Nigeria stocks fall as bank shares slide, market still up 44% in 2026

Nigeria’s stock market declined on Monday as investors sold banking shares after weeks of gains, but the broader market remained among Africa’s strongest performers in 2026.

• Nigeria’s stock market fell on Monday as investors took profits in major banking stocks after a strong rally.
• The NGX All-Share Index dropped 0.94%, although it remains up about 44% year-to-date.
• Trading activity stayed strong, with 678 million shares worth 44 billion naira exchanged.
• Despite the decline, Nigeria’s $106 billion market continues to attract investor attention.

The benchmark NGX All-Share Index fell 0.94% to close at 223,602.29 points, ending a recent rally that had pushed valuations higher. Even with the decline, the market is still up 43.69% this year, highlighting strong investor appetite for Nigerian assets.

Trading activity remained robust. Investors exchanged 678 million shares worth 44 billion naira ($32 million) in 82,579 deals, according to Nigerian Exchange data. Deal volume rose 50% from the previous trading session, suggesting that investor interest remains strong despite the pullback.

The Nigerian Exchange’s total market value stood at 144 trillion naira, or about $106 billion, reinforcing its position as one of Africa’s largest equity markets.

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Bank stocks lead decline

Monday’s fall was driven mainly by profit-taking in major lenders, which have been among the market’s best-performing stocks in recent months.

Zenith Bank dropped 10.34%, while First HoldCo and United Bank for Africa (UBA) each fell 10%. Banking stocks are closely followed by investors because they represent a large share of the market and often reflect confidence in the economy.

Zenith Bank also recorded the highest trading volume, with 76.1 million shares, followed by Wema Bank with 49.9 million and Access Holdings with 39.1 million.

The recent rally in lenders has been supported by stronger earnings, higher interest rates and reforms in Nigeria’s foreign exchange market.

Some stocks still gained

While banking names declined, several smaller stocks advanced.

Abbey Mortgage Bank rose 9.26%, Zichis Agro Allied Industries gained 8.91%, while Wema Bank climbed 8.8%.

Sector performance was mixed. The Industrial Index rose 0.85%, while the Insurance Index added 0.15%. The Oil & Gas Index slipped 0.24%, though it remains nearly 99% higher this year, making it one of the market’s best-performing sectors.

Why global investors are watching Nigeria

Nigeria’s market rebound in 2026 comes as foreign investors reassess frontier markets offering higher returns than many developed economies.

Recent reforms by authorities to improve foreign exchange liquidity, tighten monetary policy and restore confidence in the naira have helped improve sentiment. Falling debt concerns in some emerging markets and rising commodity prices have also renewed interest in Africa-focused investments.

For global investors, Nigeria offers exposure to banking, telecoms, consumer goods and energy companies in Africa’s most populous country.

Still, inflation remains high, borrowing costs are elevated, and currency risks continue to shape investor decisions.

Monday’s decline is likely to be viewed by many investors as profit-taking after a strong rally rather than a major shift in sentiment.