The Nigerian equities market lost about N3.28 trillion on Thursday, November 5, 2026, as heavy selling in Dangote Cement, Presco, UACN, HBM Nigeria and several Tier 1 banks dragged the benchmark index sharply lower.

Dangote Cement and Presco each fell by a maximum of 10%, while UACN (-7.85%) and HBM Nigeria (-7.71%) also posted steep losses. Losses in First HoldCo, Nigerian Exchange Group, Nigerian Breweries, Stanbic IBTC, GTCO and UBA added to the pressure.

Consequently, the NGX All-Share Index (ASI) fell by 1.98% to 249,710.59 points from 254,762.81 points in the previous session, a loss of 5,052.22 points. Market capitalisation declined to N162.13 trillion from N165.42 trillion.

The market’s year-to-date return moderated to 60.47% from 63.72%, while the month-to-date return turned negative, at about -1.8%. Market sentiment weakened, with 36 decliners outnumbering 20 advancers.

Trading activity surged despite the decline, as volume, value and deal count all increased. Investors traded 856.28 million shares valued at N74.09 billion in 33,540 transactions.

Highlights of market performance:

  • ASI: 249,710.59 points; down 1.98% from 254,762.81 points.
  • ASI YTD gain: 60.47%.
  • Market Capitalisation: N162.13 trillion; down 1.98% from N165.42 trillion.
  • Market Capitalisation YTD Gain: 63.15%.
  • Deals: 33,540 transactions; up 2.03% from 32,874 transactions.
  • Volume Traded: 856.28 million shares; up 55.04% from 552.31 million shares.
  • Value Traded: N74.09 billion; up 97.81% from N37.46 billion.
  • Market Breadth: Negative, with 20 gainers against 36 losers.

Top 5 Gainers:

  • CWG: Up 9.94%, from N15.60 to N17.15.
  • Abbey Mortgage Bank: Up 9.84%, from N6.10 to N6.70.
  • Honeywell Flour: Up 9.82%, from N24.45 to N26.85.
  • eTranzact: Up 9.71%, from N17.00 to N18.65.
  • Caverton Offshore Support: Up 8.96%, from N3.35 to N3.65.

Top 5 Losers:

  • Dangote Cement: Down 10.00%, from N1,490.00 to N1,341.00.
  • Presco: Down 10.00%, from N1,840.80 to N1,656.80.
  • WAPIC: Down 9.91%, from N2.22 to N2.00.
  • Austin Laz & Company: Down 8.57%, from N2.45 to N2.24.
  • Lasaco Assurance: Down 8.57%, from N1.75 to N1.60.

More insights:

The market’s decline was driven by selling in heavyweight stocks rather than by the biggest percentage losers alone.

Dangote Cement’s N149 drop was the main drag accounting for roughly N2.5 trillion of the day’s market value loss, about three-quarters of the total.

The stock had been volatile in recent weeks.

On October 19, a 5.50% fall to N1,008.00 cut N1.47 trillion from the market in one session.

Wednesday’s N1,490.00 close was about 48% above that level, and Thursday’s close of N1,341.00 is still about 33% higher.

Other notable decliners among the heavyweights included:

  • Presco fell N184.00 to N1,656.80, the largest absolute price loss on the day.
  • UACN lost N14.20 to N166.80.
  • HBM Nigeria shed N27.00 to N323.00.
  • First HoldCo declined 2.40% to N110.00.
  • Nigerian Exchange Group fell 2.24% to N161.20.
  • Nigerian Breweries lost 2.50% to N70.20.

Stanbic IBTC fell 0.85% to N162.50, GTCO dipped 0.81% to N122.00 and UBA slipped 0.24% to N42.00.

Sectoral performance:

All six sector indices closed lower, with industrial stocks recording the steepest decline.

  • Industrial stocks fell 7.14% to 11,707.38 points.
  • Insurance stocks declined 2.51% to 993.55 points.
  • Banking stocks shed 0.66% to 2,388.23 points.
  • Commodity stocks dipped 0.41% to 1,851.36 points.
  • Consumer goods stocks lost 0.14% to 3,961.01 points.
  • Oil and gas stocks fell 0.04% to 5,852.29 points.

Volume and value:

Trading activity rose sharply, even as prices fell.

  • The total volume traded rose 55.04% to 856.28 million shares.
  • Transaction value increased 97.81% to N74.09 billion, nearly double the previous session’s turnover.
  • Deal count rose 2.03% to 33,540 transactions.

The higher turnover in a falling market suggests that investors were actively selling into the decline rather than the market simply drifting lower.

What you should know:

Thursday’s decline more than wiped out the gains of the previous sessions, when the market had added N307.4 billion on buying in Transcorp Power and banking stocks.

The market has lost over ten times that amount in one day.

The ASI remains up 60.47% year-to-date, but the sell-off was concentrated in a handful of heavily weighted stocks.

Continued selling in large-cap counters could sustain near-term volatility. However, bargain-hunting in the oversold heavyweights may provide some support.