Nigeria’s equities market closed the week firmly in negative territory, marking its fourth consecutive weekly decline as broad-based sell-offs outweighed a strong surge in a handful of outperforming stocks. The All-Share Index (ASI) fell 3,290.97 points to settle at 143,722.62, down 2.24% from the previous week’s close of 147,013.59.
Trading activity also weakened considerably, with investors exchanging 2.6 billion shares valued at N106.2 billion, a substantial drop from the prior week’s 7.3 billion shares worth N156.4 billion. Market capitalization likewise slipped, falling to N91.4 trillion from N93.5 trillion, underscoring the broad bearish sentiment.
Only 20 equities recorded price appreciation during the week, compared to 48 in the previous week, while 60 stocks declined and 67 remained unchanged. The market’s year-to-date return now stands at 39.64%, still robust but trending downward amid persistent selling pressure.
Market Review: Four Straight Weeks of Decline
The ASI finished every session in the red during the week ended November 21.
- Monday: The index opened sharply lower, dropping 1,853.82 points to 145,159.77.
- Tuesday: A further 0.12% decline pulled the market below the 145,000 threshold.
- Wednesday–Friday: Losses continued steadily, leaving the index below 144,000 by week’s end.
The broader weakness was driven by declines across major indices and heavyweight stocks.
Key Index Movements
- NGX Premium Index: Fell 4.79%, pressured by significant losses in large caps such as ACCESSCORP (-10.9%), Dangote Cement (-10%), UBA (-7.75%), and Zenith Bank (-6.64%).
- NGX 30 Index: Down 2.34%.
- NGX Main Board Index: Down 0.71%.
Sectoral Breakdown
Insurance stocks were hit hardest:
- NGX Insurance Index fell 7.05%, with International Energy Insurance shedding 22.06%.
- VERITAS KAPITAL ASSURANCE, AIICO, NEM, Consolidated Hallmark, and Linkage Assurance all posted double-digit declines.
The Industrial Goods Index dropped 4.50%, dragged by a 10% slide in Dangote Cement and additional pressure from mid-cap names like CUTIX and Berger Paints.
The Banking Index declined 3.85%, with ACCESSCORP, Zenith Bank, and Wema Bank posting sharp losses, while FCMB and GTCO saw milder drops of under 3%.
The Oil & Gas and Consumer Goods indices also closed lower, slipping 1.61% and 0.44%, respectively.
Top Gainers
Despite the market downturn, select stocks delivered strong performances:
- NCR (Nigeria) Plc: Up 60.55%, closing at N41.10
- University Press Plc: +17.65% to N6.00
- Tantalizers Plc: +17.29% to N2.51
- Caverton Offshore Support Group: +17.02% to N5.50
- UACN Plc: +16.67% to N70.00
- Ikeja Hotel Plc: +15.83% to N20.85
Others posting gains included Union Dicon Salt, Prestige Assurance, Haldane McCall, and Eunisell Interlinked.
Top Losers
Leading the week’s decliners:
- International Energy Insurance Plc: -22.06% to N2.12
- McNichols Plc: -14.90% to N2.57
- Veritas Kapital Assurance: -14.89% to N1.60
- AIICO Insurance: -13.70% to N3.15
- LivingTrust Mortgage Bank: -13.53% to N3.58
Other notable laggards included Livestock Feeds, NEM Insurance, Consolidated Hallmark, Linkage Assurance, and Access Holdings.
Corporate Actions Recap
Key company updates during the week included:
- Unilever Nigeria appointed a new board director.
- Multi-Trex Integrated Foods released financial statements for April 2024.
- FCMB Group Plc raised its capital-raise ceiling from N340 billion to N370 billion, and now to N400 billion.
- Champion Breweries published audited results for H1 2025.
Market Outlook
The ASI continues to face entrenched bearish sentiment, and analysts warn of further downside risk if selling pressure persists. However, a rebound in selected mid- and large-cap stocks could help the index reclaim the 150,000 level in the coming sessions.
Market participants will be watching for bargain-hunting activity and corporate catalysts that could shift momentum back into positive territory.