By Francis Ekeh

Trading activities on the floor of the Nigerian Exchange Limited (NGX) closed on a bearish note on Friday, October 16, 2026, as Market Capitalisation of listed equities lost N108.70 billion (or 0.07%), declining from N160.83 trillion recorded on Thursday, October 15, to close at N160.73 trillion.

Concurrently, the benchmark All-Share Index (ASI) fell by 167.40 points (or 0.07%) from 247,707.13 points to close at 247,539.73 points.

Across the trading week, the index touched a high point of 247,736.24 points on Monday, October 12, before reaching its weekly lowest of 247,513.63 points on Tuesday.

Total equity trading activity closed with investors exchanging 257,669,053 shares valued across 31,972 deals.

Market summary

All-Share Index (ASI): 247,539.73 points, down 0.07% from 247,707.13 points
Market cap: N160.73 trillion, down 0.07% from N160.83 trillion
Market value lost: N108.70 billion
Trading volume: 257.67 million shares, down 10.12% from 286.68 million shares
Total deals: 31,972 deals, up 5.92% from 30,186 deals
Top 5 gainers

Thomas Wyatt Nigeria Plc (THOMASWY): Up 10.00% to N2.42 from N2.20
eTranzact International Plc (ETRANZACT): Up 9.84% to N17.30 from N15.75
Austin Laz & Company Plc (AUSTINLAZ): Up 9.77% to N2.92 from N2.66
Omatek Ventures Plc (OMATEK): Up 9.59% to N1.60 from N1.46
Legend Internet Plc (LEGENDINT): Up 9.23% to N3.55 from N3.25
Top 5 losers

UPDC Real Estate Investment Trust (UPDCREIT): Down 10.00% to N21.15 from N23.50
Trans-Nationwide Express Plc (TRANSEXPR): Down 9.09% to N2.70 from N2.97
Critical Minerals Financing Corp Plc (CMFC): Down 8.06% to N3.31 from N3.60
Royal Exchange Plc (ROYALEX): Down 6.48% to N1.01 from N1.08
NPF Microfinance Bank Plc (NPFMCRFBK): Down 5.43% to N4.35 from N4.60
Heavyweights including Guaranty Trust Holding Company (-2.27%), Stanbic IBTC Holdings (-2.14%), Zenith Bank (-1.33%), Sterling Financial Holdings (-0.58%), and United Bank for Africa (-0.35%) experienced notable price reductions, pulling the NGX Banking Index down from 2,556.46 to 2,532.47 points.

NGX 30 Index slipped to 9,101.27 points and the NGX Corporate Governance Index fell to 7,239.74 points.
Compounding this downward momentum was targeted selling in select non-banking counters, led by maximum loss contractions in real estate instruments like UPDC Real Estate Investment Trust (-10.00%), alongside sharp declines in Trans-Nationwide Express (-9.09%), Critical Minerals Financing Corp (-8.06%), and Royal Exchange (-6.48%).
However, underlying market sentiment remained fragmented rather than universally pessimistic, resulting in 26 gainers against 23 decliners.
Strong buying interest in technology, printing, and select Tier-2 financial counters, such as Thomas Wyatt Nigeria (+10.00%), eTranzact International (+9.84%), and Fidelity Bank (+4.73%), helped cushion the drop and prevented a broader market rout.

Sectoral performance across the Nigerian Exchange on October 16, 2026, reflected a pronounced split between declining financial tracking benchmarks and resilient non-financial sectors.

The NGX Banking Index suffered the sharpest contraction among major sector trackers, dropping from 2,556.46 points on Thursday to 2,532.47 points on Friday as profit-taking in tier-1 lenders dragged the sector lower.
The NGX Insurance Index also edged downward slightly from 1,080.09 points to 1,079.57 points, while broader market indicators such as the NGX Pension Index dropped from 12,914.69 points to 12,895.45 points and the NGX Growth Index slipped from 26,970.58 points to 26,888.42 points.
In contrast, several key non-financial and ethical benchmarks managed to post modest gains or remain stable despite the broader market pullbacks.
The NGX Consumer Goods Index advanced from 4,033.67 points to 4,036.97 points, supported by marginal gains in counters such as Dangote Sugar Refinery and International Breweries.
Similarly, the NGX Lotus Islamic Index rose from 23,164.84 points to 23,183.59 points, while the NGX Industrial Index edged up slightly from 10,442.87 points to 10,442.95 points.

The NGX Oil/Gas Index closed virtually flat at 6,194.00 points compared to 6,194.16 points in the prior session.