The Nigerian equities market closed the week ending 14 November 2025 with a sharp pullback, shedding 2,511.22 points to settle at 147,013.59, despite notable advances by high-performing stocks such as NCR Nigeria and Aso Savings & Loans.
The market, as measured by the Nigerian All-Share Index, had opened the week at 149,524.81, but heavy selloffs early in the week wiped out approximately N4.6 trillion in overall market value.
Although a strong rebound occurred the following day—lifting the market by about N2.6 trillion after the Minister of Finance, Wale Edun, offered reassurances concerning Capital Gains Tax—the recovery could not fully offset the earlier losses, ultimately leaving the market in the red by week’s end.
Trading activity, however, remained exceptionally robust. Investors exchanged 7.32 billion shares worth N156.42 billion across 134,383 deals—well above the previous week’s 3.57 billion shares valued at N107.01 billion.
Consequently, market capitalization dipped to N93.501 trillion, down from N94.99 trillion the preceding week. Despite the downturn, market breadth showed clear improvement:
- 48 equities gained, a notable jump from the previous week’s 20
- 45 equities declined, down sharply from 75
- 53 equities closed flat
While sentiment remained cautious, underlying trading patterns pointed to resilience amid volatility.
Market Performance Summary
The week began on a subdued note, with the All-Share Index sliding 0.46 per cent on Monday. The downturn intensified dramatically on Tuesday following a wave of panic selloffs that dragged the index to 141,327.3, a drop of more than 7,500 points.
By Wednesday, momentum shifted as Edun’s comments eased investor concerns about planned CGT adjustments, prompting a market rally of 2.88 per cent. The positive trend continued through Thursday and Friday, closing the week at 147,115.6, slightly above the final settlement figure.
Sector Highlights
The NGX Premium Index recorded a 2.74 per cent decline, under pressure from losses in major bellwether stocks including:
- Dangote Cement (-10%)
- First Holdco (-2.06%)
- SEPLAT (-1.83%)
- MTN Nigeria (-0.42%)
Similarly, the NGX 30 Index slipped 1.73 per cent, while the NGX Main Board Index closed 1.00 per cent lower.
The Industrial Goods Index led the downturn with a steep 6.97 per cent drop, driven largely by declines in:
- Dangote Cement (-10%)
- BUA Cement (-6.67%)
Mid-cap names such as AUSTIN LAZ, TRIPPLE GEE, and BETA GLASS also contributed to the slide.
The NGX Oil and Gas Index lost 0.85 per cent, weighed down by SEPLAT’s decline.
On the upside, the NGX Insurance Index advanced 2.42 per cent, bolstered by strong gains in:
- Cornerstone Insurance
- Guinea Insurance
- International Energy Insurance
All three rose by more than 9 per cent.
The banking sector also delivered a positive close, with the NGX Banking Index up 1.26 per cent, alongside a modest 0.46 per cent rise in the Consumer Goods Index.
Top Gainers for the Week
The standout performer was NCR (Nigeria) Plc, which surged 32.30 per cent, closing at N25.60. It was closely trailed by Aso Savings and Loans Plc, which recorded a 14.44 per cent weekly gain to finish at N1.03.
Other notable advancers included:
- Champion Breweries Plc: +11.54%
- International Energy Insurance Plc: +11.48%
- Secure Electronic Technology Plc: +10.67%
- Cornerstone Insurance Plc: +10.51%
- Japaul Gold & Ventures Plc: +9.57%
- Guinea Insurance Plc: +9.57%
- FTN Cocoa Processors Plc: +9.38%
- Legend Internet Plc: +9.13%
Biggest Decliners
The steepest drop came from Union Dicon Salt Plc, which slid 18.71 per cent to N6.30. AUSTIN LAZ & Company Plc also posted a significant decline of 18.62 per cent, finishing at N2.36.
Other major losers included:
- Multiverse Mining & Exploration: -14.47%
- Dangote Cement Plc: -10.00%
- Academy Press Plc: -10.00%
- Transcorp Power Plc: -10.00%
- Tripple Gee: -9.98%
- Associated Bus Company: -9.91%
- Red Star Express: -9.80%
- Abbey Mortgage Bank: -9.72%
Corporate Activity Round-Up
Several noteworthy corporate announcements shaped market sentiment:
- PZ Cussons proposed N98m in directors’ remuneration ahead of its AGM.
- Zenith Bank Staff Provident Fund acquired N2.3bn worth of the bank’s shares.
- Presco Plc launched a N236.67bn rights issue to support expansion plans.
- MOFi listed its N1 trillion Series 2 MREIF on the NGX.
- Fidelity Bank released H1 2025 results, posting N180.5bn in pretax profit.
- Conoil declared a N3.50 final dividend.
- FCMB announced plans to raise its capital base to N370bn ahead of a crucial extraordinary general meeting.
Market Outlook
Although equities ended the week in negative territory, analysts say the All-Share Index appears to be gearing up for a rebound toward the 150,000 threshold. A return of strong buying interest in large-cap stocks—which weighed down the market this week—could set the stage for renewed bullish momentum in the days ahead.
