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Nigeria’s equities market extended its decline on Wednesday, 11 November 2026, recording a second consecutive loss as the NGX All-Share Index fell 0.18% to close at 251,861.24 points. Market capitalisation decreased by about N293.43bn to about N163.52trn, and the year-to-date return eased to 61.85%. The 451.92-point decline was about 3.1 times Tuesday’s loss. It took the two-session reversal to about 17% of Monday’s 3,579.52-point gain, and the benchmark closed 0.31% below its 28 September close of 252,635.11 points, by Proshare’s computation. Market breadth turned negative with 22 gainers against 29 decliners. OKOMUOIL (-10.00%) led the losses. FIRSTHOLDCO (-3.74%), UBA (-2.38%), ACCESSCORP (-1.63%) and ZENITHBANK (-0.52%) pulled the Banking Index down 0.60%, and NASCON (-8.99%) and ENAMELWA (-9.96%) added to the losses, so the selling spread beyond the banks.

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Trading activity was lower in volume, value and deals. Volume fell 23.28% to 418.35 million shares, value traded fell 24.88% to N22.83bn, and deals fell 2.01% to 30,908, by Proshare’s computation. HONYFLOUR recorded the highest volume, with 75.96 million units, or 18.16%, while GTCO recorded the highest value, with N4.57bn, or 20.03%. Excluding GTCO, value traded was N18.26bn, about 24% below Tuesday’s N24.08bn, excluding FIRSTHOLDCO. The average value per share traded eased about 2% to N54.57, by Proshare’s computation, so trading fell across the market and not just in one stock.

In the foreign exchange market, the naira depreciated by 0.55% to N1,358.34/US$ at the NFEM window, while the average BDC rate depreciated 0.70% to N1,435/US$. The spread between the two markets widened to 5.64% from 5.49%, by Proshare’s computation. Brent crude rose 1.97% to US$93.29 per barrel, recovering from the previous session's two-month lows, while gold fell 0.22% to US$4,013.87 per ounce. The Oil and Gas Index rose 0.03%.

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Juli Plc filed its third-quarter 2026 financial statements on Wednesday, and no board meeting notices were filed. Proshare will track these items in subsequent sessions: whether the benchmark moves back above its 28 September close, selling in the banking stocks, the NGX Industrial Index, unchanged on the session and still about 2.2% below its 4 November close, the outcome of Dangote Cement’s board meeting, concentration-adjusted value traded, the Oil and Gas Index against Brent crude, further third-quarter filings, the BDC–NFEM spread.