NGX Records Third Straight Weekly Loss as Banking Stocks Drag Market Down

Nigeria’s equities market posted a third consecutive weekly loss, with investors shedding about ₦534 billion in market value as major banking stocks faced sustained sell-offs. The NGX All-Share Index fell 0.33% week-on-week to close at 247,539.73 points on Friday, October 16. Market capitalisation declined to ₦160.73 trillion, while the year-to-date return moderated to 59.07%. Zenith Bank lost 6.5%, GTCO fell 5.1% and First HoldCo declined 3.9%. MTN Nigeria also dropped 1.8%. The banking index was the worst-performing sector, falling 3.15%, while insurance stocks slipped 0.14%. The decline comes despite gains in some oil and gas shares and selected banking stocks, reflecting continued profit-taking in heavyweight counters.

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