Nigerian Exchange Limited
Nigerian Exchange Limited (NGX) Extends Losses as ASI Declines for Second Consecutive Session
The Nigerian Exchange Limited (NGX) closed negative for two straight trading sessions as investors continued to take profit in key high-cap stocks.
The market bearishness persisted from Monday, 17 November into Tuesday, 18 November 2025 amid rising cautious sentiment ahead of year-end positioning.
The All-Share Index (ASI) fell from 145,159.77 points on Monday to 144,986.51 points on Tuesday, representing a combined 0.38% decline over the two sessions.
Market capitalization also retreated from ₦92.329 trillion to ₦92.219 trillion, wiping out an estimated ₦110 billion in value.
Market Activity Overview (17–18 November 2025)
Across both sessions, investor participation slowed as reflected below:
| Indicator | Monday (17 Nov) | Tuesday (18 Nov) | 2-Day Observation |
|---|---|---|---|
| ASI Movement | -1.26% | -0.12% | Sustained decline |
| Deals | 28,492 | 21,827 | Lower activity |
| Volume Traded | 388.18m units | 381.23m units | Moderately active |
| Market Value | ₦31.14bn | ₦16.72bn | Rotation to lower-value plays |
| Equity Cap | ₦92.329tn | ₦92.219tn | ₦110bn decline |
| Bond & ETF Cap | Slight improvement | Continued stability | Alternative exposure increasing |
Investor focus remained largely on select mid-cap, penny stocks, and energy-linked plays, while heavyweights experienced price markdowns.
Top Gainers Across the Two Sessions
| Stock | Best Daily Gain | Sector Comment |
|---|---|---|
| NCR | +9.96% & +9.95% | Strongest 2-day performer, consistent momentum |
| Sovereign Insurance | +9.97% | Sustained inflow into insurance names |
| Tantalizer | +9.81% & +9.79% | Retail demand remains firm |
| Caverton Offshore | +9.57% | Buying interest in aviation services |
| UPL | +9.80% | Improved sentiment on agribusiness counters |
| Prestige Assurance | +9.70% | Defensive insurance rotation extends |
Insurance and consumer counters dominated buying interest over both days.
Top Decliners Across the Two Sessions
| Stock | Worst Daily Loss | Sector Driver |
|---|---|---|
| Dangote Cement | -10.00% (17 Nov) | Largest drag on ASI; profit taking |
| Enamelware | -10.00% (17 Nov) | Sharp mid-cap correction |
| LivingTrust | -9.90% (18 Nov) | Banking pressure continues |
| McNichols | -9.00% | Speculative retracement |
| Livestock Feeds | -7.75% | Consumer rotation excludes food producers |
Losses in industrial heavyweights outweighed gains in small caps, driving overall market weakness.
Most Active Stocks (Combined Spotlight)
| Stock | Commentary |
|---|---|
| Aradel Holdings | Led by value both sessions; deep institutional demand |
| Tantalizer | Highest liquidity by volume across two days |
| Sterling Financial | Retail and speculative flows strong |
| Univ. Insurance / Veritas Kapital | Insurance remains volume magnet |
Investors continued positioning in low-priced equities with stronger liquidity.
ETF & Fixed Income Highlights
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ETFs such as STANBICETF30, SIAMLETF40, and VETINDETF advanced, indicating growing appetite for broad market exposure during heightened volatility.
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FGS202766 posted a significant upward revaluation (+₦24.99), lifting coverage in the sovereign savings bonds segment.
Market Sentiment and Outlook
The extended decline signals profit-taking pressure on blue chips, especially in industrial and premium index constituents. However:
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Insurance counters continue to attract capital rotation
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Penny stocks are leading liquidity play
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ETF and savings bonds demand indicates risk-management positioning
A modest rebound may occur if bargain hunters return, particularly in the banking and industrial segments.
Still, analysts expect overall sentiment to remain mixed, influenced by:
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Year-end portfolio restructuring
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Volatility in large-cap names
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Sector-specific flows into defensives and energy plays