Honeywell, Transcorp Power lead gainers as NGX loses N3.52 trillion

The Nigerian Exchange lost N3.52 trillion in equity market capitalisation in the week ended November 6, 2026, as the All-Share Index fell 2.13% to 248,877.22 points. Honeywell Flour Mills and Transcorp Power led a thin group of gainers.

Market breadth stays negative

The NGX All-Share Index closed at 248,877.22 points from 254,299.49 points, a loss of 5,422.27 points. Market capitalisation fell to N161.59 trillion from N165.11 trillion at the start of the week. The market’s year-to-date return moderated to 59.93%.

The decline followed renewed sell-offs across global equity markets, which weighed on domestic sentiment and triggered broad-based losses. It also reflected profit-taking and portfolio rebalancing as investors positioned ahead of the year-end trading period.

Market breadth stayed negative. Twenty-nine equities gained, lower than 33 in the previous week, while 57 declined, higher than 48. Sixty equities closed unchanged, compared with 65 a week earlier.

Honeywell, Transcorp Power top gainers

Honeywell Flour Mills was the best performer, gaining 30.82% to N29.50 from N22.55. The rally extends its October run, when it rose 25.28% to N22.55. Since the end of September, when it traded at N18.00, Honeywell has gained about 63.89%.

Transcorp Power followed with a 23.37% rise to N219.60 from N178.00. E-Tranzact International also extended its rally, gaining 14.42% to N18.65, up about 52.87% from N12.20 at the end of September.

Top 10 best performers by percentage gain for October 30 versus November 6: Honeywell Flour Mills +30.82%, from N22.55 to N29.50; Transcorp Power +23.37%, from N178.00 to N219.60; E-Tranzact International +14.42%, from N16.30 to N18.65; Axamansard Insurance +9.77%, from N10.75 to N11.80; The Initiates +9.57%, from N24.55 to N26.90; University Press +9.52%, from N4.20 to N4.60; UPDC +7.46%, from N3.35 to N3.60; Haldane McCall +7.36%, from N3.26 to N3.50; AIICO Insurance +7.04%, from N3.55 to N3.80; Omatek Ventures +6.06%, from N1.32 to N1.40.

Vitafoam, Sovereign Trust lead losers

Vitafoam Nigeria recorded the steepest decline, falling 18.96% to N141.50 from N174.60. Sovereign Trust Insurance lost 17.02% to N1.95 from N2.35, while Eterna dropped 15.79% to N36.00 from N42.75.

ABC Transport fell 13.64% to N5.70 from N6.60. International Energy Insurance lost 12.82% to N1.70 from N1.95. Mcnichols Consolidated fell 10.28% to N4.80 from N5.35. HBM Nigeria lost 10.00% to N315.00 from N350.00. Sunu Assurances lost 10.00% to N2.70 from N3.00. Presco fell 10.00% to N1,656.80 from N1,840.80. Aradel Holdings lost 9.99% to N1,296.00 from N1,439.90.

Large-priced counters also came under pressure. Presco lost N184.00 per share, Aradel Holdings lost N143.90 and HBM Nigeria lost N35.00.

Blue chips give back October gains

Dangote Cement, October’s top large-cap performer, lost 5.56%, or N79.00, to close at N1,341.00 from N1,420.00, having rallied 33.12% last month. First HoldCo fell 7.68% to N110.00, extending its 25.48% October decline. Its cumulative loss since the end of September is about 31.21%.

Access Holdings fell 5.94% to N26.90 from N28.60. Nestlé Nigeria lost 3.64% to N2,650.00 from N2,750.00. MTN Nigeria fell 1.53% to N837.00 from N850.00. Zenith Bank lost 1.34% to N117.40 from N119.00. Guinness Nigeria’s 1.65% decline to N416.00 reflected an ex-dividend adjustment for its N7.00 dividend, effective November 2, 2026. Unilever Nigeria also traded ex-dividend, with its price adjusted by N2.00 to N107.00 from N109.00.

The Industrial and Oil/Gas sectors were the major drags. The NGX Industrial Goods Index fell 4.35% to 11,668.33 points. The NGX Oil/Gas Index fell 3.72% to 5,859.28 points. The NGX Banking Index fell 2.45% to 2,369.84 points. The NGX Consumer Goods Index fell 1.41% to 3,957.25 points. The NGX Insurance Index slipped 0.03% to 1,026.74 points, the most resilient sector.

Despite the pullback, several indices retain strong year-to-date gains: Oil/Gas +119.43% and Industrial Goods +105.56%. The Insurance Index remains down 13.67% year-to-date, while Consumer Goods is down 0.46%.

Turnover drops sharply

Investors traded 2.829 billion shares worth N208.407 billion in 192,158 deals, compared with 7.619 billion shares valued at N637.826 billion in 192,138 deals a week earlier. Volume fell about 62.87% and value about 67.33%, while the number of deals was flat.

The Financial Services Industry led activity by volume with 1.983 billion shares worth N126.627 billion in 84,899 deals, contributing 70.11% and 60.76% of total turnover volume and value. The Consumer Goods Industry followed with 245.568 million shares worth N15.852 billion in 21,445 deals. The Agriculture Industry was third with 160.610 million shares worth N3.283 billion in 5,511 deals.

First HoldCo, Access Holdings and Honeywell Flour Mill were the most traded stocks by volume, accounting for 992.859 million shares worth N71.044 billion in 20,512 deals. That represents 35.10% and 34.09% of total equity turnover volume and value.

The week’s trade data points to a sharp but broad pullback, with few gains confined to a handful of mid and small cap names. Investors will be watching whether buying interest returns to the large caps as the year-end trading period approaches.