Investors on the Nigerian Exchange Limited (NGX) recorded an estimated ₦144.6 billion decline in market capitalisation on Tuesday, October 13, 2026, as selling pressure on major banking and consumer goods stocks weighed on the equities market.
The market closed in negative territory for the second consecutive trading session, reflecting renewed caution among investors despite gains recorded by some listed companies.
According to the Daily Market Update released by Cordros Securities, the NGX All-Share Index declined by 0.09 per cent to close at 247,513.63 points, compared with 247,736.20 points recorded during the previous session.
The decline reduced the market’s month-to-date return to negative 1.47 per cent, while its year-to-date performance remained positive at 59.06 per cent.
Market Capitalisation Drops to ₦160.71tn
The total market capitalisation of listed equities stood at ₦160.71 trillion at the close of trading.
This compares with approximately ₦160.85 trillion in the preceding session, indicating a decline of about ₦144.6 billion.
The reduction reflects the impact of falling share prices on the overall valuation of listed companies.
Despite the latest losses, the market has maintained a substantial year-to-date gain, suggesting that much of the appreciation recorded earlier in 2026 remains intact.
However, recent selling pressure has weakened the market’s short-term performance.
Banking Stocks Lead Market Decline
Cordros Securities attributed the bearish performance to losses recorded by several major equities.
First HoldCo declined by 2.3 per cent, while Guaranty Trust Holding Company lost 2.5 per cent.
Zenith Bank depreciated by 0.8 per cent, while Dangote Sugar Refinery fell by 1.3 per cent.
The losses in these stocks contributed to the downward movement of the benchmark index.
Banking stocks were particularly influential because of their market weight and active investor participation.
Banking, Insurance Indices Close Lower
Sectoral performance was mixed during the session.
The Banking Index declined by 0.8 per cent, making it the weakest of the major sectors tracked in the report.
The Insurance Index also fell by 0.4 per cent.
However, the Consumer Goods and Oil and Gas indices each advanced by 0.1 per cent.
The Industrial Goods Index closed unchanged.
The mixed performance suggests that selling pressure was concentrated in selected sectors rather than affecting every part of the market.
Investors Trade ₦21.38bn Worth of Shares
Trading activity remained significant despite the decline in the benchmark index.
Investors exchanged approximately 394.20 million shares valued at ₦21.38 billion across 38,707 deals.
The report’s daily trading table showed that share volume declined from approximately 403.44 million units in the previous session.
However, transaction value increased from ₦19.85 billion to ₦21.38 billion.
The higher value of transactions despite lower trading volume suggests a change in the composition of securities traded.
It does not necessarily indicate stronger buying sentiment, as purchases and sales are both reflected in market turnover.
Access Holdings Tops Trading Volume
Access Holdings emerged as the most actively traded equity by volume, with approximately 57.02 million shares exchanged.
Livestock Feeds followed with 48.03 million shares, while GTCO recorded 24.42 million shares.
United Bank for Africa accounted for 22.75 million shares, while Zenith Bank recorded 16.67 million shares.
In terms of transaction value, GTCO led with ₦3.13 billion.
Zenith Bank followed with ₦2.14 billion, while First HoldCo recorded ₦1.95 billion.
MTN Nigeria and Access Holdings completed the five leading equities by transaction value.
E-Tranzact, WAPIC Lead Gainers
Despite the broader market decline, some stocks recorded notable gains.
E-Tranzact International appreciated by 9.96 per cent to close at ₦14.35 per share.
WAPIC gained 7.83 per cent, while DAAR Communications advanced by 7.25 per cent.
Livestock Feeds increased by 6.92 per cent, and Chams recorded a 5.88 per cent gain.
On the losing side, Legend Internet declined by 6.85 per cent.
Omatek Ventures lost 6.43 per cent, while NSL Tech fell by 5.71 per cent.
Mutual Benefits Assurance and AIICO Insurance also recorded declines.
Market Breadth Turns Positive
Interestingly, market breadth was positive despite the decline in the All-Share Index.
A total of 24 stocks appreciated, compared with 21 that declined.
This indicates that more companies recorded price gains than losses during the session.
However, the benchmark index is influenced by the market capitalisation of listed companies.
Consequently, losses in heavily weighted stocks can pull the index lower even when more individual securities record gains.
Investors Await Fresh Direction
The latest decline extends the market’s cautious performance in October.
Although the All-Share Index remains significantly higher than at the beginning of the year, recent losses suggest that investors are reassessing selected positions.
Future market direction will depend on corporate earnings expectations, domestic liquidity and broader economic developments. For now, the October 13 session highlights the continued influence of major banking equities on the Nigerian stock market.
