Nigeria’s equities market recorded a pullback in the week ended November 6, 2026, as profit-taking across major stocks pushed the benchmark NGX All-Share Index lower, reversing part of the gains that had taken the market to record territory in the preceding week.
The All-Share Index declined by 2.13 per cent week-on-week to close at 248,877.22 points, compared with 254,299.49 points recorded in the previous trading week. The decline also reduced the market’s year-to-date return to 59.93 per cent from 63.42 per cent.
Similarly, the total market capitalisation of listed equities eased to ₦161.59 trillion, reflecting the impact of sustained selling pressure on some of the market’s large-cap stocks.
The downturn was largely driven by profit-taking in Dangote Cement, which fell to ₦1,341.00 per share after its strong rally in the previous week. The stock declined by 5.56 per cent during the review period, contributing significantly to the broader market retreat.
The decline in Dangote Cement came amid a wider wave of sell-offs across several sectors, suggesting that investors were increasingly locking in gains following the market’s impressive performance in recent months.
Other major decliners included Vitafoam, which shed 18.96 per cent, Honeywell Flour Mills, down 10 per cent, Presco, which lost 10 per cent, and Aradel Holdings, which declined by 9.99 per cent.
First HoldCo also fell by 7.68 per cent, while Access Holdings declined by 5.94 per cent. Other stocks that recorded losses included UPDC Real Estate Investment Trust, UAC of Nigeria and Nestlé Nigeria, which shed 4.98 per cent, 4.97 per cent and 3.64 per cent, respectively.
The losses were partly moderated by gains in selected stocks. AIICO Insurance led the gainers with an increase of 7.04 per cent, followed by NEM Insurance, which advanced by 3.45 per cent.
Unilever Nigeria gained 2.94 per cent, while BUA Cement and Wema Bank appreciated by 1.57 per cent and 1.56 per cent, respectively.
Despite the market-wide decline, the performance of several stocks indicates that buying interest remained in selected counters, even as investors repositioned their portfolios in response to recent price movements.
Coronation Model Portfolio Also Records Weekly Decline
The market correction was also reflected in the performance of Coronation Asset Management’s model equity portfolio, which declined by 2.40 per cent during the week.
The portfolio’s year-to-date return moderated to 60.67 per cent from 64.63 per cent in the previous week. Its weekly performance lagged the benchmark index by approximately 27 basis points, although it maintained a year-to-date lead of about 74 basis points over the broader market.
According to Coronation Research, losses across several portfolio holdings outweighed gains recorded in selected insurance, consumer goods and banking stocks.
Dangote Cement, Aradel Holdings, Vitafoam, First HoldCo and Honeywell Flour Mills were among the major detractors, with their respective declines reducing the portfolio’s value by between ₦7 million and ₦10 million each.
The losses were further compounded by declines in Presco, Access Holdings, UPDC REIT, UACN and Nestlé Nigeria.
However, gains in AIICO Insurance, NEM Insurance, Unilever Nigeria, BUA Cement and Wema Bank provided some support, although they were insufficient to offset the broader negative performance.
The model portfolio’s exposure to major listed companies remained diversified across banking, telecommunications, consumer goods, industrials, insurance, energy and other sectors. Seplat Energy accounted for the largest individual portfolio weighting at 10.22 per cent, followed by MTN Nigeria at 7.71 per cent and Dangote Cement at 6.81 per cent.
The portfolio also maintained a cash position of approximately ₦101.47 million, representing 4.20 per cent of its total value at the end of the review period.
Profit-Taking and Earnings Results to Shape Market Direction
Looking ahead, Coronation Research expects the equities market to remain volatile in the near term as investors continue to take profits from stocks that recorded significant price appreciation, particularly Dangote Cement.
The firm also identified the release of nine-month 2026 corporate earnings as a key factor likely to influence investor positioning and market direction in the coming weeks.
While acknowledging the possibility of further short-term price adjustments, Coronation Research described the recent pullback as a healthy market consolidation rather than a fundamental change in the broader upward trend.
The firm said it would maintain its existing portfolio positioning while reassessing asset allocations, including the deployment of its cash holdings, at its next quarterly review.
The market’s latest performance comes after a strong year-to-date rally that has delivered substantial gains to investors. However, the correction highlights the potential for increased volatility as investors balance profit-taking opportunities against expectations surrounding corporate earnings and the broader economic outlook.
For the Nigerian equities market, the direction of heavyweight stocks, particularly those that have led the recent rally, alongside earnings performance and investor appetite, is likely to remain central to trading activity in the near term.
