Nigerian Exchange Drops to N91.29trn as Investors Lose N128bn
With year-to-date return trailing 40%, Stockholders lost N128 billion in the Nigerian Exchange (NGX) trading platform due to extended negative sentiment.
The seller market has been affected by sentiment, resulting in negative performance in November amidst a sequence of developments, including distortion from the new capital gains tax and interest rate decision.
Key performance indices declined as market closed negative for three out of five trading sessions. All-Share Index closed at 143,519.81 points, down 0.14% week-on-week, as the market continued to feel the weight of intensified profit-taking.
Stockbrokers said investors are still digesting the outcome of the recent monetary policy committee rate decision that typically encourages portfolio reshuffling.
This cautious repositioning pushed total market capitalisation down by the same margin to N91.29 trillion, eroding N128 billion in value and easing the year-to-date return to 39.44%.
Market sentiment remained clearly weak, Cowry Asset Limited said in a commentary note. Market breadth settled at a fragile 0.38x, with only 26 stocks managing to gain against 68 that closed lower.
Stockbrokers said beneath the surface, activity levels told a more complex story. Trading volume jumped by 56.37%, and turnover value rose by 9.09%, even though total deals slipped by 4.99%.
By week’s end, 4.13 billion units worth N116 billion had been traded across 102,256 deals, underscoring a market where investors are active but increasingly selective.
Sector performance highlighted the uneven mood across the market. Banking stocks were among the few bright spots, rising 0.67% as renewed interest flowed into names like JAIZBANK and ACCESSCORP.
The Consumer Goods sector followed with a modest 0.62% lift, helped by recoveries in mid-tier counters such as MCNICHOLS and UNILEVER. Outside these pockets of resilience, most other sectors ended lower.
Industrial Goods suffered the steepest decline, slipping 1.92% as heavyweight names like MEYER and BUACEMENT retreated.
Oil & Gas shed 0.81% as selling pressure filtered into upstream and downstream names including CONOIL, while the Insurance sector eased by 0.07% on weakness in underwriters such as SUNUASSUR and REGALINS.
Commodity-related counters also softened, edging down 0.04%, largely dragged by OANDO. A number of stocks, however, stood out for their remarkable gains.
NCR led the week with a stunning 113.5% rise, followed by IKEJAHOTEL at 68.1%, UACN at 31.5%, PRESTIGE at 19.4%, and UPL at 17.6%, all buoyed by strong accumulation.
Meanwhile, the worst performers reflected the strain of sustained sell pressure: MEYER fell 18.9%, INTENEGINS dropped 17.3%, DEAPCAP declined 16.7%, SUNUASSUR lost 16.6%, and UPDC shed 15.6%. Fundamentally, the market continues to navigate a delicate balance between caution and emerging pockets of optimism.
Inflationary pressures, FX volatility, and elevated borrowing costs remain key headwinds, yet there is a quiet build-up of confidence in companies with strong cash flows, tighter operating controls, and diversified earnings, Cowry Asset Limited said.
The investment firm stated that some investors are already positioning ahead of the upcoming dividend season in Q1 2026, a trend gradually showing in select accumulation-heavy names.
Looking into the new week, Cowry Asset Limited told investors that the market is likely to retain its cautious tone. Year-end profit-taking should continue to drive sentiment, but fundamentally strong and oversold stocks may attract bargain hunters seeking early entry points before momentum shifts.
