Investors Lose ₦2.89 Trillion as NGX Ends Week Lower; Insurance, Growth Indices Lead Decline

The Nigerian Exchange Limited (NGX) closed the week ended November 7, 2025, on a bearish note as widespread selloffs dragged the market lower for the second consecutive week.

The All-Share Index (ASI) fell by 2.99% to 149,524.81 points, while market capitalisation declined by ₂.89% to close at ₦94.998 trillion.

Trading sentiment remained largely negative as investors continued profit-taking in large- and mid-cap equities across key sectors. Liquidity also declined significantly, with turnover dropping by over 52% week-on-week.

Market Activity

A total of 3.575 billion shares valued at ₦107.011 billion were traded in 146,429 deals, compared to 7.479 billion shares worth ₦145.429 billion in 159,487 deals recorded the previous week.

The Financial Services Industry led the activity chart with 2.946 billion shares valued at ₦65.904 billion traded in 62,817 deals, contributing 82.39% and 61.59% to total equity turnover volume and value respectively.

The Services Industry followed with 147.325 million shares worth ₦1.511 billion, while the Consumer Goods Industry accounted for 147.307 million shares valued at ₦11.195 billion.

Trading in the top three equities — Fidelity Bank Plc, FCMB Group Plc, and Aso Savings & Loans Plc — accounted for 1.288 billion shares worth ₦19.300 billion in 11,536 deals, representing 36.03% and 18.08% of total equity turnover volume and value respectively.

Market Breadth

Market breadth closed deeply negative, reflecting broad-based weakness across listed equities.

Only 20 equities appreciated in price, down from 29 in the previous week, while 75 equities depreciated compared to 70 last week. Fifty-one equities remained unchanged against 47 recorded in the prior week.

Sectoral Performance

All sector indices closed in the red, except the NGX Sovereign Bond Index, which remained flat.

• NGX Insurance Index recorded the steepest decline at -7.56%, followed by the NGX Growth Index (-7.65%), reflecting selloffs in smaller and high-risk equities.

• NGX Oil/Gas Index fell by 4.80%, while NGX AFR Div Yield and NGX AFR Bank Value dropped by 5.01% and 4.35% respectively.

• NGX Banking Index lost 3.85%, while NGX Consumer Goods and NGX Premium Index fell by 2.54% and 3.76% respectively.

• The NGX Industrial Goods Index recorded the mildest loss of 1.09%, showing relative resilience from cement and building material stocks.

Overall, the sustained decline across board dragged year-to-date market gains to 45.27% from over 48% the previous week.

Top Ten Gainers

1. NCR (Nigeria) Plc – ₦16.00 to ₦19.35 (+20.94%)

2. Eunisell Interlinked Plc – ₦59.00 to ₦70.90 (+20.17%)

3. Union Dicon Salt Plc – ₦7.05 to ₦7.75 (+9.93%)

4. Honeywell Flour Mills Plc – ₦20.00 to ₦21.90 (+9.50%)

5. UPDC Plc – ₦6.17 to ₦6.59 (+6.81%)

6. Livestock Feeds Plc – ₦7.00 to ₦7.40 (+5.71%)

7. eTranzact International Plc – ₦12.70 to ₦13.25 (+4.33%)

8. LivingTrust Mortgage Bank Plc – ₦4.00 to ₦4.14 (+3.50%)

9. Abbey Mortgage Bank Plc – ₦7.00 to ₦7.20 (+2.86%)

10. Okomu Oil Palm Plc – ₦1,080.00 to ₦1,110.00 (+2.78%)

Corporate Actions:
Okomu Oil Plc traded ex-dividend on November 3, 2025, with a ₦10.00 dividend, while Airtel Africa Plc went ex-dividend on November 5, 2025, with a ₦40.52 payout. These adjustments impacted their respective prices but did not alter the broader bearish sentiment.

Top Ten Losers

1. Sovereign Trust Insurance Plc – ₦3.90 to ₦2.80 (-28.21%)

2. C & I Leasing Plc – ₦6.30 to ₦5.03 (-20.16%)

3. Skyway Aviation Handling Company Plc (SAHCO) – ₦99.50 to ₦80.60 (-18.99%)

4. Berger Paints Plc – ₦42.50 to ₦35.10 (-17.41%)

5. International Energy Insurance Plc – ₦2.94 to ₦2.44 (-17.01%)

6. Oando Plc – ₦48.05 to ₦40.00 (-16.75%)

7. Tantalizers Plc – ₦2.40 to ₦2.00 (-16.67%)

8. The Initiates Plc (TIP) – ₦12.80 to ₦10.75 (-16.02%)

9. Champion Breweries Plc – ₦15.00 to ₦13.00 (-13.33%)

10. Aso Savings & Loans Plc – ₦1.03 to ₦0.90 (-12.62%)

Corporate Actions and Rights Issue

Trans-Nationwide Express Plc commenced trading in its Rights Issue of 498,150,077 ordinary shares of 50 kobo each at ₦1.05 per share, on the basis of one new share for every existing share held as of January 7, 2025. Trading opened on November 3, 2025, marking a notable move in the primary market segment.

Market Interpretation

The NGX posted its largest weekly decline in a month, extending a two-week bearish streak. The pullback was driven by profit-taking in previously overbought equities, weak sectoral breadth, and reduced institutional participation.

Liquidity declined sharply, while the number of declining equities widened, indicating broad risk aversion.
Insurance and Growth indices recorded the steepest losses as investors shifted capital toward less volatile large-cap stocks.

Ex-dividend adjustments in Airtel Africa and Okomu Oil also contributed mildly to index pressure, although overall market weakness remained the primary driver.

Market Outlook

Analysts expect the market to remain sideways to mildly bearish in the near term as investors rebalance portfolios ahead of upcoming macroeconomic data and additional corporate disclosures.

The 149,000 support region on the ASI remains key in determining the next market direction.
Selective accumulation in fundamentally sound financial and industrial stocks could cushion downside risks in subsequent sessions.