MORGANABLE BUSINESS /MARKETS
Nigeria’s stock market closed Friday, October 2, on a weaker note. Investors sold shares after recent gains. As a result, the Nigerian Exchange (NGX) lost about N262 billion in market value.
Akure —
Nigeria’s stock market closed Friday, October 2, on a weaker note. Investors sold shares after recent gains. As a result, the Nigerian Exchange (NGX) lost about N262 billion in market value. Total market capitalisation fell from N163.104 trillion to N162.842 trillion. That represented a 0.16 per cent decline.
The NGX All-Share Index also fell during the session. It dropped 403.40 points to 250,808.27 points. The index had closed at 251,211.67 points on the previous trading day. Despite Friday’s decline, the market still recorded a strong 61.17 per cent gain year to date.
Profit-taking drove much of Friday’s activity. Many investors chose to secure gains after the market’s strong performance. That decision increased selling pressure across several stocks. However, the selling was not widespread. A total of 26 stocks gained, while 26 others recorded losses.
PZ Cussons Nigeria led the decliners. Its share price fell 9.91 per cent to N66.40. eTranzact International followed with a 9.84 per cent decline. It closed at N11.00 per share. Zichis Agro Allied Industries also dropped 8.29 per cent. The stock ended at N18.25.
FTN Cocoa Processors recorded another major loss. Its shares declined 8.19 per cent to N7.62. Royal Exchange also fell 7.83 per cent to N1.06. Other notable decliners included First Holdco, NGX Group and VFD Group. Their losses added to the pressure on the broader market.
Still, several stocks recorded strong gains. AIICO Insurance and Trans-Nationwide Express led the gainers. Both companies rose by 10 per cent. AIICO Insurance closed at N4.18. Trans-Nationwide Express ended at N2.97. Their gains helped reduce the effect of losses elsewhere.
Livestock Feeds also performed strongly. Its share price climbed 9.88 per cent to N8.90. LivingTrust Mortgage Bank gained 9.87 per cent to N3.45. ABC Transport advanced 9.63 per cent to N7.40. These gains showed that buying interest remained active in selected stocks.
Trading activity, however, weakened from the previous session. Investors traded 557.15 million shares in 53,450 deals. The transactions were worth N27.57 billion. Traded volume fell from the earlier session. Even so, activity remained significant.
Access Holdings dominated trading by volume. Investors exchanged 183.56 million shares of the company. Those trades were worth about N5.52 billion. Access Holdings accounted for 32.95 per cent of total traded shares. It also represented 20.01 per cent of the day’s total trading value.
Other heavily traded stocks included eTranzact International. Critical Minerals Financing Corporation also attracted strong activity. Fidelity Bank and Chams were also among the most traded names. However, the market still recorded lower activity than in the previous session.
Sector performance was also mixed. The insurance sector recorded one of the strongest performances. Gains in AIICO Insurance and other insurers supported the sector. The NGX Insurance Index rose 1.21 per cent. In contrast, banking stocks faced stronger selling pressure. The NGX Banking Index fell 0.97 per cent.
Several banking stocks declined during the session. First Holdco dropped 6.16 per cent. UBA and Wema Bank also ended lower. However, Fidelity Bank gained 8.55 per cent. GTCO also rose 0.61 per cent. Therefore, investors did not move in the same direction across the banking sector.
The consumer goods sector was almost flat. Its index slipped 0.03 per cent. Losses in PZ Cussons and Honeywell Flour Mills weighed on the sector. However, International Breweries and Champion Breweries recorded gains. Their performances helped offset some of the losses.
Meanwhile, the industrial goods sector remained broadly stable. The oil and gas index also showed little movement. This mixed performance limited the market’s overall decline. Selling pressure remained concentrated in selected stocks.
Friday’s performance followed weakness seen at the start of October. Investors have continued to take profits from stocks that posted strong gains. Therefore, the decline may reflect adjustments. It does not necessarily indicate a broad exit from Nigerian equities. The market still holds a gain from the start of the year.
Investors are also watching the third-quarter earnings season. Companies are expected to release more financial results in the coming weeks. These reports could influence trading decisions. Investors will examine revenue, profit and other financial indicators. Strong results could support buying interest in individual stocks.
At the same time, weaker results could increase selling pressure. Investors may also compare results with current share prices. This could lead to further rotation between sectors.
Liquidity will also remain important. Investors need enough market activity to enter and exit positions efficiently. Changes in interest rates and other economic conditions may also affect sentiment. In addition, movements in the naira could influence companies with foreign currency exposure. These factors could shape trading.
For now, the NGX remains well above its level at the start of 2026. Friday’s decline therefore came after a period of strong market growth. Profit-taking was a major factor behind the latest fall. Still, buying interest remained visible in several stocks. That created a balanced market despite the drop in total value.
The session also highlighted the market’s volatility. Some stocks lost nearly 10 per cent in one day.
Others gained almost the same amount. Such movements can quickly change portfolio values. Consequently, investors are likely to monitor price changes closely.
Overall, Friday’s trading showed a market caught between profit-taking and fresh buying. The N262 billion loss reflected selling pressure across several stocks. Yet, the equal number of gainers and losers showed that activity remained mixed.
Going forward, investors will watch corporate earnings closely. They will also monitor sector performance and market liquidity.
These factors could determine the direction of trading in the next sessions. For now, the NGX’s strong year-to-date performance remains intact, despite the latest pullback.
The October 2 decline therefore represents a setback within a much stronger annual market performance.
