Nigeria's equity market shed N93.23 billion on Tuesday, November 10, 2026, with selling pressure in four major stocks reversing part of the previous session's recovery. The NGX All-Share Index fell 0.06% to 252,313.16 points from 252,456.74 points, while market capitalisation declined to N163.82 trillion from N163.92 trillion.
Banking stocks drove the decline, with First HoldCo recording the sharpest fall among major blue-chip banks at 1.83%, dropping from N109.00 to N107.00. Stanbic IBTC lost N2.50 per share to close at N160.00, a decline of 1.54%, while Zenith Bank shed N1.00 to N116.50, representing a 0.85% fall. Fidelity Bank slipped 0.60% to N24.80 and Wema Bank dipped 0.31% to N31.90. Outside banking, NAHCO suffered the biggest drag with a 9.99% fall, losing N15.10 per share.
Despite the decline, market breadth remained positive with 32 gainers offsetting 21 losers, indicating that selling was concentrated rather than broad-based. Transcorp rose 6.67%, UACN added 1.74%, GTCO gained 0.33%, and Access Holdings advanced 0.18%. Banking was the only major sector to decline on the day, while insurance posted the strongest gains. Trading volume increased but value and deal counts fell, with Neimeth leading by volume at 79.86 million units.
The decline moderated the market's year-to-date return to 62.14%, though the ASI is down 0.8% for the month. Tuesday's losses reversed part of Monday's N2.32 trillion rebound. Market observers noted that improving breadth and gains across several sectors could support a near-term rebound, though continued selling in heavyweight banking stocks and subdued trading activity may limit broader recovery prospects.
For savers and investors, the market's positive breadth and strength in insurance and large-cap stocks outside banking suggest selective opportunities remain despite the banking sector pullback.