Investors on the Nigerian Exchange (NGX) lost about N3.28 trillion in a single session on Thursday, November 5, 2026, as heavy selling in Dangote Cement and other large-cap stocks dragged the market sharply lower. The All-Share Index (ASI) fell 1.98%, more than erasing the modest gains of the previous sessions and pushing the market’s month-to-date return into negative territory.
How the market closed
According to Nairametrics, the ASI closed at 249,710.59 points, down 5,052.22 points from 254,762.81 the previous day. Market capitalisation dropped from N165.42 trillion to N162.13 trillion. THEWILL reported the same index and market value figures.
The decline came on much busier trading. Nairametrics said volume rose about 55% to 856.28 million shares, while the value of trades nearly doubled to N74.09 billion across 33,540 deals. Market breadth was negative, with 36 stocks declining against 20 gainers.
Despite the sell-off, Nigerian equities remain one of the strongest-performing markets of the year. The ASI’s year-to-date return eased to about 60.47% from 63.72%, according to figures cited by THEWILL and Nairametrics.
Dangote Cement drives three-quarters of the loss
The biggest blow came from Dangote Cement, the most valuable company on the exchange. Its share price fell by the maximum daily limit of 10%, from N1,490 to N1,341. Because the company has close to 17 billion shares in issue, that single move cut roughly N2.5 trillion from its market value, about 76% of the day’s total loss, THEWILL calculated. Nairametrics similarly put the stock’s share of the decline at about three-quarters.
THEWILL noted that the figure reflects a change in valuation rather than cash leaving the market, and pointed out that only a small fraction of Dangote Cement’s shares is freely traded. When a stock with a small free float moves sharply, it can swing the whole market’s capitalisation by trillions of naira.
The cement maker has been volatile in recent weeks. Nairametrics recalled that on October 19 the stock fell 5.5% to N1,008, wiping off about N1.47 trillion in one session, before rallying strongly. Even after Thursday’s fall, it remains about a third above that level.
Other losers and gainers
Agro-industrial firm Presco also fell 10%, from N1,840.80 to N1,656.80, the largest drop in naira terms. WAPIC Insurance lost 9.91%, while Austin Laz and Lasaco Assurance each fell 8.57%. UAC of Nigeria slid 7.85% and HBM Nigeria lost 7.71%. Several tier-one banks also closed lower, including First HoldCo, GTCO, Stanbic IBTC and UBA, according to Nairametrics.
On the positive side, CWG led the gainers with a rise of 9.94%, followed by Abbey Mortgage Bank, Honeywell Flour, eTranzact and Caverton Offshore Support, all up close to 9–10%. THEWILL also noted an 8.18% gain in Transcorp Power.
All six major sector indices closed in the red. The industrial goods index, where Dangote Cement sits, fell 7.14%, while the insurance index dropped 2.51% and the banking index lost 0.66%.
Why it matters
Neither report pointed to a specific company announcement behind the sell-off. Nairametrics described it as selling concentrated in heavyweight stocks, with the higher turnover suggesting investors were actively selling into the decline. THEWILL highlighted how concentrated the market has become: earlier analysis showed ten companies account for about 73% of total market value, with Dangote Cement, Airtel Africa and MTN Nigeria together making up more than 40%. That means moves in a handful of stocks can dominate the headline index.
What to watch next
Nairametrics said volatility could stay high if large-cap selling continues, though bargain hunters could step in to buy beaten-down heavyweights. Investors will be watching Friday’s session for signs of a rebound in Dangote Cement and Presco, and for any profit-taking in other stocks that have run up strongly this year.
Sources: Nairametrics, THEWILL.
