News
Nigerian Stock Market Sinks Heavily as Banking Shares Trigger N1.36tn Loss
Nigerian stock market banking stocks decline as equities lose N1.36tn in value amid heavy sell pressure on major financial shares
The Nigerian equities market opened the trading week on a bearish note on Monday, shedding N1.365 trillion in market value amid sustained sell pressure on banking stocks.
Also read: Nigerian Stock Market Surges with 78% Transaction Growth
The All-Share Index declined by 2,120.20 points, representing a 0.94 per cent drop, to close at 223,602.29 points, while overall market capitalisation fell to N143.970 trillion.
The downturn was largely driven by price losses in major and mid-cap banking and financial stocks, including Nigerian Exchange Group, First Holdco, Guaranty Trust Holding Company (GTCO), United Bank for Africa (UBA), and Zenith Bank.
Market analysts attributed the negative sentiment to ongoing profit-taking activities across the financial sector, which continued to weigh heavily on investor confidence.
Cowry Assets Management Limited noted in its outlook that the market is likely to remain under pressure in the next trading session as bearish sentiment persists.
“Heading into Tuesday’s session, the market is expected to sustain its negative bias as profit-taking activities continue to weigh on investor sentiment,” the firm stated.
Market breadth closed negative, with 40 losers outpacing 35 gainers.
On the gainers’ chart, Abbey Mortgage Bank led with a 9.26 per cent rise to close at N5.90 per share, followed by Zichis Agro Allied Industry, which gained 8.91 per cent to close at N16.99.
Wema Bank also rose by 8.80 per cent to close at N34.00 per share.
NPF Microfinance Bank gained 8.19 per cent to close at N5.68, while Wapic Insurance advanced by 7.26 per cent to close at N2.66 per share.
Conversely, First HoldCo, Trans-Nationwide Express, and United Bank for Africa (UBA) led the losers’ chart, each shedding 10 per cent to close at N67.50, N7.11, and N49.50 respectively.
Access Holdings dropped 9.90 per cent to close at N28.20, while Fidelity Bank lost 9.87 per cent to settle at N20.10 per share.
Trading activity, however, recorded an uptick, with total volume rising by 8.06 per cent to 678.174 million units valued at N44.136 billion across 82,838 deals.
Zenith Bank led in volume traded with 76.074 million shares worth N9.534 billion, followed by Wema Bank with 49.932 million shares valued at N1.680 billion and Access Holdings with 39.129 million shares worth N1.103 billion.
Also read: Nigerian Stock Market Inches Up Amid Selective Trading
Other active stocks included Tantalizers, which traded 30.018 million shares, and AIICO Insurance, which exchanged 28.268 million shares during the session.
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The Nigerian Air Force has confirmed that all 25 people aboard its ATR-42 aircraft, NAF 931, died after the aircraft crashed in the Igbokoda area of Ondo State.
The aircraft, which had five crew members and 20 passengers on board, was on a routine mission from Benin to Lagos when the NAF 931 aircraft crash occurred on Monday, October 5, 2026. Search-and-rescue operations were immediately activated following the accident.
The Chief of the Air Staff, Air Marshal Sunday Kelvin Aneke, described the incident as a deeply painful moment for the Nigerian Air Force and the country, while extending condolences to the families, colleagues and loved ones of those who died.
Aneke assured the bereaved families of the Nigerian Air Force’s full support as they come to terms with the loss.
The Air Force said no survivors had been found and released the names of the five crew members and 20 passengers on board the aircraft.
The crew members were identified as Squadron Leader M.I. Aburime, Flight Captain; Squadron Leader A.P. Man-Ugwueje, Co-pilot; Flight Lieutenant I.S. Bako, Co-pilot; Warrant Officer A. Abubakar, Aircraft Technician; and Corporal H.C. Uguru, Aircraft Technician.
The 20 passengers were Flight Lieutenant T.L. Lazarus; Flight Lieutenant M. Akinloye; Flying Officer I.M. Adeshina; Master Warrant Officer F. Onwuka; Master Warrant Officer B.A. Matini; Warrant Officer F.S. Nuhu; Flight Sergeant R.B. James; Flight Sergeant A.I. Mohammed; Sergeant A.E. Ani; Sergeant S.I. Izibenikien; Sergeant C. Alafuka; Sergeant A.N. Mbadugha; Lance Corporal F.C. Ugwuba; Lance Corporal G.E. Eledan; Mrs Ezeh Nneka; Godstmine Tarabina; Joy Micheal; Sunday Micheal; Ukeme David; and Gideon Omotola.
The latest figure released by the Air Force differs from the initial information provided after the crash. Aviation Minister Festus Keyamo had initially said 32 people, comprising 25 passengers and seven crew members, were aboard the aircraft. The Nigerian Air Force subsequently clarified that the manifest contained 25 people, made up of five crew members and 20 passengers.
The aircraft crashed in a swampy area around Igbokoda, close to a naval base, after air traffic controllers lost contact with it at about 9:13am while it was travelling from Benin to Lagos. The wreckage was later located and rescue teams were deployed to the area.
The cause of the crash has not been established. The Chief of the Air Staff has directed a comprehensive investigation to determine the circumstances surrounding the accident.
President Bola Tinubu had also directed the Nigerian Air Force to conduct a thorough investigation into the crash and declared three days of national mourning for the personnel who died. He ordered that national flags be flown at half-mast throughout the country in honour of the victims.
The Air Force said it would continue to provide timely and verified information as the investigation progresses. It also urged members of the public to avoid speculation and the circulation of unverified information, while respecting the privacy and dignity of the affected families.
A condolence register has been opened at the Headquarters of the Nigerian Air Force in Abuja for senior government officials, members of the diplomatic corps, heads of security agencies and other well-wishers who wish to pay their respects and convey messages of sympathy to the families of the deceased and the Nigerian Air Force.
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