The bearish momentum on the Nigerian Alternate Restricted (NGX) intensified by way of the primary 4 classes of the week ended Thursday as persistent sell-offs in main blue-chip counters dragged the benchmark index additional into unfavourable territory.
The All-Share Index (ASI) fell from 145,159.77 factors at Monday’s open to 144,187.03 factors by Thursday, representing a cumulative 0.67% decline.
Market capitalisation dipped by ₦619 billion over the interval to settle at ₦91.710 trillion, reflecting renewed warning amongst traders.
Regardless of the weakening index, liquidity remained wholesome throughout key sectors, underscoring ongoing portfolio rotation reasonably than a market exit.
4-Day Efficiency Abstract (17–20 November 2025)
| Date | ASI Shut | Day by day Change | Market Cap (₦) | Notes |
|---|---|---|---|---|
| Mon, 17 Nov | 145,159.77 | -1.26% | 92.329tn | Massive-cap sell-off led by Dangote Cement |
| Tue, 18 Nov | 144,986.51 | -0.12% | 92.219tn | Insurance coverage & small caps cushioned losses |
| Wed, 19 Nov | 144,646.01 | -0.23% | 92.002tn | Sturdy volumes in banking names |
| Thu, 20 Nov | 144,187.03 | -0.32% | 91.710tn | Decrease turnover — consumers cautious |
Development:
Market decline is slowing however nonetheless pressured by unfavourable sentiment on industrial and shopper heavyweight shares.
High Market Drivers — Week So Far
Massive-Cap Pullback Weighed on the ASI
Dangote Cement’s steep 10% decline earlier within the week set the tone for continued weak point in Industrials and different main index-moving shares.
Mid-Cap and Penny Shares Took the Lead
Insurance coverage, meals service, and logistics names remained the popular liquidity hubs for retail and speculative demand.
Bonds and ETFs Outperformed Equities
Traders expanded publicity to:
FGN Financial savings Bonds — a number of devices recorded substantial value beneficial properties
Broad-market ETFs — together with STANBICETF30, SIAMLETF40, VETGRIF30
✔ Signifies defensive repositioning
✔ Capital stays inside the market — no broad capital flight
High Gainers (17–20 Nov)
| Inventory | Efficiency Perception |
|---|---|
| NCR Nigeria Plc | Finest 4-day run — constant each day beneficial properties |
| Caverton Offshore | Aviation sector momentum assist |
| UPL | Renewed curiosity in agro-industry publicity |
| Insurance coverage Performs (MBENEFIT, SOVRENINS, PRESTIGE) | Sector stays main rotation goal |
| LOTUSHAL15 | Sturdy rebound after prior sell-off |
High Decliners (Largest Drags on ASI)
| Inventory | Impression |
|---|---|
| Dangote Cement Plc | Largest downward affect on benchmark |
| Enamelware & LivingTrust | Mid-cap correction development continues |
| Transportation & Logistics shares | ABCTRANS, Chellaram — heavy promote stress |
| Speculative counters | Tantalizer & Omatek affected by excessive volatility |
Liquidity Focus Over 4 Periods
| Key Liquidity Leaders | Drivers |
|---|---|
| Entry Holdings Plc | Institutional rotation in banking |
| Aradel Holdings Plc | Sturdy dominance by worth |
| GTCO / Zenith Bank | Sustained positioning in financials |
| Tantalizer & Japaul Gold | Small-cap favorites with retail exercise |
Market Outlook
With the ASI nearing important technical assist zones, analysts anticipate two potential near-term situations:
🔹 Base constructing and restoration
If institutional gamers resume accumulation in monetary and industrial names.
🔹 Deeper correction
If sellers proceed to dominate high-cap shares by way of Friday’s session.
Nevertheless, sturdy ETF and financial savings bond efficiency alerts that traders are hedging, not exiting — suggesting resilience and potential for reversal.
The following buying and selling session will likely be pivotal in figuring out whether or not the market stabilizes or extends its downward motion into the top of the week.
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