The Nigerian equities market closed on a bearish note on Wednesday, reversing previous gains as heavy selling pressure in major banking and financial stocks dragged the key performance indicators lower.

The All-Share Index dropped by 0.32 per cent or 794.64 points to settle at 245,116.49 points, down from 245,911.13 points recorded on Tuesday. Correspondingly, market capitalisation shed N515.95bn to close at N159.15tn compared to N159.67tn in the previous session, representing a similar 0.32 per cent decline.

Sectoral performance reflected broad-based weakness across major indices. The NGX Banking Index spearheaded the downturn with a 1.49 per cent contraction to close at 2,456.31 points, pressured by notable drawdowns in tier-one and tier-two lenders. Access Holdings recorded a significant loss of 6.12 per cent to close at N26.10, while First HoldCo dropped 4.59 per cent to N131.00.

Zenith Bank dipped 1.21 per cent to N122.00, and Ecobank Transnational Incorporated slid 1.47 per cent to N67.00. Guaranty Trust Holding Company, United Bank for Africa, and Wema Bank also closed lower, falling 0.08 per cent, 0.24 per cent, and 0.33 per cent to settle at N122.40, N41.90, and N30.00, respectively. Conversely, Fidelity Bank provided a key buffer within the sector, advancing 6.02 per cent to close at N22.00.

The NGX Insurance Index also suffered a decline, dropping 1.41 per cent to 1,053.31 points as insurance stocks faced heightened profit-taking. Custodian Investment was among the top decliners in the sector, losing 7.57 per cent to close at N64.70, while Royal Exchange fell 7.41 per cent to N1.00. Consolidated Hallmark Holdings lost 7.14 per cent to settle at N6.50, and Regency Alliance Insurance dropped 6.41 per cent to N0.73. Sovereign Trust Insurance, Fortis Global Insurance, and International Energy Insurance fell by 5.58 per cent, 4.74 per cent, and 3.33 per cent to N2.03, N1.81, and N2.03, respectively.

AIICO Insurance appreciated 5.00 per cent to N3.80, Veritas Kapital Assurance gained 5.56 per cent to N1.14, and Guinea Insurance rose 2.41 per cent to N0.85.

In the Consumer Goods space, the NGX Consumer Goods Index lost 0.43 per cent to close at 4,024.83 points. Declines in International Breweries, which dropped 5.00 per cent to N9.50, and Honeywell Flour Mill, down 1.41 per cent to N17.50, weighed on the sector. However, Dangote Sugar Refinery managed a modest gain of 0.37 per cent to close at N67.00.

The NGX Industrial Index remained virtually flat, sliding marginally by 0.001 per cent to 10,258.94 points. Although Austin Laz and Cutix fell 9.92 per cent and 2.58 per cent to N3.18 and N2.27, respectively, Meyer Plc provided support by advancing 9.72 per cent to N17.50.

On the flip side, the NGX Oil/Gas Index emerged as the sole gaining sectoral benchmark, advancing 0.12 per cent to close at 6,197.74 points. Market sentiment in the sector was boosted by Oando, which rose 4.50 per cent to N36.00, and Japaul Gold & Ventures, which gained 0.80 per cent to settle at N2.53. Other key oil and gas stocks, including Seplat Energy, Aradel Holdings, Conoil, Eterna, and TotalEnergies Marketing Nigeria, maintained their previous closing prices.

LivingTrust Mortgage Bank led the advancers’ chart with a gain of 9.90 per cent to close at N3.22, followed closely by ABC Transport, which surged 9.77 per cent to N7.30. Meyer gained 9.72 per cent to N17.50, Livestock Feeds rose 9.65 per cent to N18.75, and Caverton Offshore Support Group added 6.67 per cent to finish at N4.80. Other notable gainers included NPF Microfinance Bank, AVA Capital, Abbey Bank, Daar Communications, eTranzact International, and Tantalizers.

Conversely, Chams Switch / CWG led the losers’ chart, declining 9.98 per cent to close at N18.05. UPDC Real Estate Investment Trust sank 9.93 per cent to N19.05, while Austin Laz dropped 9.92 per cent to N3.18. Neimeth International Pharmaceuticals slid 9.52 per cent to N7.60, Critical Minerals Financing Corp lost 7.51 per cent to N3.57, and Africa Prudential decreased 5.00 per cent to N10.45. Other stocks that recorded price declines included Thomas Wyatt Nigeria, VFD Group, The Initiates Plc, and Secure Electronic Technology.

Across all listed boards, total equity trading activity saw investors exchange 354.03 million shares valued across 32,514 deals. Financial services dominated trading volume, with Zenith Bank recording 48.21 million shares traded in 2,626 deals, while Access Holdings recorded 40.98 million shares across 1,718 deals.

Outside equities, Exchange Traded Funds posted 243,433 units traded across 548 deals, led by gains in Vetiva Consumer Goods ETF, Meristem Growth ETF, and Meristem Value ETF, while Stanbic IBTC ETF 30 and Vetiva Sovereign Bond ETF ended in negative territory. In the debt market, 108,720 bond units were traded across 22 deals, highlighted by activity in Dangote Cement’s 2034 Series bond, Chapel Hill Denham’s DIF 2032 bond, and various FGN Sukuk papers.

The President of Dangote Industries Limited, Aliko Dangote, has disclosed that the Group has purchased a 25 per cent interest in a petroleum products pipeline network in Kenya as part of efforts to strengthen its distribution infrastructure across Africa.

Dangote disclosed this during a conversation with the Africa Editor of the Financial Times, David Pilling, at the Financial Times Africa Summit 2026 in London, United Kingdom.

“Just let me tell you, yesterday, with the support from the President of Kenya, we bought 25 per cent of the pipeline network for the distribution of petroleum products,” he said.

He said the Group was also pursuing petroleum distribution infrastructure projects in Djibouti, Ethiopia, Cameroon and Namibia as part of efforts to improve the movement of refined petroleum products across the continent.

“We are very aggressive with that,” Dangote said in response to a question aout the Group’s plans to develop depots, pipelines and other petroleum distribution infrastructure.

He explained that the Group was developing a distribution corridor linking Djibouti with Addis Ababa, the Ethiopian capital, including tank farms to support the storage and movement of petroleum products.

Dangote added that another project in Cameroon was approaching finalisation, while Namibia had been identified as a strategic location for expansion into Southern Africa.

He said the country’s proximity to the Dangote Petroleum Refinery in Lagos would make it possible to establish an efficient supply route into the southern part of the continent: “From our refinery to Namibia is just about four days of steaming.”

According to him, the plan is to transport refined petroleum products from Lagos to Namibia and subsequently distribute them through interconnected markets, including Botswana and South Africa.

He also outlined a proposed distribution corridor extending through Zimbabwe and Zambia, explaining that the objective was to develop a network capable of serving several countries through strategically located storage and transportation infrastructure.

The expansion comes alongside plans by the Group to establish another refinery in Lamu, Kenya, with a proposed capacity of approximately 700,000 barrels per day.

Dangote said the decision to invest in East Africa was informed by the region’s substantial industrial and mining activities, growing energy requirements and persistent difficulties in accessing diesel and other petroleum products.

He explained that the proposed Kenyan refinery would source crude oil from different markets rather than depend exclusively on production from Uganda or Kenya.

According to him, the selection of Lamu followed technical assessments of several potential locations, with access to deep water, marine facilities and sufficient water resources emerging as critical considerations.

The industrialist said the investment decision was reached within four months, although he alleged that vested commercial interests had attempted to frustrate the project through legal proceedings shortly before its public unveiling.

Beyond energy infrastructure, Dangote called on African governments to protect domestic industries against unfair foreign competition, arguing that dependence on imported products was undermining local manufacturing and employment.

The Debt Management Office allotted N2.02 trillion in Federal Government bonds at its 19 October auction as yields on two long-term securities rose by up to 50 basis points.

The DMO allotted N1.22tn through competitive bidding, up 63.5 per cent from N748.64bn in September, while non-competitive sales accounted for another N800bn.

The stop rate on the September 2036 bond rose to 17.29 per cent from 16.79 per cent, while the June 2038 bond increased to 17.19 per cent from 16.85 per cent. The February 2034 bond cleared at 16.99 per cent.

The agency offered N1.75tn across three bonds and received bids worth approximately the same amount. It rejected N523.58bn in subscriptions through competitive bidding.

The September 2036 bond attracted the highest bids at N925.35bn against N800bn offered, while the June 2038 bond received N518.32bn against N450bn.

Demand was weaker for the February 2034 bond, which attracted N304.08bn against N500bn offered.

Total subscriptions rose 17 per cent to N1.75tn from N1.49tn in September. Successful bids increased to 274 from 204, while total bids rose to 443 from 441.

The increase in yields reversed part of the recent decline in borrowing rates. The June 2038 bond’s stop rate fell from 18.40 per cent in July to 16.85 per cent in September before rising to 17.19 per cent in October.

The trend also follows developments in the Treasury bills market, where the DMO raised the one-year stop rate to 15.90 per cent from 15.85 per cent at its 14 October auction.

The increase came weeks after the Central Bank of Nigeria cut its benchmark interest rate by 350 basis points to 23 per cent on 22 September.

Higher yields could raise the government’s borrowing and debt-servicing costs, while offering investors better returns on newly purchased securities.