The Nigerian stock market continued its downward trend on Thursday, October 22, 2026, as the NGX All-Share Index (ASI) fell by 0.07%, closing at 244,956.94 points. This decline resulted in a loss of approximately N103.60 billion in market capitalisation, which now stands at N159.56 trillion. The market's year-to-date return has also decreased to 57.41%.

Profit-taking in various stocks was a significant factor contributing to the bearish performance. Notable declines were observed in major companies, including NGX Group, which saw its shares drop by 4.69%, and Oando, which fell by 4.17%. Wema Bank also experienced a decline of 3.33%. Other banks such as Zenith Bank, Guaranty Trust Holding Company, and United Bank for Africa reported losses, further impacting investor sentiment.

Despite the overall negative market trend, there were some gainers. Access Holdings led the way with a 9.85% increase, rising to N7.25 from N6.60. PZ Cussons Nigeria followed closely with an 8.58% gain, reaching N68.95 from N63.50. Tantalizers also saw a rise of 5.85%, closing at N3.98.

Trading activity showed some signs of life, with total trading volume increasing by 1.87% to 360.75 million shares, valued at N20.32 billion across 31,401 transactions. However, market sentiment remained predominantly negative, with 16 stocks advancing compared to 22 that declined.

The day's trading highlighted significant losses among other stocks, including Thomas Wyatt Nigeria, which plummeted by 10.00% to N2.52, and Austin Laz and Company, which fell by 8.81% to N2.90. Additionally, Nascon Allied Industries and UPDC also recorded declines of 6.85% and 6.49%, respectively.

As the market continues to grapple with these challenges, investors are urged to stay informed and consider their strategies carefully amidst the ongoing volatility.