Market Update For November 21, 2025
The Nigerian equities market ended the week under sustained selling pressure, closing Friday in the red and cementing a five-day losing streak as investors continued to lock in profits amid rising macroeconomic uncertainties. The pullback reflects a broader wave of caution that has swept through the market this week, driven by mixed sectoral performances, waning risk appetite, and renewed emphasis on value rotation.
Throughout Friday’s session, trading sentiment tilted bearish across key large-cap and mid-tier counters, especially within industrial goods, consumer names, financials, and energy plays. The mood remained defensive as portfolio managers increasingly shifted to cash positions, while day traders capitalized on short-term price movements to secure gains accumulated earlier this month.
Sector Overview & Market Breadth
Activity across major sectors showed a consistent pattern of mild-to-moderate selloffs. Banking stocks, which have enjoyed strong year-to-date gains, witnessed pockets of profit-taking, particularly in Tier-1 names. Consumer goods counters were mixed, with select brands facing headwinds from muted demand, while the insurance and industrial goods sectors traded mostly flat to negative on reduced positioning.
Market breadth leaned sharply negative, highlighting broad weakness as more equities closed lower than gained. Sentiment oscillated between intraday bargain-hunting and swift profit-taking, suggesting that the current phase of market consolidation may persist into early next week unless a positive catalyst triggers a rebound.
Global Oil Market
Adding to domestic market fragility, global oil prices extended their decline for a third straight session on Friday. Brent crude fell about 1.6% to the $59/bbl region, while WTI slipped nearly 2% to around $57.90/bbl. The weakness was largely driven by geopolitical shifts, with the United States pushing for a Russia–Ukraine peace arrangement that could potentially ease supply disruptions and flood the market with additional barrels.
The broader oil selloff dampened risk appetite across emerging markets and contributed to the cautious tone in energy-linked Nigerian equities. With both Brent and WTI on track for weekly declines above 2%, the market continues to absorb implications for Nigeria’s external revenues, near-term fiscal balances, and sector-specific earnings outlooks.
Technical Analysis
From a technical perspective, the NGX market structure is signaling a cooling phase. The ASI has retreated steadily from its recent highs, now testing short-term support levels. Price action suggests a softening momentum, with candlestick structures reflecting increased selling pressure around intraday rallies.
The Relative Strength Index (RSI) is drifting toward the lower band, indicating weakening momentum but not yet firmly in oversold territory—leaving room for further downside before bargain hunters fully step in. Trading volumes have risen significantly, pointing to active repositioning rather than a liquidity squeeze.
If the index fails to reclaim overhead resistance early next week, the next support zone may be tested, potentially opening opportunities for medium-term investors seeking discounted entries. However, a sustained recovery will depend on improved global risk sentiment and renewed local inflows.
Market Outlook
Looking ahead, we anticipate a continuation of mixed trading patterns as investors bargain-hunt selectively while remaining sensitive to macro cues such as inflation expectations, FX market direction, crude oil price movements, and fiscal policy signals. The market may experience a short-term relief bounce if buyers resurface to take advantage of cheaper valuations, but overall sentiment is likely to stay cautious until clearer direction emerges.
Corporate earnings expectations for Q4 remain a key driver to watch, as they could reshape sector preferences and spark fresh positioning in fundamentally strong counters.
MARKET PERFORMANCE SUMMARY
The benchmark All-Share Index (ASI) fell 0.32%, closing at 143,722.62 points, down from 144,187.03 points in the previous session. Market capitalization lost ₦295.38bn to finish at ₦91.41trn, while YTD return moderated to 39.64%.
Top decliners included NAHCO, UNILEVER, NEM, BERGER, ACCESSCORP, OANDO, MTNN, UBA, DANGSUGAR, and ZENITHBANK, among others. NCR led the gainers after breaking above its 52-week high at ₦41.10, while RTBRISCOE topped the losers’ chart. Trading volume surged 88.07% to 656.90m units, valued at ₦25.62bn across 18,842 deals. ACCESSCORP accounted for 19.59% of total volume, while ZENITHBANK dominated value with 21.29% at ₦5.45bn.
