Market Update: September 24,2025
The Nigerian Exchange continued its bearish trend on Wednesday as investors sustained profit-taking across several large-cap stocks, extending the negative momentum for a second consecutive session. The NGX All-Share Index (ASI) slipped by 0.15 percent to close at 140,716.10 points, down from 140,929.60 points in the previous session. This decline translated to a ₦135.13 billion loss in market capitalization, which settled at ₦89.06 trillion, thereby dragging the year-to-date return to 36.72 percent.
The negative outing was dominated by heavy sell pressure in MTNN, which dropped by 4.80 percent, alongside losses in Cadbury, UACN, Honeywell Flour, NAHCO and Oando, among others. Market sentiment remained weak as 27 decliners outweighed 23 gainers, reflecting sustained cautious trading. However, some select counters bucked the bearish trend, with MECURE sustaining its bullish run by closing at ₦23.75 after breaking past its 52-week high, signaling strong accumulation and renewed investor confidence in the stock.
Sector performance closed mixed as investors continued sector rotation, reacting to both profit-taking opportunities and bargain hunting across key sectors. The Banking Index closed in positive territory following increased demand for tier-one names such as Zenith Bank and AccessCorp, which supported the market from further decline. The Industrial Goods Index ended the session flat as gains in DangSugar offset mild profit-taking in WAPCO. The Consumer Goods Index closed negative on the back of losses in Cadbury and Honeywell Flour, while the Oil and Gas Index closed slightly lower due to declines in Oando. The Insurance and ICT sectors were relatively quiet, reflecting subdued interest and a wait-and-see approach by investors.
From a technical perspective, the NGX ASI continues to consolidate after its recent rally, trading slightly below its short-term five-day moving average but still above the 50- and 200-day moving averages, an indication that the market’s longer-term uptrend remains intact despite short-term pressure. The Relative Strength Index (RSI) eased to around 54, showing a moderation in buying momentum and signaling that investors are booking profits as prices approach near-term resistance levels. Immediate support for the index lies around 140,200 to 139,900 points, and a break below this zone could pave the way for a deeper retracement toward the 138,500-point region. Conversely, if the index can reclaim the 141,500 to 142,000 resistance area, renewed buying interest could drive a rebound and restore bullish momentum into the last trading days of the quarter.
Global factors provided some positive backdrop for the local bourse as oil prices climbed to a three-week high, supporting investor expectations of improved forex inflows and fiscal revenues. Brent crude gained 1.4 percent to settle at $68.57 per barrel, while U.S. West Texas Intermediate (WTI) crude rose 1.5 percent to $64.38 per barrel. The rally was driven by a surprise drawdown of 607,000 barrels in U.S. crude inventories, which contrasted with analyst expectations of a build, alongside continued export disruptions from Iraq, Venezuela, and Russia. This development strengthened the outlook for tighter global supply, a factor that may positively influence sentiment around energy-linked stocks on the NGX in coming sessions.
Market activity slowed significantly as total traded volume dropped by 41.70 percent to 442.56 million units, while the total value traded settled at ₦16.97 billion across 21,684 deals, signaling cautious participation. Zenith Bank stood out as the most actively traded stock for the day, posting 68.99 million units valued at ₦4.76 billion, accounting for 15.59 percent and 28.03 percent of total market volume and value respectively. AccessCorp and FBN Holdings followed on the volume chart, reflecting renewed interest in banking stocks, while MTNN and GTCO joined Zenith Bank on the value chart. At the close of trade, DangSugar topped the gainers’ list, boosting the Industrial Goods Index, while DeapCap led the losers’ chart. Other significant drags came from MTNN, Cadbury, UACN, Honeywell Flour and NAHCO, which together contributed to the day’s bearish close. Despite the sell pressure, the market remains in a healthy consolidation phase, creating opportunities for discerning investors to take advantage of lower prices in fundamentally strong counters ahead of the Q3 earnings season.
