The Nigerian Exchange (NGX) closed Tuesday’s trading session in negative territory, as the All-Share Index (ASI) slipped by 0.72% to extend a mild correction following recent gains. The benchmark index declined by 1,109.5 points to close at 152,629.6, down from 153,793.1 in the previous session, amid broad-based selloffs in key banking and industrial stocks.
Despite the bearish sentiment, market activity improved significantly, with total trading volume rising to 683 million shares, compared to 627 million shares traded on Monday. The increased activity reflects a mix of profit-taking by short-term investors and bargain hunting among retail participants.
Market capitalization, however, mirrored the overall weakness, declining to ₦96.9 trillion after briefly holding above the ₦97 trillion threshold the previous session. This dip erased approximately ₦800 billion in value, underscoring the effect of continued selling pressure across several blue-chip counters.
Major Gainers and Losers
On the gainers’ chart, Eunisell and SUNU Assurance emerged as the top performers, appreciating by 10.00% and 9.98% respectively. Other top gainers included Honeywell Flour Mills (+9.72%), Livestock Feeds (+7.25%), and TIP (+4.17%), which benefited from renewed investor interest in the consumer goods and agricultural sectors.
However, the day’s losses were led by NASCON Allied Industries and Sky Aviation (SKYAVN), both of which fell by 10.00% each to close at ₦99.00 and ₦89.55 respectively. The heavy declines in these stocks, combined with sharp pullbacks in Oando (-9.99%), UPDC (-9.92%), and Learn Africa (-9.86%), dragged the overall market performance into the red.
Trading Volume and Value
In terms of market activity, ASO Savings dominated the volume chart with 111.9 million shares exchanged, followed closely by FCMB with 110.1 million shares. Fidelity Bank, Zenith Bank, and FBN Holdings also featured prominently, trading 55.1 million, 38.2 million, and 29.8 million shares respectively.
On the value side, Stanbic IBTC Holdings led with transactions worth ₦3.1 billion, while Zenith Bank recorded ₦2.3 billion in turnover. Nestlé Nigeria, Aradel Holdings, and FCMB rounded out the top five, posting trades valued at ₦1.5 billion, ₦1.3 billion, and ₦1.1 billion respectively.
These figures indicate that while sentiment remains mixed, investor participation remains strong, particularly among institutional and high-net-worth traders seeking medium-term opportunities in the financial and consumer sectors.
SWOOT and FUGAZ Stocks
The Stocks Worth Over One Trillion Naira (SWOOTs) ended the session on a mixed note. Stanbic IBTC advanced modestly by 0.31%, maintaining its upward momentum from the previous week. Conversely, International Breweries declined by 2.61%, while Nigerian Breweries dropped by 2.10%, reflecting lingering concerns about rising input costs and weaker consumer spending in the beverage sector.
Among the FUGAZ banking heavyweights — FBN Holdings, UBA, GTCO, Access Holdings, and Zenith Bank — the performance was largely negative. GTCO recorded a 4.86% loss, Access Holdings fell 2.95%, UBA declined 2.47%, and Zenith Bank slipped 2.30%. FBN Holdings was the lone bright spot, inching up by 0.16% after sustained buying interest from institutional investors.
Market Summary
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Current ASI: 152,629.6
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Previous ASI: 153,793.1
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Day Change: -0.72%
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Year-to-Date Gain: +48.29%
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Volume Traded: 683 million shares
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Market Capitalization: ₦96.9 trillion
Investor Sentiment and Outlook
Market analysts noted that Tuesday’s pullback reflects a phase of natural correction following weeks of strong gains across major sectors. The Year-to-Date (YTD) gain of 48.29% remains one of the best performances among African stock exchanges, underscoring investor confidence in Nigeria’s corporate earnings resilience and macroeconomic outlook.
However, renewed volatility in global markets — especially concerns stemming from U.S. geopolitical developments and uncertainties around foreign portfolio flows — has prompted local investors to adopt a more cautious stance.
According to analysts at Cordros Securities, the current market weakness “is not indicative of a reversal in trend but rather a consolidation phase,” as investors reposition ahead of upcoming third-quarter earnings and dividend announcements.
They added that renewed buying interest in large-cap stocks such as Dangote Cement, MTN Nigeria, and Zenith Bank could trigger the next rally if market sentiment improves and macroeconomic indicators remain stable.
Despite the dip in the All-Share Index, the NGX remains above the psychologically important 150,000-point mark, indicating overall market strength. While short-term profit-taking may persist, the long-term outlook remains broadly positive, supported by solid corporate earnings, improving fiscal reforms, and sustained investor appetite for equities in Africa’s largest economy.
