From The Rio Times · Samuel Ncube · · 1m 40s
Nigeria Stocks Dip as Oil and Banks Fall
Nigeria's stock market dips 0.02% as oil and banks slide, with a peace summit planned for November 7.
In brief
Nigeria's stock market dips 0.02% as oil and banks slide, with a peace summit planned for November 7. Nigeria's stock market fell 0.02% on Monday, with oil and gas shares dropping 3.75% and banks 1.79%. Originally reported by The Rio Times.
Market Opens Lower
Nigeria’s stock market opened November lower on Monday 2 November with the All-Share Index down 0.02% to 254,245.21 points.
Oil and Banks Lead Losses
Oil and gas shares fell 3.75% while banks dropped 1.79% in the first trading day of November.
Year-to-Date Rally
The index remains up 63.38% this year despite the small dip.
Market Value Drop
Market value fell NGN 35.25 billion (about US$26 million) to NGN 165.08 trillion (about US$123 billion).
Sector Performance
The NGX Oil and Gas Index fell 3.75%, banking index dropped 1.79%, and industrial index rose 3.34%.
Rotary Peace Summit
Lagos hosts the All Nigeria Rotary Peace Summit on Saturday 7 November with theme Good Governance, Justice and Equity.
Summit Convener
Yinka Babalola, president of Rotary International since July 2026, convenes the summit.
US Travel Advisory
The US State Department advises reconsidering travel to Nigeria due to Level 3 travel advisory.
Market Activity
Investors traded 517.26 million shares, 48.15% fewer than Friday, with 41 shares down and 21 up.
What to Watch
Whether oil, gas and bank shares keep falling this week and summit outcomes on governance and peace.
Market Context
The dip is small against a very large rally, with the index up 63.38% this year.
Next Steps
Trading resumes Tuesday 3 November with summit on Saturday 7 November.
In short
Nigeria's stock market fell 0.02% on Monday, with oil and gas shares dropping 3.75% and banks 1.79%.
