day, with 545.30 million shares exchanged, up 20.29% from 453.31 million shares. However, the value traded was slightly lower, amounting to N30.39 billion, a 0.54% decrease from N30.55 billion. The number of transactions also fell by 26.46%, from 42,891 to 31,543.

Despite the decline, several large-cap stocks managed to offset the negative impact on the market. Champion Breweries, Honeywell Flour, CMFC, Sovereign Trust Insurance, and UPL all recorded gains, with their shares rising by 10.00%, 9.90%, 8.75%, 8.41%, and 8.33%, respectively. This helped to moderate the market's year-to-date return, which was down to 62.14% by the end of the year.