NGX recovers N2.20 trillion as industrial goods outperform, banking stocks fall 6.62%

Nigeria’s stock market recovered N2.20 trillion in market capitalisation in the week ended Friday, November 13, 2026, as investors returned to selected equities. The All-Share Index rose 3,391.94 points, or 1.36%, to close at 252,269.16 points, up from 248,877.22 points the previous week.

Total market capitalisation moved to about N163.80 trillion from N161.59 trillion. The rebound only partly reversed the losses from a N3.52 trillion sell-off that followed the late October rally.

Industrial goods lead sector review

A five-week review covering October 16 to November 13 showed industrial goods as the best-performing sector. The NGX Industrial Goods Index jumped from 10,442.95 points to 12,380.99 points, a gain of 18.56%.

Insurance stocks bounced back in the final week, gaining 4.44% to close at 1,072.30 points. The index still finished 0.67% lower across the five weeks.

Banking stocks recorded the steepest decline. The NGX Banking Index fell 6.62%, dropping from 2,532.47 points to 2,364.86 points. Oil and gas stocks declined 4.19%, consumer goods shed 2.51%, the Pension Index lost 2.61%, and the Main-Board Index dropped 1.76%.

Profit-taking follows October rally

The correction came after a strong rally in the final week of October, when the All-Share Index rose 2.86% to close at 254,299.49 points on October 30. Market capitalisation surged by about N4.60 trillion to N165.11 trillion during that week.

Trading volumes also climbed sharply. Investors exchanged 7.619 billion shares worth N637.83 billion across 192,138 deals, compared with 2.024 billion shares valued at N110.77 billion the week before. Financial services stocks, including First HoldCo, Access Holdings and Honeywell Flour Mills, drove much of that activity.

The rally extended into November 4 before sentiment shifted. The All-Share Index fell 2.13% to 248,877.22 points by November 6, and capitalisation pulled back to N161.59 trillion.

Market capitalisation had peaked at N165.42 trillion on November 4, after the benchmark index reached 254,762.81 points. Profit-taking that followed wiped roughly N3.52 trillion from market value within days.

Five-week window ends positive

Despite the volatility, the NGX ended the five-week window in positive territory. The All-Share Index moved from 247,539.73 points on October 16 to 252,269.16 points on November 13, a gain of 1.91%. Market capitalisation grew from N160.73 trillion to N163.80 trillion over the same period, adding about N3.07 trillion in total.

The split performance matters for investors watching bank stocks and industrial shares. Banking stocks remain under pressure from profit-taking, while industrial goods have led the market’s recovery.