Nigerian Exchange Limited
Investors Lose ₦693 Billion as NGX Extends Bearish Run to Midweek Session
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:
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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 |