The Nigerian Exchange Limited (NGX) traded largely negative over the period from Monday, 17 November to Wednesday, 26 November 2025, as persistent sell pressure in large-cap and sector-heavy counters dragged the market lower despite intermittent bargain-hunting in select stocks.
The NGX All-Share Index (ASI) declined from 145,159.77 points on 17 November to 143,064.57 points on 26 November, representing a cumulative loss of 2,095.20 basis points or approximately 1.44% over eight consecutive trading sessions.
Market capitalisation fell in tandem, slipping from about ₦92.329 trillion to ₦90.996 trillion, indicating sustained risk-off sentiment and active portfolio rotation into defensive assets and fixed-income instruments.
Index and Sector Trend
For the week ended 21 November 2025, the ASI shed 2.24%, closing at 143,722.62 points, with almost all major indices finishing lower.
The NGX Insurance Index lost 7.05% week-on-week, the NGX Banking Index fell 3.85%, while the NGX Premium and NGX Industrial Goods indices declined 4.79% and 4.50% respectively.
The NGX Consumer Goods Index was relatively resilient, dropping only 0.44% week-on-week and maintaining a year-to-date gain of 98.95%, remaining one of the best-performing indices on the exchange.
The NGX Sovereign Bond Index was the only index to advance in that week, up 0.32%, confirming the shift into fixed-income assets as yields and risk-adjusted returns became more attractive.
From 24–26 November, the market attempted brief stabilisation. The ASI slipped 0.08% on 24 November to 143,614.61 points, recovered modestly to 143,763.13 points on 25 November, and then weakened again by 0.49% on 26 November to 143,064.57 points.
The pattern confirms a fragile recovery phase within a broader downward trend.
Turnover and Liquidity Pattern
Turnover for the week ended 21 November printed at 2.668 billion shares worth ₦106.264 billion in 107,998 deals, sharply lower than 7.325 billion shares valued at ₦156.425 billion in 134,383 deals recorded the previous week.
The Financial Services Industry dominated activity, accounting for 1.820 billion shares worth ₦44.806 billion, or 68.21% of total volume and 42.16% of total value. The Services and Oil & Gas industries followed.
Across the sessions of 24–26 November:
Activity was consistently led by GTCO, AccessCorp, First Bank Holdings, UBA, Fidelity Bank, and other Tier-1/Tier-2 financial institutions.
Aradel Holdings, Zenith Bank, Tantalizers, and Japaul Gold also featured prominently in value and volume, confirming that liquidity remained concentrated in a handful of large and speculative counters, even as the broader market trended down.
Gainers: NCR, Ikeja Hotel, UACN, Tantalizers Stand Out
Despite the overall weakness, multiple counters delivered strong upside over the period:
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NCR Nigeria Plc was the standout performer, rallying from ₦25.60 at the start of the week ended 21 November to ₦41.10, a gain of 60.55%, and then further to ₦49.70 by 26 November.
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Ikeja Hotel Plc advanced from ₦18.00 to ₦20.85 for the week, and later to ₦25.00, riding strong positive sentiment in the hospitality segment.
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Tantalizers Plc gained 17.29% during the week ended 21 November, and continued to feature among the most traded low-priced stocks.
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UACN Plc appreciated by 16.67%, while University Press, Haldene McCall, Eunisell, and Prestige Assurance all posted double-digit gains within the same week.
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On 24–26 November, eTranzact, AIICO Insurance, C&I Leasing, UPDC, McNichols, and Sterling Holdings recorded notable day-on-day advances, with AIICO closing on 26 November at ₦3.52, up 10% on the day.
These gains highlight pockets of buying interest in selected industrial, consumer, hospitality and financial services counters, even as the broader market struggled.
Decliners: Insurance and Mid-Caps Drive Pressure
The downside was led by insurance and mid-cap stocks across the period:
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International Energy Insurance fell 22.06% week-on-week to top the decliners’ list for the week ended 21 November.
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McNichols, Veritas Kapital, AIICO Insurance, LivingTrust Mortgage Bank, Livestock Feeds, NEM Insurance, Consolidated Hallmark Holdings, Linkage Assurance, and Access Holdings all closed the week lower by between 10.87% and 14.90%.
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On the daily charts for 24–26 November, additional downside was recorded in SterlingNG, Wapic, NPF Microfinance, Deap Capital, Lasaco, Mansard, Learn Africa, Cadbury, Meyer, UPDC, and International Breweries, with several of them losing between 5% and 10% in single sessions.
The concentration of losses in insurance and select financials, combined with corrections in consumer and industrial mid-caps, largely shaped the overall negative breadth.
Fixed Income and ETFs: Rotation into Defensive Assets
While the equity market struggled, FGN savings bonds and listed debt instruments saw price support and gains in several tenors:
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Instruments such as FGS202766, FGS202892, FG162049S2, FG202029S5, FGS202787 and others recorded meaningful upward repricing during the period, signalling steady inflows into sovereign paper.
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Most issues in the final days (e.g., FGS202797, FGS202894, FID2031S1, LAB2027T2, LAB2027T4) closed flat, indicating stable demand at current yields.
The ETF segment also displayed strength and served as a hedge:
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STANBICETF30, SIAMLETF40, VETGRIF30, VETINDETF, NEWGOLD, and MERGROWTH all posted solid price gains across sessions, with STANBICETF30 rallying from around ₦800.00 to ₦894.80 and then ₦880.00; NEWGOLD moved from ₦51,100.00 to ₦55,100.00 and later ₦57,500.00.
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This ETF performance underlines continued use of gold-backed and index-tracking products by investors looking to diversify away from direct equity risk.
Market Breadth and Sentiment
Market breadth weakened materially over the week ended 21 November, with:
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20 gainers
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60 decliners
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67 unchanged
compared with 48 gainers, 45 decliners, and 53 unchanged in the previous week, confirming a clear shift to the downside.
Across 24–26 November, daily gainers and losers remained closely matched, but large single-day drops in selected names and the failure of the index to sustain a rebound showed that sentiment was still fragile.
Overall, the eight-session period from 17 to 26 November 2025 can be characterised as:
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Broad-based correction in large caps, especially in banking, insurance and industrials,
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Active rotation into bonds and ETFs,
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Selective bargain-hunting in hospitality, industrial and consumer small/mid-caps,
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A market still liquid, but clearly operating in risk-management mode.