The Nigerian Exchange Limited (NGX) closed lower on Tuesday, November 4, 2025, extending its bearish trend for the second consecutive session as investors engaged in widespread profit-taking across key sectors.
The All-Share Index (ASI) declined by 0.25% to settle at 153,739.11 points, compared to 154,127.40 points recorded in the previous session.
Similarly, the market capitalization dropped by approximately ₦244 billion to close at ₦97.58 trillion, down from ₦97.83 trillion the previous day.
The sustained downward movement reflected persistent selling pressure in large-cap industrial and consumer goods stocks, particularly in Aradel Holdings, NNFM, and Honeywell Flour Mills, which weighed on the overall market performance.
Geopolitical Headwinds Add Pressure
Beyond domestic influences, geopolitical risk also emerged as a psychological head-wind. Recent public remarks by Donald Trump, in which he threatened potential military action in Nigeria over alleged Islamist violence, triggered investor caution.
Analysts noted that while the direct economic impact may be limited, the negative signalling effect on Nigeria’s risk profile was real, contributing to hesitant foreign flows and modest market premium increases.
Market Summary
| Indicator | Nov 1, 2025 | Nov 4, 2025 | % Change |
|---|---|---|---|
| ASI (Points) | 154,127.40 | 153,739.11 | -0.25% |
| Market Cap (₦) | 97.83 trillion | 97.58 trillion | -0.25% |
| Deals | 35,000+ | 36,425 | +4.07% |
| Volume (Shares) | 601.47 million | 627.50 million | +4.33% |
| Value (₦) | 23.82 billion | 25.00 billion | +4.96% |
Despite the decline in index performance, market activity improved as both volume and value traded rose modestly, indicating selective accumulation in banking and energy-related equities.
Top Gainers
| Company | Previous (₦) | Current (₦) | Change (₦) | % Change |
|---|---|---|---|---|
| Union Dicon Salt Plc | 7.05 | 7.75 | +0.70 | +9.93% |
| Omatek Ventures Plc | 1.21 | 1.33 | +0.12 | +9.92% |
| FGSUK2032S5 | 96.00 | 104.00 | +8.00 | +8.33% |
| Nigerian Aviation Handling Company (NAHCO) | 105.00 | 113.00 | +8.00 | +7.62% |
| International Breweries Plc | 12.60 | 13.40 | +0.80 | +6.35% |
Union Dicon Salt (+9.93%) and Omatek Ventures (+9.92%) led the gainers’ chart, continuing strong upward momentum driven by speculative interest and improved demand in small-cap counters.
NAHCO (+7.62%) maintained its bullish trajectory on increased investor confidence in the aviation handling sector, while FGSUK2032S5 (+8.33%) saw renewed interest from fixed-income investors amid stable yields.
Top Losers
| Company | Previous (₦) | Current (₦) | Change (₦) | % Change |
|---|---|---|---|---|
| Honeywell Flour Mills Plc | 20.00 | 18.00 | -2.00 | -10.00% |
| Northern Nigeria Flour Mills Plc (NNFM) | 93.65 | 84.30 | -9.35 | -9.98% |
| Aradel Holdings Plc | 782.00 | 710.00 | -72.00 | -9.21% |
| Japaul Gold & Ventures Plc | 2.39 | 2.20 | -0.19 | -7.95% |
| Ikeja Hotel Plc | 18.80 | 17.35 | -1.45 | -7.71% |
The losers’ table reflected intense sell pressure across major sectors.
Honeywell Flour (-10.00%) and NNFM (-9.98%) topped the chart, signaling renewed weakness in the consumer goods sector, while Aradel Holdings (-9.21%) extended its sharp correction amid heavy profit-taking from previous highs.
Japaul Gold also slipped as investors rotated out of mining-related equities.
Top Traded Stocks
| Company | Volume (Shares) | Value (₦) |
|---|---|---|
| United Bank for Africa (UBA) | 136,838,589 | 5,542,180,310.50 |
| Aso Savings & Loans Plc | 108,946,469 | 120,408,503.46 |
| Access Holdings Plc | 68,159,032 | 1,623,878,515.50 |
| GTCO Plc | 49,829,032 | 4,549,571,222.25 |
| Zenith Bank Plc | 31,806,677 | 2,003,771,484.90 |
Trading activity remained banking-sector heavy, with UBA accounting for the highest volume and value turnover, followed by Access Holdings and GTCO.
The banking index showed resilience despite the broader market decline, suggesting that institutional investors are still active within the tier-one banking space.
Fixed Income Market
| Instrument | Previous (₦) | Current (₦) | Change (₦) |
|---|---|---|---|
| FGS202780 | 70.00 | 100.00 | +30.00 |
| FGS202783 | 80.00 | 80.00 | 0.00 |
| FGS202797 | 100.00 | 100.00 | 0.00 |
| FGS202894 | 99.44 | 99.44 | 0.00 |
| FID2031S1 | 69.23 | 69.23 | 0.00 |
The fixed-income segment saw modest activity, highlighted by FGS202780’s notable ₦30 gain, suggesting improved demand for shorter-term government securities as investors reposition portfolios.
Exchange-Traded Funds (ETFs)
| ETF | Previous (₦) | Current (₦) | Change (₦) |
|---|---|---|---|
| VSPBONDETF | 190.00 | 242.98 | +52.98 |
| STANBICETF30 | 510.00 | 520.00 | +10.00 |
| VETGRIF30 | 54.00 | 54.00 | 0.00 |
| VETINDETF | 59.40 | 59.40 | 0.00 |
| NEWGOLD | 55,000.00 | 55,000.00 | 0.00 |
ETF activity was strongly positive, led by VSPBONDETF (+27.88%), signaling investor migration toward bond-backed and diversified investment instruments amid market volatility.
Market Interpretation
The NGX’s decline for the second straight session indicates that the market has entered a profit-taking phase following weeks of strong bullish momentum.
Despite moderate upticks in liquidity and turnover, overall sentiment remained cautious as traders rotated out of overbought equities.
Key Observations:
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Market capitalization dropped by ₦244 billion, marking the sharpest daily decline in a week.
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Consumer goods and industrial sectors recorded the steepest losses.
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Banking sector maintained relative stability, driven by large-cap names like UBA and GTCO.
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ETF and fixed-income inflows signal a temporary flight to safety as investors hedge against short-term equity volatility.
Market Outlook
Analysts expect continued sideways-to-bearish movement in the near term as investors digest October-end portfolio adjustments and await Q3 earnings reports.
However, renewed interest in undervalued financial stocks and bond-linked ETFs could provide partial support to the market in coming sessions.
Summary Snapshot
| Indicator | Value |
|---|---|
| ASI | 153,739.11 (-0.25%) |
| Market Cap | ₦97.58 trillion |
| Volume | 627.50 million shares |
| Value | ₦25.00 billion |
| Deals | 36,425 |
| Sentiment | Cautiously bearish |