The Nigerian Exchange (NGX) closed Monday’s trading session in negative territory, extending the market’s recent losing streak as profit-taking and cautious sentiment dragged the All-Share Index (ASI) below the 149,000 level. The benchmark index fell by 742.91 points, or 0.50%, to close at 148,781.90, compared to 149,519.6 recorded on Friday, November 8, 2025.
This latest downturn reflects sustained investor caution across major sectors despite stronger-than-expected third-quarter corporate earnings. Market capitalization also declined, settling at N94.53 trillion, down from N94.90 trillion in the previous session.
Trading Volume Weakens Amid Declining Investor Appetite
Overall trading activity was softer, with total volume traded dropping to 364 million shares, compared to 527 million in the preceding session. This decline suggests that investors are adopting a wait-and-see approach, likely assessing the direction of monetary policy and the near-term outlook for the naira and inflation.
The total value of transactions also moderated, although key blue-chip stocks such as Dangote Cement, Zenith Bank, and GTCO continued to dominate activity.
ASO Savings Tops Gainers’ Chart
Despite the broader market decline, ASO Savings & Loans Plc emerged as the session’s standout performer, appreciating by 10.00% to close at N0.99. The microfinance and mortgage banking stock has recently attracted renewed investor attention, reflecting optimism about its restructuring efforts and growth potential in Nigeria’s evolving housing finance sector.
DEAP Capital Management & Trust Plc also posted a robust gain of 9.83% to N1.90, while Cornerstone Insurance advanced 8.70% to N6.00. Neimeth International Pharmaceuticals and Japaul Gold & Ventures rounded out the top five gainers, rising 8.65% and 6.70%, respectively.
Losers’ Chart Dominated by Insurance and Auto Stocks
On the downside, Linkage Assurance and RT Briscoe led the losers’ list, each falling 10.00% to N1.62 and N3.06, respectively. NAHCO declined 9.95% to N95.00, reflecting sell pressure in the aviation services segment, while Mutual Benefits Assurance and AIICO Insurance each dropped 9.89% to N3.37.
Most Active Stocks by Volume and Value
AccessCorp remained the most actively traded stock by volume with 22.8 million shares, followed by Zenith Bank with 21.9 million shares. Chams Holdings ranked third, trading 17.8 million shares, while ASO Savings and AIICO Insurance completed the top five, with 14.7 million and 14 million shares, respectively.
In terms of transaction value, Dangote Cement led with N2.15 billion, maintaining its dominance among heavyweight stocks. Zenith Bank followed with N1.3 billion, while Lafarge Africa (WAPCO), Aradel Holdings, and GTCO posted N1.02 billion, N644 million, and N519.9 million in trades, respectively.
Performance of Key Market Segments
Stocks Worth Over One Trillion Naira (SWOOTs) largely closed in the red. International Breweries recorded the steepest decline in the category, losing 8.33%, while Nigerian Breweries shed 2.69%. The negative trend mirrored broader weakness across consumer goods and banking stocks.
Among the FUGAZ group — First Bank (FirstHold), UBA, GTCO, AccessCorp, and Zenith Bank — sentiment remained bearish. UBA led the laggards, dropping 4.88%, followed by AccessCorp (-0.91%), Zenith Bank (-0.67%), and GTCO (-0.59%). FirstHold closed flat, offering little relief to the banking index.
Market Outlook: Correction Phase Could Deepen Before Recovery
Analysts noted that the All-Share Index remains in a retracement phase, with downside risk toward the 145,000 level if sell-offs persist. However, they also observed that many blue-chip stocks are nearing attractive valuation levels, which could spark renewed buying interest once market sentiment stabilizes.
The market’s year-to-date performance remains positive at +44.55%, underlining the strong gains accumulated earlier in the year despite current volatility. With investors digesting third-quarter corporate earnings and watching for macroeconomic clarity, near-term trading is expected to remain mixed — balancing profit-taking with selective bargain-hunting.
