Market Update For October 2, 2026
The Nigerian Exchange (NGX) resumed trading after the Independence Day holiday on Friday, October 2, 2026, with the market coming under renewed selling pressure as investors took profits from stocks that had recorded strong gains in recent sessions.
The session marked a pause in the market’s recent upward momentum, with losses in several heavyweight counters weighing on the benchmark despite continued buying interest in other parts of the market. The weakness was particularly noticeable among selected financial stocks, reflecting some repositioning by investors following the strong performance recorded across the equities market.
FIDELITYBK emerged as one of the major drags on the market, declining 9.91%, while NGXGROUP and FIRSTHOLDCO fell 6.85% and 6.16%, respectively. Other major stocks that closed lower included NB, which shed 1.71%, TRANSCORP, down 1.35%, and UNILEVER, which declined 1.34%. WEMABANK, TIP and UBA also recorded marginal losses.
The selling pressure suggests that some investors are beginning to lock in gains after the prolonged rally in Nigerian equities. The market had maintained strong upward momentum in recent weeks, pushing the benchmark to successive highs before the holiday break. The latest decline therefore appears to reflect a combination of profit-taking and portfolio adjustments rather than a broad-based withdrawal from equities.
Trading activity remained concentrated in a number of highly liquid counters. ACCESSCORP once again attracted significant investor attention, accounting for a substantial portion of the day’s transactions. The stock recorded 183.56 million shares in volume, making it the most actively traded equity during the session.
The concentration of activity in ACCESSCORP and other heavily traded stocks highlights the continued importance of banking equities to overall market liquidity. With investors increasingly selective after the recent rally, activity in liquid large-cap names could remain elevated as market participants adjust their portfolios.
The broader market, however, showed some resilience. Despite the decline in the ASI, the number of advancing stocks remained higher than decliners, indicating that weakness in the benchmark was concentrated in selected heavyweight stocks rather than spread across the entire market.
This divergence between the index and market breadth is important because it suggests that underlying participation remained relatively firm. Smaller and mid-cap stocks recorded buying interest, with TRANSEXPR, AIICO, LIVESTOCK, LIVINGTRUST and ABCTRANS among the strongest performers of the session.
TRANSEXPR and AIICO each gained 10.00%, while LIVESTOCK appreciated by 9.88%. LIVINGTRUST advanced 9.87%, and ABCTRANS rose 9.63%. Their performances helped cushion the broader market from a deeper decline.
On the other hand, selling pressure was pronounced in PZ and ETRANZACT. PZ fell 9.90% to ₦66.40, while ETRANZACT declined 9.84% to ₦11.00. ZICHIS, FTNCOCOA and ROYALEX also recorded sizeable losses.
ETRANZACT’s decline was particularly notable as the stock closed below its previous 52-week low, reflecting continued weakness in the counter. Such movements could attract additional attention from investors and traders monitoring stocks that are breaking key technical levels.
The performance of the NGX also came against a softer global oil market. Crude prices declined sharply on Friday following reports of discussions in Europe over possible releases of crude and fuel stockpiles. The development eased concerns about tight energy supplies and placed pressure on oil benchmarks.
Brent crude was down about 3% at $99.25 per barrel, while West Texas Intermediate declined 4.25% to $88.92. Both benchmarks were also heading for weekly losses, with Brent down about 4.7% for the week and WTI lower by around 3.7%.
The movement in crude prices remains relevant to Nigerian investors because of the importance of oil to government revenues, foreign exchange earnings and macroeconomic stability. A sustained decline in crude prices could influence sentiment toward oil-related equities and broader macroeconomic expectations, although the impact on the domestic market will depend on the duration and magnitude of the move.
For Nigerian equities, attention will also remain on liquidity conditions, interest rates, corporate earnings expectations and institutional positioning. The recent strength of the NGX has lifted valuations in several stocks, increasing the likelihood of intermittent profit-taking as investors reassess risk and return prospects.
Technical Analysis and Outlook
Technically, the All-Share Index is showing signs of short-term consolidation after its extended upward movement. Friday’s decline pushed the benchmark lower but did not yet constitute a major breakdown, particularly as market breadth remained positive.
The 250,000-point region remains an important support zone for the index. Holding above this level could help the market stabilise and allow buyers to regain control. A sustained recovery would bring the 252,500-point region into focus as the immediate resistance area.
A decisive break below 250,000 points could increase selling pressure and expose the market to a deeper correction, particularly if accompanied by higher trading volume. Conversely, a strong move above 252,500 points, supported by improved breadth and volume, could signal a return of buying momentum.
In the near term, the market is likely to remain sensitive to profit-taking, particularly in stocks that have recorded substantial gains. Investors may therefore continue to adopt a selective approach, with attention shifting towards companies with stronger earnings prospects, attractive valuations and improving fundamentals.
The key issue for the coming sessions will be whether Friday’s decline develops into a broader correction or remains a temporary pause within the market’s larger upward trend. The behaviour of the ASI around the 250,000-point support level, alongside market breadth and trading volume, should provide important signals about the next direction of the market.
The NGX All-Share Index fell 403.40 points, or 0.16%, to close at 250,808.27 points, while market capitalisation declined by ₦261.92 billion to ₦162.84 trillion. The market’s year-to-date return eased to 61.17%. Total traded volume stood at 556.18 million shares, valued at ₦25.19 billion, across 53,370 deals. Market breadth remained positive, with 31 stocks advancing, 28 declining and 87 unchanged. ACCESSCORP led market activity with 183.56 million shares traded. TRANSEXPR and AIICO topped the gainers, rising 10.00% each, followed by LIVESTOCK (+9.88%), LIVINGTRUST (+9.87%) and ABCTRANS (+9.63%). PZ led the decliners with a 9.90% loss to ₦66.40, followed by ETRANZACT (-9.84%) to ₦11.00, ZICHIS (-8.29%) to ₦18.25, FTNCOCOA (-8.07%) to ₦7.63 and ROYALEX (-7.83%) to ₦1.06.
