Banking stocks remained under selling pressure on the Nigerian Exchange last week with the NGX Banking Index declining 3.15 percent as Zenith Bank and Guaranty Trust Holding Company ranked among the market’s biggest losers.
The Banking Index closed the week ended October 16, 2026, at 2,532.47 points, down from 2,614.79 points in the preceding week.
The latest decline extended the sector’s recent weakness after the index had already fallen 2.64 percent in the previous week.
Across the two weeks, the Banking Index has dropped from 2,685.73 points to 2,532.47 points, representing a cumulative decline of approximately 5.7 percent.
Zenith Bank was among the biggest casualties of the latest selloff, falling 6.46 percent from N134.70 to N126.00.
The decline erased N8.70 per share from Zenith Bank’s market price during the week.
GTCO also came under pressure, dropping 5.10 percent from N131.50 to N124.80, representing a loss of N6.70 per share.
Both banking stocks ranked among the NGX’s 10 biggest percentage decliners for the week, underscoring the pressure on some of the market’s major financial stocks.
The weakness extended beyond the headline Banking Index. The NGX-AFR Bank Value Index dropped 3.80 percent, making it one of the weakest indices during the week.
Banking stocks have now lost considerable ground in October. The NGX Banking Index was down 6.62 percent month-to-date as of October 16, while the NGX-AFR Bank Value Index had declined 4.90 percent.
Despite the recent pullback, the sector remains substantially higher for the year, with the Banking Index still recording a 67.07 percent year-to-date gain.
Banking stocks also remained central to trading activity despite the price weakness.
Financial services accounted for 1.083 billion shares worth N48.97 billion, representing 65.31 percent of total equity trading volume and 49.92 percent of market value during the week.
Access Holdings and United Bank for Africa were also among the three most actively traded equities by volume alongside Livestock Feeds. Together, the three stocks accounted for 413.96 million shares worth N12.16 billion.
The continued decline in banking stocks contributed to the broader market’s negative performance, with the NGX All-Share Index falling 0.33 percent to 247,539.73 points last week despite 50 equities closing higher.