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 |