The Nigerian Exchange Limited (NGX) closed negative for two straight trading sessions as investors continued to take profit in key high-cap stocks.
The market bearishness persisted from Monday, 17 November into Tuesday, 18 November 2025 amid rising cautious sentiment ahead of year-end positioning.
The All-Share Index (ASI) fell from 145,159.77 points on Monday to 144,986.51 points on Tuesday, representing a combined 0.38% decline over the two sessions.
Market capitalization also retreated from ₦92.329 trillion to ₦92.219 trillion, wiping out an estimated ₦110 billion in value.
Market Activity Overview (17–18 November 2025)
Across both sessions, investor participation slowed as reflected below:
| Indicator | Monday (17 Nov) | Tuesday (18 Nov) | 2-Day Observation |
|---|---|---|---|
| ASI Movement | -1.26% | -0.12% | Sustained decline |
| Deals | 28,492 | 21,827 | Lower activity |
| Volume Traded | 388.18m units | 381.23m units | Moderately active |
| Market Value | ₦31.14bn | ₦16.72bn | Rotation to lower-value plays |
| Equity Cap | ₦92.329tn | ₦92.219tn | ₦110bn decline |
| Bond & ETF Cap | Slight improvement | Continued stability | Alternative exposure increasing |
Investor focus remained largely on select mid-cap, penny stocks, and energy-linked plays, while heavyweights experienced price markdowns.
Top Gainers Across the Two Sessions
| Stock | Best Daily Gain | Sector Comment |
|---|---|---|
| NCR | +9.96% & +9.95% | Strongest 2-day performer, consistent momentum |
| Sovereign Insurance | +9.97% | Sustained inflow into insurance names |
| Tantalizer | +9.81% & +9.79% | Retail demand remains firm |
| Caverton Offshore | +9.57% | Buying interest in aviation services |
| UPL | +9.80% | Improved sentiment on agribusiness counters |
| Prestige Assurance | +9.70% | Defensive insurance rotation extends |
Insurance and consumer counters dominated buying interest over both days.
Top Decliners Across the Two Sessions
| Stock | Worst Daily Loss | Sector Driver |
|---|---|---|
| Dangote Cement | -10.00% (17 Nov) | Largest drag on ASI; profit taking |
| Enamelware | -10.00% (17 Nov) | Sharp mid-cap correction |
| LivingTrust | -9.90% (18 Nov) | Banking pressure continues |
| McNichols | -9.00% | Speculative retracement |
| Livestock Feeds | -7.75% | Consumer rotation excludes food producers |
Losses in industrial heavyweights outweighed gains in small caps, driving overall market weakness.
Most Active Stocks (Combined Spotlight)
| Stock | Commentary |
|---|---|
| Aradel Holdings | Led by value both sessions; deep institutional demand |
| Tantalizer | Highest liquidity by volume across two days |
| Sterling Financial | Retail and speculative flows strong |
| Univ. Insurance / Veritas Kapital | Insurance remains volume magnet |
Investors continued positioning in low-priced equities with stronger liquidity.
ETF & Fixed Income Highlights
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ETFs such as STANBICETF30, SIAMLETF40, and VETINDETF advanced, indicating growing appetite for broad market exposure during heightened volatility.
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FGS202766 posted a significant upward revaluation (+₦24.99), lifting coverage in the sovereign savings bonds segment.
Market Sentiment and Outlook
The extended decline signals profit-taking pressure on blue chips, especially in industrial and premium index constituents. However:
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Insurance counters continue to attract capital rotation
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Penny stocks are leading liquidity play
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ETF and savings bonds demand indicates risk-management positioning
A modest rebound may occur if bargain hunters return, particularly in the banking and industrial segments.
Still, analysts expect overall sentiment to remain mixed, influenced by:
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Year-end portfolio restructuring
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Volatility in large-cap names
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Sector-specific flows into defensives and energy plays