The bearish momentum on the Nigerian Exchange Limited (NGX) intensified through the first four sessions of the week ended Thursday as persistent sell-offs in major blue-chip counters dragged the benchmark index further into negative territory.
The All-Share Index (ASI) fell from 145,159.77 points at Monday’s open to 144,187.03 points by Thursday, representing a cumulative 0.67% decline.
Market capitalisation dipped by ₦619 billion over the period to settle at ₦91.710 trillion, reflecting renewed caution among investors.
Despite the weakening index, liquidity remained healthy across key sectors, underscoring ongoing portfolio rotation rather than a market exit.
4-Day Performance Summary (17–20 November 2025)
| Date | ASI Close | Daily Change | Market Cap (₦) | Notes |
|---|---|---|---|---|
| Mon, 17 Nov | 145,159.77 | -1.26% | 92.329tn | Big-cap sell-off led by Dangote Cement |
| Tue, 18 Nov | 144,986.51 | -0.12% | 92.219tn | Insurance & small caps cushioned losses |
| Wed, 19 Nov | 144,646.01 | -0.23% | 92.002tn | Strong volumes in banking names |
| Thu, 20 Nov | 144,187.03 | -0.32% | 91.710tn | Lower turnover — buyers cautious |
Trend:
Market decline is slowing but still pressured by negative sentiment on industrial and consumer heavyweight stocks.
Top Market Drivers — Week So Far
Large-Cap Pullback Weighed on the ASI
Dangote Cement’s steep 10% decline earlier in the week set the tone for continued weakness in Industrials and other major index-moving stocks.
Mid-Cap and Penny Stocks Took the Lead
Insurance, food service, and logistics names remained the preferred liquidity hubs for retail and speculative demand.
Bonds and ETFs Outperformed Equities
Investors expanded exposure to:
-
FGN Savings Bonds — multiple instruments recorded substantial price gains
-
Broad-market ETFs — including STANBICETF30, SIAMLETF40, VETGRIF30
✔ Indicates defensive repositioning
✔ Capital remains within the market — no broad capital flight
Top Gainers (17–20 Nov)
| Stock | Performance Insight |
|---|---|
| NCR Nigeria Plc | Best 4-day run — consistent daily gains |
| Caverton Offshore | Aviation sector momentum support |
| UPL | Renewed interest in agro-industry exposure |
| Insurance Plays (MBENEFIT, SOVRENINS, PRESTIGE) | Sector remains major rotation target |
| LOTUSHAL15 | Strong rebound after prior sell-off |
Top Decliners (Biggest Drags on ASI)
| Stock | Impact |
|---|---|
| Dangote Cement Plc | Largest downward influence on benchmark |
| Enamelware & LivingTrust | Mid-cap correction trend continues |
| Transportation & Logistics stocks | ABCTRANS, Chellaram — heavy sell pressure |
| Speculative counters | Tantalizer & Omatek affected by high volatility |
Liquidity Focus Over 4 Sessions
| Key Liquidity Leaders | Drivers |
|---|---|
| Access Holdings Plc | Institutional rotation in banking |
| Aradel Holdings Plc | Strong dominance by value |
| GTCO / Zenith Bank | Sustained positioning in financials |
| Tantalizer & Japaul Gold | Small-cap favorites with retail activity |
Market Outlook
With the ASI nearing critical technical support zones, analysts anticipate two possible near-term scenarios:
🔹 Base building and recovery
If institutional players resume accumulation in financial and industrial names.
🔹 Deeper correction
If sellers continue to dominate high-cap stocks through Friday’s session.
However, strong ETF and savings bond performance signals that investors are hedging, not exiting — suggesting resilience and potential for reversal.
The next trading session will be pivotal in determining whether the market stabilizes or extends its downward movement into the end of the week.