Markets

NGX Sheds N93 Billion as First HoldCo, Stanbic IBTC and NAHCO Pull Stocks Lower

The All-Share Index slipped 0.06% on 10 November, giving back a sliver of Monday's rebound, even as gainers outnumbered losers 32 to 21.

By Tumisang Bogwasi November 10, 2026 2 min read

Photo: S.aderogba / Wikimedia Commons (CC BY-SA 4.0) (file)

LAGOS – Nigerian equities slipped on Tuesday, 10 November, as selling in a handful of bank stocks and ground handler NAHCO reversed a small part of Monday’s rebound. The NGX All-Share Index (ASI) fell 0.06% to 252,313.16 points, and market capitalisation dropped N93.23 billion to N163.82 trillion, Nairametrics reported.

Highlights

The ASI fell 0.06% to 252,313.16, still up 62.14% this year.
Market value fell N93.23 billion to N163.82 trillion.
Gainers beat losers 32 to 21 despite the dip.
Banking was the only major sector index to decline.

Banks and NAHCO drove the dip

First HoldCo fell 1.83% to N107.00 and was also the most traded stock by value, at N6.31 billion, or about 21% of the day’s total. Stanbic IBTC lost N2.50, or 1.54%, to N160.00, while Zenith Bank dropped 0.85% to N116.50. Fidelity Bank and Wema Bank also edged lower.

Outside banking, NAHCO fell 9.99% to N136.10, shedding N15.10 a share. The NGX banking index fell 0.67% to 2,359.68 points.

Gains in Transcorp (up 6.67%), UACN (up 1.74%), GTCO and Access Holdings limited the decline. Champion Breweries and Honeywell Flour led the gainers’ table, up 10.00% and 9.90%.

Activity was mixed

Volume rose 20.29% to 545.30 million shares, led by Neimeth with 79.86 million units. But deals fell 26.46% to 31,543 and value traded eased 0.54% to N30.39 billion. Nairametrics noted that heavy trading in First HoldCo while its price fell suggests the selling was concentrated in that stock.

The rate backdrop

The session comes two weeks before the Central Bank of Nigeria’s Monetary Policy Committee meets on 23 and 24 November. At its September meeting the committee cut the Monetary Policy Rate by 350 basis points to 23%, according to the CBN. Daily Trust reported that analysts see a hold at 23% as one likely option while the bank assesses how the cut has passed through to lending rates.

Why it matters

The headline loss was small, and positive breadth suggests the selling was not broad-based. For investors, the more useful signal may be whether bank stocks, which carry heavy index weight, steady ahead of the November rate decision.

Sources

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