The Nigerian Exchange Limited (NGX) closed the last trading week under sustained bearish sentiment as investors exited positions across major sectors amid portfolio rebalancing and weak buying momentum.
The NGX All-Share Index (ASI) declined by 2.24% to 143,722.62 points, while market capitalisation dipped by 2.23% to ₦91.415 trillion, erasing ₦2.08 trillion in value week-on-week.
Market breadth deteriorated with increased selloffs in large-cap, banking, industrial, and consumer names dragging most major indices into negative territory.
Market Turnover Declines Significantly
Trading activity moderated compared to the prior week:
| Category | Current Week | Previous Week | Change |
|---|---|---|---|
| Volume | 2.668 billion units | 7.325 billion units | ▼62% |
| Value | ₦106.264 billion | ₦156.425 billion | ▼32% |
| Deals | 107,998 | 134,383 | ▼20% |
The Financial Services Industry dominated trading:
Followed by:
Top three traded stocks by volume were:
Access Holdings, Tantalizers, and Zenith Bank, jointly contributing:
-
39.63% of total volume
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23.20% of total value
Equity Turnover — Daily Breakdown
| Date | Deals | Volume | Value (₦) | Advancers | Decliners | Unchanged |
|---|---|---|---|---|---|---|
| Mon 17 Nov | 28,485 | 388.18m | 31.14bn | 28 | 24 | 78 |
| Tue 18 Nov | 21,807 | 381.20m | 16.71bn | 27 | 28 | 75 |
| Wed 19 Nov | 20,173 | 892.46m | 23.52bn | 17 | 39 | 73 |
| Thu 20 Nov | 18,718 | 349.26m | 9.30bn | 16 | 38 | 76 |
| Fri 21 Nov | 18,815 | 656.86m | 25.59bn | 17 | 38 | 74 |
Upbeat pockets in small caps failed to offset widespread declines in major index movers.
Index Performance Summary
| Index | Wk Close 14 Nov | Wk Close 21 Nov | WtD % | YtD % | Comment |
|---|---|---|---|---|---|
| NGX ASI | 147,013.59 | 143,722.62 | -2.24% | 39.64% | Market-wide selloff |
| NGX Banking | 1,427.63 | 1,372.60 | -3.85% | 26.56% | Profit taking continues |
| NGX Premium | 14,713.93 | 14,009.16 | -4.79% | 44.13% | Heavyweight volatility |
| NGX Industrial Goods | 5,480.72 | 5,234.26 | -4.50% | 46.53% | Dangote Cement drag |
| NGX Insurance | 1,165.62 | 1,083.42 | -7.05% | 50.89% | Worst weekly performer |
| NGX Consumer Goods | 3,460.37 | 3,445.10 | -0.44% | 98.95% | Holds strong leadership |
| NGX Sovereign Bond Index | 669.17 | 671.30 | +0.32% | 11.60% | Only gainer for the week |
Defensive strength increasingly visible in fixed-income assets.
Market Breadth Weakens
| Category | This Week | Last Week |
|---|---|---|
| Advancers | 20 | 48 |
| Decliners | 60 | 45 |
| Unchanged | 67 | 53 |
Bearish sentiment broadened as sellers dominated the market.
Top 10 Gainers of the Week
| Company | Open | Close | Gain | % Change |
|---|---|---|---|---|
| NCR Nigeria Plc | 25.60 | 41.10 | +15.50 | +60.55% |
| University Press Plc | 5.10 | 6.00 | +0.90 | 17.65% |
| Tantalizers Plc | 2.14 | 2.51 | +0.37 | 17.29% |
| Caverton Offshore | 4.70 | 5.50 | +0.80 | 17.02% |
| UACN Plc | 60.00 | 70.00 | +10.00 | 16.67% |
| Ikeja Hotel Plc | 18.00 | 20.85 | +2.85 | 15.83% |
| Union Dicon Salt | 6.30 | 7.00 | +0.70 | 11.11% |
| Prestige Assurance | 1.34 | 1.47 | +0.13 | 9.70% |
| Haldane McCall | 3.90 | 4.25 | +0.35 | 8.97% |
| Eunisell | 72.80 | 79.00 | +6.20 | 8.52% |
NCR delivered the strongest weekly surge.
Top 10 Decliners of the Week
| Company | Open | Close | Loss | % Change |
|---|---|---|---|---|
| International Energy Insurance | 2.72 | 2.12 | -0.60 | -22.06% |
| McNichols | 3.02 | 2.57 | -0.45 | -14.90% |
| Veritas Kapital | 1.88 | 1.60 | -0.28 | -14.89% |
| AIICO Insurance | 3.65 | 3.15 | -0.50 | -13.70% |
| LivingTrust Mortgage Bank | 4.14 | 3.58 | -0.56 | -13.53% |
| Livestock Feeds | 7.00 | 6.10 | -0.90 | -12.86% |
| NEM Insurance | 29.80 | 26.00 | -3.80 | -12.75% |
| Consolidated Hallmark Holdings | 4.40 | 3.86 | -0.54 | -12.27% |
| Linkage Assurance | 1.90 | 1.68 | -0.22 | -11.58% |
| Access Holdings Plc | 23.00 | 20.50 | -2.50 | -10.87% |
Insurance stocks dominated losses, confirming broad sector rotation away from risk assets.
Corporate Action Highlight
Aradel Holdings Plc
MTN Nigeria Plc
Chams Holdings Plc
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Successfully listed 1,955,910,000 new shares from private placement
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Total shares now 6.651 billion
The listings and dividend actions contributed to trading liquidity during the week.
Market Outlook
Sentiment remains vulnerable as investors favour:
If pressure on large caps continues, the ASI may remain range-bound with downside bias. However, selective accumulation in strong consumer and telecom names could offer near-term support.