The Nigerian Exchange (NGX) All-Share Index declined by 0.07% to close at 244,956.94 points on Thursday, October 22, 2026, extending the previous session's losses. Market capitalisation fell by approximately N103.60 billion, bringing the total to N159.56 trillion, as profit-taking in selected stocks weighed on performance. The market's year-to-date (YTD) return eased to 57.41%.
Market Drivers and Key Stock Movements
The decline was driven by losses in several major stocks, including NGX Group, which fell by 4.69%, Oando, down 4.17%, and Wema Bank, which declined by 3.33%. Zenith Bank, Guaranty Trust Holding Company, and United Bank for Africa also recorded losses during the session.
Cornerstone Insurance and International Breweries traded at N4.60 and N9.05, respectively, below their 52-week lows, according to the market report. Market sentiment remained negative, with 16 equities advancing against 22 decliners.
Trading Activity and Top Performers
Trading volume rose by 1.87% to 360.75 million shares, valued at N20.32 billion, across 31,401 deals. The top gainers were Access Holdings, which rose by 9.85% to N7.25 from N6.60; PZ Cussons Nigeria, which gained 8.58% to N68.95 from N63.50; Tantalizers, which advanced by 5.85% to N3.98 from N3.76; and International Energy Insurance, which increased by 5.42% to N2.14 from N2.03.
On the losing side, Thomas Wyatt Nigeria fell by 10.00% to N2.52 from N2.80, Austin Laz and Company declined by 8.81% to N2.90 from N3.18, Nascon Allied Industries dropped by 6.85% to N0.68 from N0.73, UPDC lost 6.49% to N3.60 from N3.85, and Cornerstone Insurance fell by 6.12% to N4.60 from N4.90.
Related Development: Dangote Refinery IPO Initiative
In a separate development, the Aliko Dangote Foundation (ADF) has unveiled a Student Share Grant Initiative that will give qualifying Nigerian students 10 free shares in Dangote Petroleum Refinery and Petrochemicals FZE after they subscribe to the company's ongoing initial public offering (IPO). The programme is open to students aged 18 and above who are enrolled in public or private tertiary institutions across Nigeria. To qualify, students must complete a verification process and subscribe to at least 10 shares.
The stock market's negative close on Thursday follows a previous session that saw the NGX All-Share Index fall from 245,116.49 points, with the latest losses reflecting continued investor caution. The market's performance will be closely watched in the coming sessions as investors assess the impact of profit-taking and the ongoing Dangote IPO initiative.
