NGX Slips ₦129bn as Market Rotates into Defensive Stocks

BrandPower Magazine 3 days agoLast Updated: 30/11/2025

3 minutes read

Nigerian Equities Slip as NGX Loses ₦129bn, Market Volatility Persists

Nigeria’s equities market closed the week on a softer note as the Nigerian Exchange (NGX) extended its losing streak, slipping into negative territory and erasing ₦129 billion in market value amid persistent profit-taking and cautious investor sentiment.

The NGX All-Share Index fell 0.14% to 143,520.53 points, while market capitalisation dipped to ₦91.286 trillion — down from ₦91.415 trillion the previous week. The decline signals growing risk aversion as investors rotate into defensive and value-driven stocks ahead of year-end portfolio rebalancing.

Despite the pullback, the market displayed pockets of resilience, with several indices posting gains on selective bargain-hunting.

Selective Strength Amid Broad Weakness

Most benchmark indices closed in the red except for clusters of defensive and high-quality counters, including:

NGX CG Index
NGX Premium Index
NGX Banking Index
NGX Pension Index
NGX AFR Dividend Yield Index
NGX AFR Bank Value Index
NGX MERI Growth & Value Indices
NGX Lotus II
NGX Growth Index
NGX Sovereign Bond Index

These indices gained between 0.01% and 0.94%, reflecting ongoing interest in value stocks, especially in the banking and pension baskets which remain major liquidity magnets.

The week also saw heightened turnover:
4.140 billion shares worth ₦115.889 billion were traded across 102,351 deals, outperforming last week’s 2.668 billion shares valued at ₦106.264 billion.

Financial Services Dominates — Again

The Financial Services sector retained its dominance, accounting for:

81.10% of total market volume
70.05% of total traded value

The segment recorded 3.358 billion shares worth ₦81.175 billion, cementing its position as the engine of liquidity on the NGX.

Trailing sectors included:

Services Industry: 148.27m shares worth ₦1.319bn
Consumer Goods: 143.64m shares worth ₦7.988bn

Three stocks — Cornerstone Insurance, GTCO, and Access Holdings — were the week’s liquidity giants, contributing:

48.43% of total turnover volume
41.02% of total traded value

Their combined 2.005 billion shares worth ₦47.535 billion underscore investor appetite for financial bellwethers, especially GTCO and Access, which remain institutional favourites.

Market Breadth Improves Despite Pressure

In an interesting contrast to index performance, market breadth improved significantly:

38 gainers (vs. 20 prior week)
36 losers (vs. 60 prior week)
73 unchanged (vs. 67 prior week)

This suggests the market may be stabilising, with bargain hunters gradually returning after weeks of aggressive selloffs.

Top Gainers

Ikeja Hotel – +₦9.40
NCR Nigeria – +₦13.55
UACN – +₦8.90
CWG – +₦1.90
Veritas Kapital – +₦0.18

Top Losers

Meyer – –₦3.05
Sunu Assurances – –₦0.68
UPDC – –₦0.68
Tantalizer – –₦0.26
Abbey Mortgage Bank – –₦0.65

Corporate Actions: Capital Market Deepening Continues

The NGX confirmed the listing of 243,424 additional units of the Chapel Hill Denham Nigeria Infrastructure Debt Fund (NIDF).

The new units — arising from the 2025 Q3 scrip dividend distribution — raise the Fund’s total units to 1,056,257,953, strengthening its position as one of Nigeria’s flagship infrastructure investment vehicles.

In another update, the Exchange announced that VFD Group’s Rights Issue has been extended, following SEC approval.
Trading on the rights will now close on Friday, December 26.

BRANDECONOMY INSIGHT

Nigeria’s capital market is entering a strategic recalibration phase.

Here’s what the week truly signals:

1. Profit-taking is normal — not negative

After the NGX’s major multi-month rally, rotation into cash and defensive stocks is expected. Institutional investors are optimising returns ahead of year-end reporting.