Stock Market Loses N457.4bn In 3 Days as Bears Maintain Grip 

Kayode Tokede 

The Nigerian stock market  has  experienced a downward trend for  the  third consecutive trading activity this week, dropping by N457.4 billion on investors’ profit-taking in major stocks quoted on the Nigerian Exchange Limited (NGX).   

The market capitalisation that opened for trading this week at N162.843 trillion, dropped by 0.28 per cent or N457.4billion to close October 7, 2026 at N162.385 trillion.

Consequently, the NGX All-Share Index   closed at 250,096.75 basis points, about 0.28per cent or 711.52 basis points decline from  250,808.27 basis points the stock market opened for trading this week. 

Opening for trading this week,  the local stock market opened the week on a bearish note, as losses in Nestle Nigeria Plc  dropped by 5.2per cent and, Guaranty Trust Holding Company Plc (GTCO) depreciated by  0.5per cent, to cause the NGX ASI close lower by 0.1per cent to 250,667.86 basis points. 

The market on the following day also closed on bearish note as profit-taking activities in First Holdco Plc that depreciated by  5.1 per cent and Stanbic IBTC Holdings Plc that  plummeted by 1.2 per cent dragged the NGX ASI lower by 0.2 per cent to 250,273.50 basis points. 

On the third, the NGX ASI  down by 0.07per cent to close at 250,096.75 basis points, following investors profit taking activities in  GTCO that depreciated by 0.75 per cent, Dangote Sugar Refinery  Plc that dipped by 2.14 per cent and Oando Plc that fell by 3.23 per cent. 

The Nigerian stock market was expected to remain cautious and volatile this week as investors continue to lock in profits following strong year-to-date gains.

Analysts expected cautious trading to persist, but noted that resilience in market breadth could support interest in lagging counters with strong fundamentals.

A group of analysts at Cowry Assets Management Limited said, “we expect the market to remain cautious and volatile in the near term, as investors continue to lock in profits following the strong year-to-date gains.

“Nevertheless, the market’s positive breadth points to underlying resilience and could encourage selective bargain-hunting, particularly in fundamentally sound counters that have lagged the broader market rally.”

The firm also said market direction is likely to be influenced by the trajectory of corporate earnings, evolving macroeconomic conditions, system liquidity, interest-rate expectations, and overall investor sentiment.

Against this backdrop, Cowry added that “we expect investors to remain selective, with greater preference for stocks offering attractive valuations, resilient earnings profiles, sustainable dividend capacity, and credible growth prospects. This could result in continued sector and stock rotation as investors balance profit-taking against opportunities emerging from recent price corrections.”

Also, Cordros Securities Limited said, “we expect market activity to remain choppy and largely range-bound in the near term, given the lack of a meaningful catalyst to spur buying interest.”