The Nigerian Exchange Limited (NGX) recorded its third consecutive session of decline on Wednesday as investors continued to lock in profits from last week’s rally.
The All-Share Index (ASI) fell by 0.70% to close at 154,260.98 points, compared to 155,353.20 points in the previous session.
Market capitalization decreased by ₦693 billion from ₦98.607 trillion it closed on Tuesday to close at ₦97.914 trillion on Wednesday.
The downtrend was fueled by broad sell pressure across consumer goods, banking, and industrial sectors, as cautious sentiment dominated midweek trading.
Market Summary
| Indicator |
October 28, 2025 |
October 29, 2025 |
% Change |
| ASI (Points) |
155,353.20 |
154,260.98 |
-0.70% |
| Market Cap (₦) |
98.607 trillion |
97.914 trillion |
-0.70% |
| Deals |
32,430 |
27,654 |
-14.7% |
| Volume (Shares) |
525.45 million |
452.89 million |
-13.8% |
| Value (₦) |
25.39 billion |
14.84 billion |
-41.6% |
Trading activity declined sharply, with total volume and value traded dropping by 13.8% and 41.6%, respectively. The drop in turnover reflected weaker institutional participation and a return to defensive trading amid market uncertainty.
Deal count also fell by nearly 15%, suggesting investors have become more selective as profit-taking intensified.
Top Gainers
| Company |
Previous (₦) |
Current (₦) |
Change (₦) |
% Change |
| Deap Capital Management & Trust Plc |
1.65 |
1.81 |
+0.16 |
+9.70% |
| Aso Savings & Loans Plc |
0.79 |
0.86 |
+0.07 |
+8.86% |
| McNichols Consolidated Plc |
3.00 |
3.20 |
+0.20 |
+6.67% |
| Caverton Offshore Support Group Plc |
6.03 |
6.40 |
+0.37 |
+6.14% |
| Okomu Oil Palm Plc |
1,020.00 |
1,080.20 |
+60.20 |
+5.90% |
Deap Capital (+9.70%) topped the gainers’ list, maintaining momentum in the low-priced financial category. Aso Savings (+8.86%) continued its consistent upward trajectory following last week’s suspension lift.
Caverton Offshore (+6.14%) rebounded strongly on renewed investor interest in oil and logistics service stocks, while Okomu Oil (+5.90%) extended its bullish run, buoyed by strong fundamentals and expectations of higher commodity prices.
Top Losers
| Company |
Previous (₦) |
Current (₦) |
Change (₦) |
% Change |
| Beta Glass Plc |
486.00 |
437.40 |
-48.60 |
-10.00% |
| John Holt Plc |
6.00 |
5.40 |
-0.60 |
-10.00% |
| eTranzact International Plc |
15.00 |
13.55 |
-1.45 |
-9.67% |
| Champion Breweries Plc |
15.90 |
14.50 |
-1.40 |
-8.81% |
| Ikeja Hotel Plc |
19.00 |
17.35 |
-1.65 |
-8.68% |
The decliners’ chart was dominated by profit-taking and valuation corrections.
Beta Glass (-10.00%) and John Holt (-10.00%) led losses, reflecting significant sell-offs in mid-cap industrial and manufacturing stocks.
eTranzact (-9.67%) and Champion Breweries (-8.81%) witnessed correction after previous gains, while Ikeja Hotel (-8.68%) extended its losing streak due to continued pressure in the hospitality sector.
Top Traded Stocks
| Company |
Volume (Shares) |
Value (₦) |
| Tantalizer Plc |
56,728,481 |
131,309,732.00 |
| Sovereign Trust Insurance Plc |
46,088,039 |
217,594,894.78 |
| Access Holdings Plc |
38,635,048 |
896,854,265.15 |
| GTCO Plc |
33,967,346 |
3,080,392,897.40 |
| Zenith Bank Plc |
17,015,666 |
1,084,928,108.65 |
Activity was led by retail-driven counters, notably Tantalizer Plc and Sovereign Trust Insurance, which together accounted for over 22% of total volume.
However, GTCO dominated the value chart, reflecting sustained institutional trades in tier-one banking stocks despite the broader market pullback.
Fixed Income Market
| Instrument |
Previous (₦) |
Current (₦) |
Change (₦) |
| ADBB2021S1 |
100.00 |
100.00 |
0.00 |
| BUA2027S1 |
100.00 |
100.00 |
0.00 |
| CMB2025S1 |
100.00 |
100.00 |
0.00 |
| DAN2032S2TC |
100.00 |
100.00 |
0.00 |
| FG112034S2 |
73.10 |
73.10 |
0.00 |
The bond market remained largely flat, with no significant price movements across listed instruments, reflecting stable yields and muted secondary market trading.
Exchange-Traded Funds (ETFs)
| ETF |
Previous (₦) |
Current (₦) |
Change (₦) |
| MERVALUE |
200.00 |
220.00 |
+20.00 |
| VSPBONDETF |
206.10 |
206.16 |
+0.06 |
| VETGOODS |
37.00 |
37.00 |
0.00 |
| VETINDETF |
59.40 |
59.40 |
0.00 |
| GREENWETF |
373.50 |
373.50 |
0.00 |
ETF activity was relatively quiet, though MERVALUE (+10%) stood out with a notable uptick, reflecting fresh inflows into value-based fund products.
Minor movements were observed in VSPBONDETF, while other ETFs closed flat.
Market Interpretation
Wednesday’s session reflected a broad-based correction phase following two weeks of intense buying pressure.
Despite the negative close, market fundamentals remain strong, with selective accumulation continuing in insurance, logistics, and agriculture-linked stocks.
Key Observations:
-
Market capitalization has lost about ₦879 billion in the past two sessions.
-
Insurance sector resilience continues, as smaller counters like Aso Savings and Deap Capital sustain investor interest.
-
Liquidity declined sharply, signaling a possible pause before month-end rebalancing.
Market Outlook
Analysts expect sideways trading in the final sessions of October as investors balance profit-taking with new positioning ahead of Q3 corporate results.
The 154,000-point mark now acts as an immediate technical support for the ASI; a break below could trigger further consolidation, while recovery in industrial and banking majors may restore short-term momentum.
Overall sentiment remains cautiously bearish, but select opportunities persist in undervalued insurance, industrial, and energy stocks.
Summary Snapshot
| Indicator |
Value |
| ASI |
154,260.98 (-0.70%) |
| Market Cap |
₦97.91 trillion |
| Volume |
452.89 million shares |
| Value |
₦14.84 billion |
| Deals |
27,654 |
| Sentiment |
Broad-based sell pressure / mild correction |
