Nigeria’s stock market clawed back a large part of its recent losses this week. Investors on the Nigerian Exchange (NGX) gained about N2.20 trillion in the five trading days to Friday, November 13, 2026, as bargain hunters returned to industrial, insurance and oil stocks after a sharp sell-off the week before.
The benchmark NGX All-Share Index (ASI) rose 1.36 per cent week-on-week to close at 252,269.16 points, up from 248,877.22 points on November 6, according to market data reported by Nairametrics and BusinessDay. Total market capitalisation climbed to roughly N163.80 trillion from N161.59 trillion.
A week of swings
The recovery was not smooth. Nairametrics described the week as a “rollercoaster”, with strong sessions on Monday and Thursday offset by weaker trading on Tuesday, Wednesday and Friday. On Tuesday alone, the market lost about N3.7 trillion, a drop that left several stocks at prices buyers found attractive later in the week.
Friday ended slightly in the red. The ASI slipped 97.64 points, or 0.04 per cent, from 252,366.80 points, and market capitalisation shed about N63 billion, the News Agency of Nigeria and BusinessPost reported. Small declines in GTCO, Zenith Bank, FCMB and United Capital outweighed gains in First HoldCo and UBA, even though 22 stocks rose against 21 that fell.
Trading volume on Friday rose almost 27 per cent to about 3.70 billion shares, but the value of shares traded fell around 71 per cent to N23.11 billion, a sign that activity was concentrated in lower-priced stocks.
Industrials do the heavy lifting
The NGX Industrial Goods Index was the standout of the week, rising 6.11 per cent to 12,380.99 points. It is now up more than 118 per cent since January, according to Nairametrics.
Dangote Cement was the best-performing large company, gaining 9.61 per cent to close at N1,469.90 per share from N1,341. Oando rose 14.80 per cent to N38, AXA Mansard gained 16.10 per cent, and Ecobank Transnational climbed 6.93 per cent to N74.85. Seplat Energy, the most expensive stock on the exchange, added N241.80 to close at N16,241.90.
The Insurance Index rebounded 4.44 per cent, though it remains down almost 10 per cent for the year. Banking stocks lagged: the Banking Index slipped 0.21 per cent for the week, with First HoldCo and Zenith Bank among the decliners. Consumer goods also fell 0.55 per cent.
Across the market, 43 stocks gained, 39 declined and 64 were unchanged, a better balance than the previous week, when 57 stocks fell.
The bigger picture
The week’s gains followed a 2.13 per cent drop in the week to November 6, when investors took profits after a strong rally in late October. BusinessDay noted that market capitalisation had peaked at about N165.42 trillion on November 4 before the selling began.
Even so, the market has kept most of its gains for the year. The ASI’s year-to-date return stands at about 62 per cent, helped earlier this year by bank recapitalisation, strong corporate earnings and FTSE Russell’s decision to reclassify Nigeria as a frontier market.
BusinessDay’s analysis warned that the rally has become narrow. Between October 16 and November 13, the industrial index rose about 18.6 per cent while the banking index fell 6.6 per cent and oil and gas lost 4.2 per cent. In other words, a handful of heavyweight industrial companies are carrying the headline index while many other stocks remain under pressure.
Dangote Refinery listing in focus
Much of the market’s attention is now on the expected listing of Dangote Petroleum Refinery and Petrochemicals. According to BusinessDay, the refinery’s public offer involved 4.1 billion shares priced at N525 each, targeting about N2.15 trillion. Nairametrics separately reported that South African and Nigerian pension funds are seeking a stake of up to $1 billion in the offer.
Analysts say the listing could change how money moves around the exchange. Investors who receive fewer shares than they applied for will get refunds, and some of that cash could return to other stocks. A large new company could also force index-tracking funds to rebalance their holdings. However, BusinessDay cautioned that refunds may just as easily go into fixed-income securities or stay in cash.
What to watch next week
Traders will be looking for broader buying beyond industrial stocks, further news on the timing of the Dangote Refinery allotment and listing, and any movement in the naira and interest rates. With earnings season largely over, analysts expect share prices to depend more on valuations and dividend prospects than on momentum.
Sources: Nairametrics, BusinessDay, News Agency of Nigeria, BusinessPost, Leadership.
