The Nigerian Alternate Restricted (NGX) recorded its third consecutive session of decline on Wednesday as traders continued to lock in earnings from final week’s rally.
The All-Share Index (ASI) fell by 0.70% to shut at 154,260.98 factors, in comparison with 155,353.20 factors within the earlier session.
Market capitalization decreased by ₦693 billion from ₦98.607 trillion it closed on Tuesday to shut at ₦97.914 trillion on Wednesday.
The downtrend was fueled by broad promote strain throughout client items, banking, and industrial sectors, as cautious sentiment dominated midweek buying and selling.
Market Abstract
| Indicator | October 28, 2025 | October 29, 2025 | % Change |
|---|---|---|---|
| ASI (Factors) | 155,353.20 | 154,260.98 | -0.70% |
| Market Cap (₦) | 98.607 trillion | 97.914 trillion | -0.70% |
| Offers | 32,430 | 27,654 | -14.7% |
| Quantity (Shares) | 525.45 million | 452.89 million | -13.8% |
| Worth (₦) | 25.39 billion | 14.84 billion | -41.6% |
Buying and selling exercise declined sharply, with whole quantity and worth traded dropping by 13.8% and 41.6%, respectively. The drop in turnover mirrored weaker institutional participation and a return to defensive buying and selling amid market uncertainty.
Deal rely additionally fell by almost 15%, suggesting traders have develop into extra selective as profit-taking intensified.
Prime Gainers
| Firm | Earlier (₦) | Present (₦) | Change (₦) | % Change |
|---|---|---|---|---|
| Deap Capital Administration & Belief Plc | 1.65 | 1.81 | +0.16 | +9.70% |
| Aso Financial savings & Loans Plc | 0.79 | 0.86 | +0.07 | +8.86% |
| McNichols Consolidated Plc | 3.00 | 3.20 | +0.20 | +6.67% |
| Caverton Offshore Help Group Plc | 6.03 | 6.40 | +0.37 | +6.14% |
| Okomu Oil Palm Plc | 1,020.00 | 1,080.20 | +60.20 | +5.90% |
Deap Capital (+9.70%) topped the gainers’ listing, sustaining momentum within the low-priced monetary class. Aso Financial savings (+8.86%) continued its constant upward trajectory following final week’s suspension carry.
Caverton Offshore (+6.14%) rebounded strongly on renewed investor curiosity in oil and logistics service shares, whereas Okomu Oil (+5.90%) prolonged its bullish run, buoyed by robust fundamentals and expectations of upper commodity costs.
Prime Losers
| Firm | Earlier (₦) | Present (₦) | Change (₦) | % Change |
|---|---|---|---|---|
| Beta Glass Plc | 486.00 | 437.40 | -48.60 | -10.00% |
| John Holt Plc | 6.00 | 5.40 | -0.60 | -10.00% |
| eTranzact Worldwide Plc | 15.00 | 13.55 | -1.45 | -9.67% |
| Champion Breweries Plc | 15.90 | 14.50 | -1.40 | -8.81% |
| Ikeja Resort Plc | 19.00 | 17.35 | -1.65 | -8.68% |
The decliners’ chart was dominated by profit-taking and valuation corrections.
Beta Glass (-10.00%) and John Holt (-10.00%) led losses, reflecting important sell-offs in mid-cap industrial and manufacturing shares.
eTranzact (-9.67%) and Champion Breweries (-8.81%) witnessed correction after earlier positive aspects, whereas Ikeja Resort (-8.68%) prolonged its shedding streak because of continued strain within the hospitality sector.
Prime Traded Shares
| Firm | Quantity (Shares) | Worth (₦) |
|---|---|---|
| Tantalizer Plc | 56,728,481 | 131,309,732.00 |
| Sovereign Belief Insurance coverage Plc | 46,088,039 | 217,594,894.78 |
| Entry Holdings Plc | 38,635,048 | 896,854,265.15 |
| GTCO Plc | 33,967,346 | 3,080,392,897.40 |
| Zenith Bank Plc | 17,015,666 | 1,084,928,108.65 |
Exercise was led by retail-driven counters, notably Tantalizer Plc and Sovereign Belief Insurance coverage, which collectively accounted for over 22% of whole quantity.
Nevertheless, GTCO dominated the worth chart, reflecting sustained institutional trades in tier-one banking shares regardless of the broader market pullback.
Mounted Revenue Market
| Instrument | Earlier (₦) | Present (₦) | Change (₦) |
|---|---|---|---|
| ADBB2021S1 | 100.00 | 100.00 | 0.00 |
| BUA2027S1 | 100.00 | 100.00 | 0.00 |
| CMB2025S1 | 100.00 | 100.00 | 0.00 |
| DAN2032S2TC | 100.00 | 100.00 | 0.00 |
| FG112034S2 | 73.10 | 73.10 | 0.00 |
The bond market remained largely flat, with no important worth actions throughout listed devices, reflecting secure yields and muted secondary market buying and selling.
Alternate-Traded Funds (ETFs)
| ETF | Earlier (₦) | Present (₦) | Change (₦) |
|---|---|---|---|
| MERVALUE | 200.00 | 220.00 | +20.00 |
| VSPBONDETF | 206.10 | 206.16 | +0.06 |
| VETGOODS | 37.00 | 37.00 | 0.00 |
| VETINDETF | 59.40 | 59.40 | 0.00 |
| GREENWETF | 373.50 | 373.50 | 0.00 |
ETF exercise was comparatively quiet, although MERVALUE (+10%) stood out with a notable uptick, reflecting recent inflows into value-based fund merchandise.
Minor actions have been noticed in VSPBONDETF, whereas different ETFs closed flat.
Market Interpretation
Wednesday’s session mirrored a broad-based correction section following two weeks of intense shopping for strain.
Regardless of the adverse shut, market fundamentals stay robust, with selective accumulation persevering with in insurance coverage, logistics, and agriculture-linked shares.
Key Observations:
Market capitalization has misplaced about ₦879 billion prior to now two classes.
Insurance coverage sector resilience continues, as smaller counters like Aso Financial savings and Deap Capital maintain investor curiosity.
Liquidity declined sharply, signaling a potential pause earlier than month-end rebalancing.
Market Outlook
Analysts anticipate sideways buying and selling within the last classes of October as traders steadiness profit-taking with new positioning forward of Q3 company outcomes.
The 154,000-point mark now acts as an instantaneous technical help for the ASI; a break beneath might set off additional consolidation, whereas restoration in industrial and banking majors could restore short-term momentum.
Total sentiment stays cautiously bearish, however choose alternatives persist in undervalued insurance coverage, industrial, and power shares.
Abstract Snapshot
| Indicator | Worth |
|---|---|
| ASI | 154,260.98 (-0.70%) |
| Market Cap | ₦97.91 trillion |
| Quantity | 452.89 million shares |
| Worth | ₦14.84 billion |
| Offers | 27,654 |
| Sentiment | Broad-based promote strain / gentle correction |
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