The Nigerian Exchange Limited (NGX) closed lower on Thursday for the second straight session as investors continued profit-taking in key mid- and small-cap equities.
The All-Share Index (ASI) fell by 0.36% to close at 150,026.55 points, compared to 150,573.87 points recorded in the previous session.
Similarly, the market capitalization declined by ₦348 billion to close at ₦95.316 trillion, down from ₦95.665 trillion on Wednesday.
The pullback was driven by selloffs across insurance, consumer goods and select banking stocks amid renewed caution ahead of fresh macroeconomic data and corporate disclosures.
Market Summary
| Indicator | Nov 5, 2025 | Nov 6, 2025 | % Change |
|---|---|---|---|
| ASI (Points) | 150,573.87 | 150,026.55 | -0.36% |
| Market Cap (₦) | 95.665 trillion | 95.316 trillion | -0.36% |
| Deals | 27,303 | 24,865 | -8.94% |
| Volume (Shares) | 1.12 billion | 619.63 million | -44.5% |
| Value (₦) | 29.78 billion | 16.50 billion | -44.6% |
Market activity declined significantly, with trading volume and value dropping by nearly 45%, indicating a broad slowdown in investor participation.
The lower turnover mirrored a wait-and-see stance by both retail and institutional players as the market consolidated recent gains.
Top Gainers
| Company | Previous (₦) | Current (₦) | Change (₦) | % Change |
|---|---|---|---|---|
| UPDC Plc | 6.00 | 6.59 | +0.59 | +9.83% |
| LOTUSHAL15 | 77.63 | 85.00 | +7.37 | +9.49% |
| FCMB Group Plc | 10.00 | 10.80 | +0.80 | +8.00% |
| Omatek Ventures Plc | 1.21 | 1.30 | +0.09 | +7.44% |
| AIICO Insurance Plc | 3.55 | 3.74 | +0.19 | +5.35% |
The top gainers reflected renewed interest in select mid-tier financials and real estate equities.
UPDC (+9.83%) led the advancers, buoyed by speculative demand following recent positive earnings expectations in the real estate segment.
LOTUSHAL15 (+9.49%) continued its rebound on strong ETF demand, while FCMB (+8.00%) extended its rally on sustained investor confidence in the banking sector’s Q3 earnings resilience.
Omatek Ventures and AIICO Insurance rounded out the top performers, with modest recoveries driven by bargain hunting.
Top Losers
| Company | Previous (₦) | Current (₦) | Change (₦) | % Change |
|---|---|---|---|---|
| Legend Interior Plc | 5.84 | 5.26 | -0.58 | -9.93% |
| Champion Breweries Plc | 15.95 | 14.40 | -1.55 | -9.72% |
| Tantalizer Plc | 2.34 | 2.15 | -0.19 | -8.12% |
| Sovereign Trust Insurance Plc | 3.33 | 3.08 | -0.25 | -7.51% |
| Linkage Assurance Plc | 2.00 | 1.85 | -0.15 | -7.50% |
The losers’ chart was dominated by profit-taking across consumer and insurance stocks.
Legend Interior (-9.93%) and Champion Breweries (-9.72%) topped the list, reflecting heavy sell pressure within the industrial and consumer segments.
Sovereign Trust Insurance (-7.51%) and Linkage Assurance (-7.50%) extended their losses amid weak investor sentiment in the insurance sub-sector.
Top Traded Stocks
| Company | Volume (Shares) | Value (₦) |
|---|---|---|
| FCMB Group Plc | 149,993,576 | 1,598,256,599.90 |
| Consolidated Hallmark Holdings Plc | 79,090,632 | 319,716,093.68 |
| Zenith Bank Plc | 41,887,497 | 2,510,384,216.35 |
| Sterling Financial Holdings | 38,503,803 | 314,967,757.10 |
| Access Holdings Plc | 32,329,043 | 731,376,911.55 |
Activity was banking-sector led, with FCMB Group Plc emerging as the most traded stock by volume, supported by Zenith Bank and Access Holdings.
Despite the market’s overall decline, tier-one banks remained the preferred instruments for institutional investors seeking liquidity.
Fixed Income Market
| Instrument | Previous (₦) | Current (₦) | Change (₦) |
|---|---|---|---|
| DAN2029S2TB | 100.00 | 100.00 | 0.00 |
| DIF2029S1TA | 100.00 | 100.00 | 0.00 |
| FG162029S1 | 98.00 | 98.00 | 0.00 |
| FG172035S1 | 20.00 | 20.00 | 0.00 |
| FG182042S1 | 100.00 | 100.00 | 0.00 |
The fixed-income market closed flat across listed bonds, indicating a stable yield environment and subdued trading interest.
Investors largely maintained a holding pattern pending new issuance or yield adjustments from the Debt Management Office (DMO).
Exchange-Traded Funds (ETFs)
| ETF | Previous (₦) | Current (₦) | Change (₦) |
|---|---|---|---|
| GREENWETF | 350.00 | 385.00 | +35.00 |
| STANBICETF30 | 519.99 | 550.00 | +30.01 |
| MERVALUE | 214.00 | 216.70 | +2.70 |
| VETINDETF | 59.40 | 60.00 | +0.60 |
| VETBANK | 14.50 | 15.00 | +0.50 |
ETF performance was broadly bullish, led by GREENWETF (+10%) and STANBICETF30 (+5.77%), reflecting sustained interest in diversified fund assets.
This resilience highlights continued investor rotation toward ETF instruments as hedges against short-term equity volatility.
Market Interpretation
Thursday’s session reflected profit-booking pressure and reduced liquidity, following two sessions of mixed performance.
Investors shifted to defensive assets such as ETFs and short-duration bonds while trimming exposure to risk-heavy equities.
Key Observations:
-
Market capitalization dropped ₦348 billion, reflecting a renewed risk-off tone.
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Volume and value traded plunged by over 40%, confirming lighter institutional participation.
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Insurance and consumer goods counters remained under pressure, while banking and real estate equities attracted bargain hunting.
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ETF performance provided mild support to overall market sentiment.
Market Outlook
Analysts expect the NGX to remain volatile but range-bound, as investors weigh profit-taking activities against potential rebounds in banking and energy sectors.
Short-term momentum remains weak, with a possible retest of the 149,500-point support level if selling persists.
However, positive Q3 results and foreign inflows into fixed-income assets could stabilize the market next week.
Summary Snapshot
| Indicator | Value |
|---|---|
| ASI | 150,026.55 (-0.36%) |
| Market Cap | ₦95.316 trillion |
| Volume | 619.63 million shares |
| Value | ₦16.50 billion |
| Deals | 24,865 |
| Sentiment | Profit-taking / Low liquidity |