The Nigerian Exchange Limited (NGX) closed mixed across the last two sessions with the market staging a mild rebound on Thursday, 27 November 2025 following a sharp dip recorded on Wednesday, 26 November 2025.
The All-Share Index (ASI) recovered 0.12% on Thursday to 143,239.23 points after dropping 0.49% to 143,064.57 points a day earlier.
Despite the recovery, investor sentiment remains cautious, and the market has yet to establish a firm reversal from the recent downward trend.
Two-Day ASI Movement
| Date | ASI Close | % Change | Equity Cap (₦ Trillion) | Deals |
|---|---|---|---|---|
| 26 Nov 2025 | 143,064.57 | -0.49% | 90.996 | 19,919 |
| 27 Nov 2025 | 143,239.23 | +0.12% | 91.107 | 18,328 |
Total turnover remained concentrated in Tier-1 banking stocks, though overall liquidity trended lower on Thursday.
Notable Gainers Across Both Sessions
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NCR Nigeria Plc extended its strong run, rising 9.96% on Wednesday and another 9.96% on Thursday.
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Ikeja Hotel maintained consistent upward momentum, gaining 9.41% on Wednesday and 10.00% on Thursday.
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Prestige Assurance, Sterling Financial Holdings, AIICO, Learn Africa, and Union Dicon Salt also featured among the top risers within the period.
The supporting flows highlight continued interest in hospitality, industrial, and selected financial mid-caps despite broader market caution.
Top Decliners Remained Under Pressure
Weakness persisted in:
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Cadbury, UPDC, and International Breweries, each posting steep single-session declines on Wednesday.
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Champion Breweries, SterlingNG, and C&I Leasing led Thursday losses.
Insurance and consumer stocks continued to face sell-pressure, contributing to negative breadth.
Market Activity Driven by Banking Stocks
| Leading Traded Stocks (26–27 Nov) | Observation |
|---|---|
| GTCO, FBNH, UBA, Zenith Bank, AccessCorp | Together accounted for majority of market turnover |
| GTCO | Strongest by value on both days |
| UBA & Fidelity | Consistently high retail + institutional flows |
Concentration of liquidity confirms investors’ preference for high-quality banking equities during a volatile period.
Bonds & ETFs Maintain Defensive Advantage
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FG202034S2 advanced on Thursday, signalling sustained demand for mid-term sovereign instruments.
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STANBICETF30, SIAMLETF40, and NEWGOLD continued to attract buyers seeking protection from equity volatility.
The trend suggests continued portfolio rotation toward lower-risk assets.
Outlook
Short-term market direction remains range-bound, with investors balancing:
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bargain opportunities in beaten-down names, and
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defensive positioning in fixed-income and ETF instruments.
Further market stability will depend on:
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Interest-rate expectations
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Dividend announcement cycles
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Institutional capital flows