[REVISION HISTORY]

Nigeria market volatility: business confidence and NGX swing

Updated 44 times since CLSTR started tracking revisions of this situation.

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2026-10-21 18:22 UTC → 2026-10-23 06:22 UTC · added ~~removed~~

Following the bearish downturn in early October, the Nigerian Exchange (NGX) showed brief signs of recovery around October 9, with the All-Share Index (ASI) gaining 0.13 percent to close at 248,363.55 points, adding N209 billion to market capitalization. This rebound was supported by small-cap stocks and heavyweight performers such as Zenith Bank, though market breadth remained mixed. However, this recovery was short-lived. By October 11, the NGX experienced a significant downturn as market capitalization dropped by N1.58 trillion week-on-week to N161.26 trillion. The ASI fell 0.97 percent, and market breadth turned negative with 54 decliners against 23 advancers. This decline was attributed to weak buying interest and sell-offs occurring ahead of Q3 earnings releases. Sectoral performance was largely negative, specifically within the Oil and Gas and Banking sectors, which declined by 3.85 percent and 2.64 percent, respectively. Recent sessions have seen continued volatility. On one occasion, the ASI fell by 32 basis points to 245,116.49, as sell pressure on banking and insurance stocks like Zenith Bank, Access Holdings, and FirstHoldco resulted in a loss of approximately N516 billion in equity portfolio value. The market subsequently saw a partial rebound, with the ASI rising 0.26 percent to 245,911.13, adding N411 billion to market capitalization and bringing the total to N159.67 trillion. This upturn was driven by buying interest in large and medium-capitalized stocks, including HBM Nigeria Plc, NASCON Allied Industries, and Unilever Nigeria. By late October, the market faced further instability as several companies experienced share price reversals following recent rallies. Thomas Wyatt Nigeria Plc saw shares fall 13.7 percent over two days, while Austin Laz & Company Plc declined 17.8 percent. Livestock Feeds Plc also faced a sharp correction of 9.76 percent as investors took profits.

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