{"id":15348,"date":"2026-11-11T18:46:48","date_gmt":"2026-11-11T18:46:48","guid":{"rendered":"https:\/\/globalnigerianews.com\/index.php\/2026\/11\/11\/okomu-nascon-fugaz-stocks-wipe-n293-43-billion-off-ngx\/"},"modified":"2026-11-11T18:46:48","modified_gmt":"2026-11-11T18:46:48","slug":"okomu-nascon-fugaz-stocks-wipe-n293-43-billion-off-ngx","status":"publish","type":"post","link":"https:\/\/globalnigerianews.com\/index.php\/2026\/11\/11\/okomu-nascon-fugaz-stocks-wipe-n293-43-billion-off-ngx\/","title":{"rendered":"Okomu, Nascon, FUGAZ stocks wipe N293.43 billion off NGX"},"content":{"rendered":"<p>The Nigerian equities market lost N293.43 billion on Wednesday, November 11, 2026, as selling pressure in Okomu Oil, Nascon Allied Industries and FUGAZ banks extended the previous session\u2019s decline.<\/p>\n<p>The NGX All-Share Index (ASI) declined by 0.18% to 251,861.24 points from 252,313.16 points. Market capitalisation fell to N163.53 trillion from N163.82 trillion.<\/p>\n<p>Okomu Oil led the laggards, dropping 10.00% and shedding N127.60 to close at N1,148.60 from N1,276.20. Nascon fell 8.99%, losing N16.50 to close at N167.00 from N183.50.<\/p>\n<p>All five Tier 1 banks popularly known as the FUGAZ banks (First HoldCo, UBA, GTCO, Access and Zenith) closed lower, led by First HoldCo, which fell 3.74% and shed N4.00 to close at N103.00 from N107.00.<\/p>\n<ul>\n<li>UBA fell 2.38% to N41.00 from N42.00, while Access Holdings dropped 1.63% to N27.10 from N27.55.<\/li>\n<li>Zenith Bank declined 0.52% to N115.90 from N116.50, GTCO shed 0.33% to N119.50 from N119.90.<\/li>\n<li>Fidelity Bank also added to the losses, shedding 0.40% to N24.70 from N24.80.<\/li>\n<\/ul>\n<p>Consequently, market sentiment turned negative, with 22 gainers against 29 losers. Five of the six sector indices declined, and the Oil\/Gas index was the only gainer.<\/p>\n<h4><strong>Highlights of market performance:<\/strong><\/h4>\n<p>ASI: 251,861.24 points; down 0.18% from 252,313.16 points.<\/p>\n<ul>\n<li>ASI YTD gain: 61.85%.<\/li>\n<li>Market Capitalisation: N163.53 trillion; down 0.18% from N163.82 trillion.<\/li>\n<li>Market cap YTD gain: 64.56%.<\/li>\n<li>Deals: 30,908 transactions, down 2.01% from 31,543.<\/li>\n<li>Volume Traded: 418.35 million shares, down 23.28% from 545.30 million.<\/li>\n<li>Value Traded: N22.83 billion, down 24.88% from N30.39 billion.<\/li>\n<li>Market Breadth: Negative, with 22 gainers against 29 losers.<\/li>\n<\/ul>\n<h4><strong>Top 5 Gainers:<\/strong><\/h4>\n<ul>\n<li>UPL: up 9.89%, from N4.55 to N5.00.<\/li>\n<li>Caverton Offshore Support: up 8.96%, from N3.35 to N3.65.<\/li>\n<li>Abbey Mortgage Bank: up 8.66%, from N6.35 to N6.90.<\/li>\n<li>Champion Breweries: up 8.56%, from N9.35 to N10.15.<\/li>\n<li>Ecobank Transnational Incorporated (ETI): up 6.93%, from N70.00 to N74.85.<\/li>\n<\/ul>\n<h4><strong>Top 5 Losers:<\/strong><\/h4>\n<ul>\n<li>Okomu Oil: down 10.00%, from N1,276.20 to N1,148.60.<\/li>\n<li>Enamelware: down 9.96%, from N36.65 to N33.00.<\/li>\n<li>Nascon Allied Industries: down 8.99%, from N183.50 to N167.00.<\/li>\n<li>FTN Cocoa: down 8.36%, from N7.42 to N6.80.<\/li>\n<li>VFD Group: down 6.67%, from N12.00 to N11.20.<\/li>\n<\/ul>\n<h4><strong>More insights:<\/strong><\/h4>\n<p>The market\u2019s decline was again concentrated in banking stocks. First HoldCo recorded the sharpest fall among the major banks, dropping 3.74% to N103.00.<\/p>\n<ul>\n<li>First HoldCo extends its Tuesday loss, so the stock has shed about 5.5% over two sessions from N109.00.<\/li>\n<li>Okomu Oil was the biggest drag outside banking, shedding N127.60 per share.<\/li>\n<li>However, gains in other large-cap stocks limited the broader decline.<\/li>\n<li>ETI added 6.93%<\/li>\n<li>Wema Bank rose 3.45% to N33.00<\/li>\n<li>Oando gained 1.08% to N37.40<\/li>\n<li>Transcorp advanced 0.94% to N32.30<\/li>\n<li>Stanbic IBTC added 0.56% to N160.90<\/li>\n<li>Abbey Mortgage Bank and Caverton Offshore Support, both among Tuesday\u2019s losers, rebounded into the gainers\u2019 chart.<\/li>\n<\/ul>\n<h4><strong>Volume and value:<\/strong><\/h4>\n<p>Trading activity weakened across all measures. Volume fell 23.28% to 418.35 million shares, reversing Tuesday\u2019s 20.29% increase.<\/p>\n<p>Value traded declined 24.88% to N22.83 billion, while deals slipped 2.01% to 30,908.<\/p>\n<p>The sharp drop in volume and value suggests limited buying conviction during the session.<\/p>\n<h4><strong>Sectoral performance:<\/strong><\/h4>\n<p>Banking was the weakest major sector, while Oil\/Gas was the only one to gain.<\/p>\n<ul>\n<li>Banking stocks declined 0.60% to 2,345.43 points.<\/li>\n<li>Commodity stocks fell 0.55% to 1,848.95 points.<\/li>\n<li>Insurance stocks lost 0.29% to 1,050.61 points.<\/li>\n<li>Consumer goods stocks slipped 0.15% to 3,957.52 points.<\/li>\n<li>Oil and gas stocks added 0.03% to 5,879.41 points.<\/li>\n<\/ul>\n<p>Industrial stocks closed flat at 12,336.71 points.<\/p>\n<h4><strong>What you should know:<\/strong><\/h4>\n<p>Wednesday\u2019s decline followed <a href=\"https:\/\/nairametrics.com\/2026\/11\/10\/ngx-sheds-n93-billion-as-first-holdco-stanbic-ibtc-nahco-drag-stocks-lower\/\">Tuesday\u2019s N93.23 billion loss<\/a>, moderating the market\u2019s year-to-date return to 61.85% from 62.14%. Month-to-date, the ASI is down about 1%.<\/p>\n<ul>\n<li>First HoldCo, UBA, Access Holdings, Zenith Bank, Fidelity Bank and GTCO all closed lower, pulling the banking index down 0.60%.<\/li>\n<li>Breadth turned negative, and insurance, which gained 1.33% on Tuesday, reversed to a 0.29% loss.<\/li>\n<li>Volume, value and deal count all declined.<\/li>\n<\/ul>\n<p>Bargain-hunting in fundamentally sound stocks could support a near-term rebound and moderate further losses. Continued selling in banking and consumer counters, along with subdued trading activity, may keep the market cautious.<\/p>\n<p>Source: <\/p>\n<div class=\"nSourse\">Nairametrics<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Nigerian equities market lost N293.43 billion on Wednesday, November 11, 2026, as selling pressure in Okomu Oil, Nascon Allied Industries and FUGAZ banks extended the previous session\u2019s decline. The&hellip; <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-15348","post","type-post","status-publish","format-standard","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/posts\/15348","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/comments?post=15348"}],"version-history":[{"count":0,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/posts\/15348\/revisions"}],"wp:attachment":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/media?parent=15348"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/categories?post=15348"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/tags?post=15348"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}