The Nigerian Exchange (NGX) opened the month of September on a negative note as the All-Share Index (ASI) declined by 0.41% on Monday, September 1, 2025, closing at 139,722.19 points.
This downward movement reflects sustained profit-taking across key sectors, pulling the market capitalization of listed equities lower to ₦88.41 trillion.
Market Performance Overview
Investor sentiment remained weak as the market recorded 33,859 deals, with total volume traded standing at 407.98 million units valued at ₦14.78 billion.
Despite active participation across banking and insurance counters, sell pressure on mid- and large-cap stocks weighed heavily on the benchmark index.
The bond and ETF segments remained relatively stable, with bond capitalization closing at ₦51.18 trillion and ETFs at ₦33.05 billion.
Top Gainers
Insurance stocks dominated the gainers’ chart. Sovereign Trust Insurance (SOVRENINS) led with a 10% rise to ₦2.86, followed by SCOA Plc, which gained 9.83% to close at ₦6.59. Other notable gainers were Cornerstone Insurance (CORNERST), up 7.98%, Guinea Insurance (GUINEAINS), up 7.75%, and NSLTECH, which advanced 4.71%.
The bullish trend among insurers suggests renewed investor interest in low-priced financial services stocks, particularly those with consistent earnings outlooks.
Top Losers
The losers’ table reflected sharp sell-offs in both energy and agricultural counters. Ellah Lakes and Eterna Plc posted maximum daily losses of 10%, closing at ₦12.69 and ₦34.20, respectively. Veritas Kapital (VERITASKAP) also shed 10%, while Lotus Halal ETF 15 (LOTUSHAL15) and Chams Holdings fell 9.67% and 9.56%, respectively.
This highlights investor caution in equities exposed to macroeconomic headwinds such as fuel price volatility, sector-specific regulatory challenges, and limited short-term earnings visibility.
Most Traded Stocks
Banking equities dominated market activity. FCMB topped the volume chart with 55.84 million units worth ₦601.69 million. Access Holdings (ACCESSCORP) followed closely with 31.95 million shares valued at ₦843.02 million, while Fidelity Bank recorded 26.15 million units worth ₦547.92 million. NSLTECH and AIICO Insurance also attracted significant retail demand.
The sustained liquidity in the banking sector indicates that investors are positioning in fundamentally strong counters despite broader market weakness.
Fixed Income and ETFs
The bond market closed flat, with major instruments such as DAN2029S2TB, DIF2029S1TA, and various Federal Government bonds maintaining their previous levels. This stability reflects investor preference for safe-haven assets amid market volatility.
In the ETFs category, VETGRIF30 advanced 9.9% to ₦56.10, while SIAMLETF40 posted a marginal gain. Others, including VETBANK, GREENWETF, and VETGOODS, closed unchanged, suggesting selective accumulation within the segment.
Outlook
With the All-Share Index starting September on a bearish note, analysts expect market direction to remain sensitive to macroeconomic data releases, corporate earnings guidance, and foreign exchange developments.
Profit-taking in mid-tier stocks may persist in the short term, while bargains in the banking and insurance sectors could provide near-term support for the market.