The Nigerian Exchange Limited (NGX) staged a strong rebound on Wednesday, November 12, 2025, as renewed demand for heavyweight banking and energy stocks lifted the broader market after Tuesday’s steep selloff.
The All-Share Index (ASI) appreciated by 2.88% to close at 145,403.83 points, compared to 141,327.30 points recorded previously.
Market capitalization increased accordingly to ₦92.48 trillion, adding over ₦2.59 trillion in a single session.
The market recovery was driven by broad-based bargain-hunting in GTCO, Zenith Bank, Access Holdings, and Oando, reversing part of the prior session’s heavy losses.
Market Summary
| Indicator |
11 Nov 2025 |
12 Nov 2025 |
% Change |
| ASI |
141,327.30 |
145,403.83 |
+2.88% |
| Market Cap |
₦89.88 trillion |
₦92.48 trillion |
+2.89% |
| Volume |
655.95 million |
806.40 million |
+22.97% |
| Value |
₦29.39 billion |
₦50.78 billion |
+72.74% |
| Deals |
29,558 |
24,509 |
-17.12% |
Turnover improved significantly as investors increased positions in tier-one banks, pushing total value traded above ₦50 billion — the highest in over three weeks.
Top Gainers
| Company |
Previous (₦) |
Current (₦) |
Change (₦) |
% Change |
| GTCO |
78.00 |
85.80 |
+7.80 |
+10.00% |
| Oando Plc |
36.00 |
39.60 |
+3.60 |
+10.00% |
| Zenith Bank Plc |
54.00 |
59.40 |
+5.40 |
+10.00% |
| Access Holdings Plc |
20.00 |
22.00 |
+2.00 |
+10.00% |
| Sovereign Insurance Plc |
2.60 |
2.86 |
+0.26 |
+10.00% |
Blue-chip banks dominated the gainers’ list following aggressive bargain-hunting by institutional investors. GTCO led the rebound with a full-limit appreciation.
Top Losers
| Company |
Previous (₦) |
Current (₦) |
Change (₦) |
% Change |
| FGSUK2031S4 |
95.99 |
77.04 |
-18.95 |
-19.74% |
| Austin Laz & Co. |
2.90 |
2.61 |
-0.29 |
-10.00% |
| Vitafoam Plc |
94.00 |
84.60 |
-9.40 |
-10.00% |
| Transcorp Power |
342.00 |
307.80 |
-34.20 |
-10.00% |
| Red Star Express Plc |
10.20 |
9.20 |
-1.00 |
-9.80% |
Losses were concentrated in selected industrial and consumer counters, while fixed-income-linked security FGSUK2031S4 posted the sharpest decline.
Top Traded Stocks
| Company |
Volume |
Value (₦) |
| GTCO |
104,779,778 |
8,990,083,126.90 |
| Zenith Bank |
86,805,685 |
5,156,257,689.00 |
| Stanbic IBTC |
43,626,835 |
4,579,951,446.60 |
| Access Holdings |
35,931,231 |
789,581,181.20 |
| FCMB Group |
35,507,688 |
366,186,344.80 |
The banking sector accounted for the majority of market turnover, reflecting strong buy-side interest following sharp price corrections in the previous session.
Fixed Income Market
| Instrument |
Previous (₦) |
Current (₦) |
Change (₦) |
| FGS202770 |
72.00 |
120.00 |
+48.00 |
| FG192038S2 |
96.99 |
100.00 |
+3.00 |
| FG212035S1 |
112.99 |
112.99 |
0.00 |
| FGEUR2049S4 |
100.00 |
100.00 |
0.00 |
| FGS202636 |
65.00 |
65.00 |
0.00 |
FGS202770 posted a sharp ₦48 jump as investors increased exposure to short-term sovereign savings instruments.
Exchange-Traded Funds (ETFs)
| ETF |
Previous (₦) |
Current (₦) |
Change (₦) |
| STANBICETF30 |
571.93 |
615.00 |
+43.07 |
| MERGROWTH |
412.00 |
423.00 |
+11.00 |
| VSPBONDETF |
204.00 |
215.00 |
+11.00 |
| MERVALUE |
216.70 |
216.70 |
0.00 |
| SIAMLETF40 |
498.00 |
498.00 |
0.00 |
ETF performance turned broadly positive, reflecting renewed investor appetite for diversified and bond-linked instruments during volatile trading conditions.
Market Interpretation
The sharp 2.88% rebound indicates that the previous day’s selloff triggered significant bargain-hunting across fundamentally strong stocks. Banking equities, which have remained attractive due to robust Q3 earnings and improving sector valuations, led the recovery.
Renewed interest in ETFs and government savings instruments suggests a dual-strategy environment where investors are hedging against volatility while still positioning for long-term equity gains.
However, the underlying sentiment remains cautious as overall market breadth was mixed, and select fixed-income instruments recorded steep declines.
Outlook
Analysts expect the market to trade in a mixed but slightly bullish pattern as investors digest the week’s earlier volatility. Banking stocks are likely to maintain upward momentum provided liquidity remains strong and macroeconomic risks do not escalate.
