Okomu, Nascon, FUGAZ stocks wipe N293.43 billion off NGX

On Wednesday, November 11, 2026, the Nigerian equities market experienced a significant decline, with the Nigerian Exchange Group (NGX) All-Share Index (ASI) falling by 0.18% to 251,861.24 points from its previous level of 252,313.16 points. The market capitalization dropped to N163.53 trillion from N163.82 trillion. Okomu Oil was the leading laggard, dropping by 10.00% and reducing its share price from N1,276.20 to N1,148.60.

Nascon Allied Industries also suffered, falling by 8.99% and losing N16.50, closing at N167.00. Among the five Tier 1 banks, collectively known as the FUGAZ banks, First HoldCo led the decline, falling by 3.74% and shedding N4.00, closing at N103.00.

The overall market sentiment turned negative, with 22 stocks gaining while 29 were losers. The decline in the market's performance was primarily driven by banking stocks. Trading activity weakened across all measures, with volume falling by 23.28% to 418.35 million shares, a reduction from the previous day's 20.29% increase. The value traded declined by 24.88% to N22.83 billion, and the number of deals slipped by 2.01% to 30,908.

The sharp decrease in volume and value suggests that there was limited buying conviction during the session. Banking stocks were the weakest major sector, while the Oil/Gas index was the only one to gain. Industrial stocks closed flat at 12,336.71 points. This decline followed a similar pattern on Tuesday, with a loss of N93.23 billion, which moderated the market's year-to-date return to 61.85% from 62.14%. Month-to-date, the ASI is down by approximately 1%.

Despite the current decline, there is potential for a near-term rebound through bargain-hunting in fundamentally sound stocks. However, continued selling in banking and consumer counters, coupled with subdued trading activity, might keep the market cautious for the foreseeable future.