The Nigerian equities market lost ₦293.43 billion on Wednesday, November 11, 2026, as selling in Okomu Oil, Nascon Allied Industries and the FUGAZ banks extended the previous session’s decline.
The NGX All-Share Index (ASI) fell 0.18% to 251,861.24 points from 252,313.16 points. Market capitalisation slipped to ₦163.53 trillion from ₦163.82 trillion.
Sentiment was negative, with 22 gainers against 29 losers. Oil and gas was the only sector index to rise.
Banks drag the market
All five Tier 1 banks, known as the FUGAZ banks (First HoldCo, UBA, GTCO, Access and Zenith), closed lower, pulling the banking index down 0.60% to 2,345.43 points.
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Fidelity Bank also lost 0.40% to ₦24.70 from ₦24.80. First HoldCo has now fallen about 5.5% over two sessions, from ₦109.00.
Okomu Oil and Nascon lead the losers
Okomu Oil was the biggest drag outside banking, falling 10.00% and shedding ₦127.60 to close at ₦1,148.60. Nascon Allied Industries dropped 8.99%, or ₦16.50, to ₦167.00.
Gainers limit the fall
Gains in other large stocks softened the decline. Ecobank Transnational Incorporated (ETI) rose 6.93% to ₦74.85. Wema Bank gained 3.45% to ₦33.00, Oando 1.08% to ₦37.40, Transcorp 0.94% to ₦32.30 and Stanbic IBTC 0.56% to ₦160.90.
Abbey Mortgage Bank and Caverton Offshore Support, both among Tuesday’s losers, rebounded into the top gainers.
Trading activity weakens
All measures of activity fell. Volume dropped 23.28% to 418.35 million shares, reversing Tuesday’s 20.29% rise. Value traded fell 24.88% to ₦22.83 billion, and deals slipped 2.01% to 30,908.
Sector performance
Year-to-date picture
Wednesday’s fall followed Tuesday’s ₦93.23 billion loss. It trimmed the ASI’s year-to-date return to 61.85% from 62.14%, and market capitalisation is up 64.56% so far this year. The ASI is down about 1% month to date.
Insurance, which gained 1.33% on Tuesday, reversed to a 0.29% loss.
This article is for information only and is not investment advice. Share prices can fall as well as rise.
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