The Nigerian Change Restricted (NGX) closed decrease on Tuesday, November 4, 2025, extending its bearish development for the second consecutive session as buyers engaged in widespread profit-taking throughout key sectors.
The All-Share Index (ASI) declined by 0.25% to settle at 153,739.11 factors, in comparison with 154,127.40 factors recorded within the earlier session.
Equally, the market capitalization dropped by roughly ₦244 billion to shut at ₦97.58 trillion, down from ₦97.83 trillion the day gone by.
The sustained downward motion mirrored persistent promoting stress in large-cap industrial and shopper items shares, notably in Aradel Holdings, NNFM, and Honeywell Flour Mills, which weighed on the general market efficiency.
Geopolitical Headwinds Add Stress
Past home influences, geopolitical danger additionally emerged as a psychological head-wind. Latest public remarks by Donald Trump, wherein he threatened potential army motion in Nigeria over alleged Islamist violence, triggered investor warning.
Analysts famous that whereas the direct financial impression could also be restricted, the unfavourable signalling impact on Nigeria’s danger profile was actual, contributing to hesitant overseas flows and modest market premium will increase.
Market Abstract
| Indicator | Nov 1, 2025 | Nov 4, 2025 | % Change |
|---|---|---|---|
| ASI (Factors) | 154,127.40 | 153,739.11 | -0.25% |
| Market Cap (₦) | 97.83 trillion | 97.58 trillion | -0.25% |
| Offers | 35,000+ | 36,425 | +4.07% |
| Quantity (Shares) | 601.47 million | 627.50 million | +4.33% |
| Worth (₦) | 23.82 billion | 25.00 billion | +4.96% |
Regardless of the decline in index efficiency, market exercise improved as each quantity and worth traded rose modestly, indicating selective accumulation in banking and energy-related equities.
High Gainers
| Firm | Earlier (₦) | Present (₦) | Change (₦) | % Change |
|---|---|---|---|---|
| Union Dicon Salt Plc | 7.05 | 7.75 | +0.70 | +9.93% |
| Omatek Ventures Plc | 1.21 | 1.33 | +0.12 | +9.92% |
| FGSUK2032S5 | 96.00 | 104.00 | +8.00 | +8.33% |
| Nigerian Aviation Dealing with Firm (NAHCO) | 105.00 | 113.00 | +8.00 | +7.62% |
| Worldwide Breweries Plc | 12.60 | 13.40 | +0.80 | +6.35% |
Union Dicon Salt (+9.93%) and Omatek Ventures (+9.92%) led the gainers’ chart, persevering with sturdy upward momentum pushed by speculative curiosity and improved demand in small-cap counters.
NAHCO (+7.62%) maintained its bullish trajectory on elevated investor confidence within the aviation dealing with sector, whereas FGSUK2032S5 (+8.33%) noticed renewed curiosity from fixed-income buyers amid steady yields.
High Losers
| Firm | Earlier (₦) | Present (₦) | Change (₦) | % Change |
|---|---|---|---|---|
| Honeywell Flour Mills Plc | 20.00 | 18.00 | -2.00 | -10.00% |
| Northern Nigeria Flour Mills Plc (NNFM) | 93.65 | 84.30 | -9.35 | -9.98% |
| Aradel Holdings Plc | 782.00 | 710.00 | -72.00 | -9.21% |
| Japaul Gold & Ventures Plc | 2.39 | 2.20 | -0.19 | -7.95% |
| Ikeja Lodge Plc | 18.80 | 17.35 | -1.45 | -7.71% |
The losers’ desk mirrored intense promote stress throughout main sectors.
Honeywell Flour (-10.00%) and NNFM (-9.98%) topped the chart, signaling renewed weak point within the shopper items sector, whereas Aradel Holdings (-9.21%) prolonged its sharp correction amid heavy profit-taking from earlier highs.
Japaul Gold additionally slipped as buyers rotated out of mining-related equities.
High Traded Shares
| Firm | Quantity (Shares) | Worth (₦) |
|---|---|---|
| United Bank for Africa (UBA) | 136,838,589 | 5,542,180,310.50 |
| Aso Financial savings & Loans Plc | 108,946,469 | 120,408,503.46 |
| Entry Holdings Plc | 68,159,032 | 1,623,878,515.50 |
| GTCO Plc | 49,829,032 | 4,549,571,222.25 |
| Zenith Bank Plc | 31,806,677 | 2,003,771,484.90 |
Buying and selling exercise remained banking-sector heavy, with UBA accounting for the best quantity and worth turnover, adopted by Entry Holdings and GTCO.
The banking index confirmed resilience regardless of the broader market decline, suggesting that institutional buyers are nonetheless lively throughout the tier-one banking area.
Fastened Earnings Market
| Instrument | Earlier (₦) | Present (₦) | Change (₦) |
|---|---|---|---|
| FGS202780 | 70.00 | 100.00 | +30.00 |
| FGS202783 | 80.00 | 80.00 | 0.00 |
| FGS202797 | 100.00 | 100.00 | 0.00 |
| FGS202894 | 99.44 | 99.44 | 0.00 |
| FID2031S1 | 69.23 | 69.23 | 0.00 |
The fixed-income section noticed modest exercise, highlighted by FGS202780’s notable ₦30 achieve, suggesting improved demand for shorter-term authorities securities as buyers reposition portfolios.
Change-Traded Funds (ETFs)
| ETF | Earlier (₦) | Present (₦) | Change (₦) |
|---|---|---|---|
| VSPBONDETF | 190.00 | 242.98 | +52.98 |
| STANBICETF30 | 510.00 | 520.00 | +10.00 |
| VETGRIF30 | 54.00 | 54.00 | 0.00 |
| VETINDETF | 59.40 | 59.40 | 0.00 |
| NEWGOLD | 55,000.00 | 55,000.00 | 0.00 |
ETF exercise was strongly constructive, led by VSPBONDETF (+27.88%), signaling investor migration towards bond-backed and diversified funding devices amid market volatility.
Market Interpretation
The NGX’s decline for the second straight session signifies that the market has entered a profit-taking section following weeks of sturdy bullish momentum.
Regardless of average upticks in liquidity and turnover, general sentiment remained cautious as merchants rotated out of overbought equities.
Key Observations:
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Market capitalization dropped by ₦244 billion, marking the sharpest each day decline in every week.
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Shopper items and industrial sectors recorded the steepest losses.
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Banking sector maintained relative stability, pushed by large-cap names like UBA and GTCO.
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ETF and fixed-income inflows sign a short lived flight to security as buyers hedge in opposition to short-term fairness volatility.
Market Outlook
Analysts count on continued sideways-to-bearish motion within the close to time period as buyers digest October-end portfolio changes and await Q3 earnings stories.
Nevertheless, renewed curiosity in undervalued monetary shares and bond-linked ETFs might present partial assist to the market in coming classes.
Abstract Snapshot
| Indicator | Worth |
|---|---|
| ASI | 153,739.11 (-0.25%) |
| Market Cap | ₦97.58 trillion |
| Quantity | 627.50 million shares |
| Worth | ₦25.00 billion |
| Offers | 36,425 |
| Sentiment | Cautiously bearish |