Nigeria’s Equity Market Sheds 6.88%, But Shows Resilience Amid Profit-Taking, Sector Rotation In November
November 2025 saw the Nigerian equities’ market navigate a mix of optimism, sector rotation, selloffs and profit-taking, resulting in a generally active month with high volatility, as investors balanced opportunities in fundamentally strong companies. This came amid intermittent corrections and pullbacks, with the Financial Services sector dominating trading activities throughout the month.
The period was marked by a healthy turnover and pockets of strong gains, particularly in hospitality, ICT, and insurance stocks, even as the benchmark NGX All=Share Index halted seven consecutive months of bull transition following a crisis of external and internal confidence in the face of expected seasonality. Of particular consequence was the impact of the uncertainties sounding the implementation of the government’s new tax policy, the lack of clarity around the Capital Gains Tax (CGT) which triggered massive sell-offs in the period under review.
Weekly Market Review
Week 1
The market opened November on a cautious note, with the NGX All-Share Index (ASI) retreating by 2.99 percent, despite trading activities staying robust after stockbrokers crossed all of 3.57 billion shares worth approximately ₦107.01 billion which changed hands in 146,429 deals. Top gainers for the week included NCR (Nigeria) Plc, Eunisell Interlinked Plc, Union Dicon Salt Plc, Honeywell Flour Mills Plc, and UPDC Plc, while Sovereign Trust Insurance Plc, C&I Leasing Plc, Skyway Aviation, Berger Paints, and Oando Plc recorded the largest declines. The Financial Services sector led in turnover, followed by Consumer Goods and Services.
Week 2
The second week saw further declines as the ASI closed at 147,013.59, down 2,511.22 points. Total traded volume surged to 7.32 billion shares worth ₦156.42 billion in 134,383 deals. NCR (Nigeria) Plc again led the gainers with a 32.3 percent leap, leading others like ASO Savings & Loans Plc and Champion Breweries Plc. The week saw Union Dicon Salt flipping to lead the decliners, coming ahead of Austin Laz & Co Plc, and Multiverse Mining & Exploration Plc. Financial Services remained the most active.
Week 3
The downward trend continued as the ASI dropped a further 2.24 percent to 143,722.62bps. Trading volume fell to 2.60 billion shares valued at ₦106.2 billion. NCR (Nigeria) Plc remained the standout gainer, surging 60.55 percent, alongside University Press Plc and Tantalizers Plc. Major decliners included International Energy Insurance Plc, McNichols Plc, and Veritas Kapital Assurance Plc. Financial Services maintained dominance in turnover, while Consumer Goods and Services sectors recorded moderate activity.
Week 4
The final week of November recorded a total turnover of 4.14 billion shares worth ₦115.889 billion across 102,351 deals, up from 2.668 billion shares valued at ₦106.264 billion the previous week. The Financial Services sector led with 3.358 billion shares valued at ₦81.175 billion, accounting for 81.1 percent of total volume and 70.05 percent of total value. Services and Consumer Goods followed with 148.272 million and 143.638 million shares traded, respectively. The ASI and market capitalization declined by 0.14 percent to 143,520.53 points and ₦91.286 trillion. Top weekly gainers were Ikeja Hotel Plc (+45.08%), NCR (Nigeria) Plc (+32.97%), UACN Plc (+12.71%), CWG Plc (+11.84%), and Veritas Kapital Assurance Plc (+11.25%). The decliners were led by Meyer Plc (–18.89%), Sunu Assurances Nigeria Plc (–14.78%), UPDC Plc (–11.93%), Tantalizers Plc (–10.36%), and Abbey Mortgage Bank Plc (–10%).
Monthly Performance and Highlights
As shown above, the month saw very strong liquidity and active sector rotation. Despite the weekly corrections, investors continued to participate heavily in the market, with the Financial Services sector consistently contributing the largest share of volume and value. Consumer Goods and Services sectors also attracted notable investor attention, particularly UACN, CWG, and Ikeja Hotel.
By month-end, the NGX All-Share Index closed at 143,520.53bps, while total market capitalization stood at ₦91.286 trillion. Several sector indices, including Banking, Premium, Pension, AFR Dividend Yield, AFR Bank Value, and Sovereign Bond, posted closed positive, highlighting underlying resilience in high-quality stocks.
NGXASI Monthly Chart
Month-to-date, the NGXASI decreased by 6.88%, with the NGX 30 falling by 7.10%. The Banking Index posted loss of 5.77%, the Pension Index decreased by 5.49%, the Insurance Index decreased by 12.06%, and the Consumer Goods Index decreased by 3.20%. Oil and Gas Index decreased by 7.33%. On a year-to-date basis, the All-Share Index is up 39.44%, while the NGX 30 has gained 37.72%, The Banking Index surged 27.41%, the Pension Index jumped 46.47%, the Insurance Index rose 50.79%, and the Consumer Goods Index posted a robust 97.56% increase. However, the Oil and Gas Index declined by 0.47%. Market breadth is Positive, with 38 stocks advanced and 36 declined.
Ikeja Hotel Plc
November’s strongest performers were led by Ikeja Hotel Plc, which posted an impressive 45.08 percent monthly return, driven by renewed investor interest and rising activity in the hospitality sector. NCR (Nigeria) Plc followed with a 32.97 percent, extending its consistent weekly advances into a full-month rally. UACN Plc delivered a solid 12.71 percent rise, supported by positive sentiment in the Consumer Goods segment. Meanwhile, CWG Plc appreciated by 11.84 percent, reflecting increased demand in the ICT and services space, and Veritas Kapital Assurance Plc gained 11.25 percent, maintaining steady momentum in the insurance sector.
Meyer Plc
On the downside, Meyer Plc led the month’s laggards with an 18.89 percent decline, reflecting sustained sell-offs and profit-taking. Sunu Assurances Nigeria Plc followed with a 14.78 percent drop, while UPDC Plc shed 11.93 percent after a volatile month marked by weak sentiment in the real estate segment. Tantalizers Plc dipped 10.36 percent, weighed down by the slow momentum in the Consumer Services sector, just as Abbey Mortgage Bank Plc closed the list with a 10 percent decline for the month.
Technical Analysis:
The Nigerian equities market in November 2025 experienced a blend of active trading, sector rotation, and intermittent profit-taking, resulting in a generally stable performance despite weekly fluctuations. The NGX All-Share Index (ASI) closed the month at 143,520.53 points, down slightly by 0.14 percent, with total market capitalization at ₦91.286 trillion. Trading activities remained high throughout the month, driven predominantly by the Financial Services sector, which accounted for the majority of traded volume and value, while Consumer Goods and Services sectors also saw significant participation in select counters such as UACN, CWG, and Ikeja Hotel.
Outlook:
Looking into December, investors are expected to focus on year-end portfolio positioning, dividend declarations, and the evolving macroeconomic trends which could particularly shape market momentum. Stability among high-quality Financial Services and select Consumer Goods stocks points to a potential for selective gains, while careful stock selection will likely define investor strategies in the closing weeks of 2025 and early 2026.
Conclusion
November 2025 demonstrated a market that was both active and selective. The Financial Services sector anchored trading activities, while Consumer Goods and Services provided pockets of gains. Although the composite NGXASI ended the month slightly lower, investor engagement remained strong, reflecting a healthy balance of speculative and long-term participation. Going into December, market participants are expected to focus on dividend declarations, macroeconomic developments, and year-end portfolio positioning, which could influence market momentum and set the stage for early 2026 trading.
Trending in the Economy: According to its audited financials for the full-year ended December 31, 2024, Nigeria’s state-oil giant- NNPC Ltd posted a 64% rise in net profit to ₦5.4 trillion (about $3.6 billion), driven by what its management termed internal reforms and workforce efficiency. The company has set an ambitious target to attract $60 billion in energy investments by 2030, increased oil production to 3 million barrels per day, while raising gas output to 12 billion cubic feet daily, despite the evils of oil theft, pipeline vandalism, and under-investment that remain daunting challenges to the group’s efficiency. NNPC’s growth in 2024, observes say, reflects stronger operational management and a clearer strategic focus under the Petroleum Industry Act.
Meanwhile, the country’s central bank kept its key rate at 27% in its bid to manage inflation, while lowering the deposit rate to encourage lending. Inflation for the month of October eased, but remains high at 16.05%, with the central bank continuing to monitor trends before any future adjustments. The CBN’s decision to hold is believed to signal confidence in Nigeria’s economic recovery, even as it supports credit growth and business boom.
Global Market and Oil: U.S. stocks closed higher on Friday in a shortened post-holiday session, capping a turbulent month and signaling the start of the crucial shopping for the holiday season. The session faced a brief disruption due to an unexpected outage at CME Group, the world’s largest exchange operator, which temporarily froze trading across its currency, futures, and commodities platforms. The issue was resolved just before the U.S. market opened, allowing investors to continue trading as the day unfolded.
The major indexes advanced modestly, reflecting cautious optimism in the markets. The Dow Jones Industrial Average climbed 289.30 points, or 0.61%, to 47,716.42, while the S&P 500 added 36.48 points, or 0.54%, closing at 6,849.09. The Nasdaq Composite gained 151 points, or 0.65%, reaching 23,365.69. Treasury yields also moved higher, with the 10-year note rising slightly to 4.015% and the 30-year bond yield ticking up to 4.6648%, as investors weighed expectations of potential rate cuts by the Federal Reserve in December. Gold similarly saw gains, reflecting a cautious but positive market sentiment.
For the week, all three indexes posted gains, driven by growing optimism that the Federal Reserve may reduce interest rates to support economic growth. Over the month, the S&P 500 and the Dow recorded marginal increases, while the Nasdaq ended November down 1.5%, weighed down by concerns about overvalued technology stocks. Analysts described the month as a rollercoaster, moving from early worries of a challenging November to one of the strongest Thanksgiving weeks for stocks in over a decade.
The holiday shopping season also showed promising early signs. Online sales on Thanksgiving rose 5.3%, according to Adobe Analytics, though some shoppers expressed caution due to elevated inflation and signs of a softening labor market. Analysts noted that consumer sentiment remains mixed, with uncertainty surrounding spending patterns in the final months of the year.
European markets mirrored the positive trend, with shares recording modest gains for both the day and the month, marking the longest monthly winning streak since March 2024. Investor sentiment was supported by optimism over a potential Federal Reserve rate cut and progress toward a ceasefire in Ukraine. Meanwhile, the U.S. dollar weakened against major currencies, heading for its worst weekly performance since late July, as market participants anticipated further monetary easing.
In commodities, oil prices showed mixed performance. U.S. West Texas Intermediate crude rose 0.65% to $59.03 a barrel, while Brent crude edged lower to $63.29, down 0.08%. Investors closely monitored ongoing peace negotiations between Russia and Ukraine, along with the upcoming OPEC+ meeting, for signals of potential adjustments in oil production.
Invest 2026 Traders & Investors Summit
Theme: Pre-Election Year Investment Opportunities & Risks
Sub-Topics
1. Comprehensive Earnings Guide for Profitable Investing and Trading in 2026, by Mr Peter Sunday Adebola, Managing Director/CEO Edgefield Capital Management Ltd
2. Pre-Election Year Rally: How Economic Events & Tax Reforms Fuel Bull Or Bear Cases In 2026, by Mr Teriba Adeboye, MD/CEO, Qualinvest Capital ltd
3. NGX Pre-Election Year Performance & Historical Patterns:10 Golden Stocks For Profitably Investing, by Mr Ambrose Omordion, CRO. Investdata Consulting Ltd
4. Nigeria Infrastructural Gap & Fiscal Policy Reforms: Where are Investment Opportunities in 2026, by Mr Tope Ojo, Managing Partner, Tope & Tunde Estate Surveyors & Valuers
5. Investment Opportunities In The Alternative Markets In 2026 & Beyond, by Dr Sylvester Anaba (PhD, FCS) Head Research, United Capital Plc
6. The Pre-election Economy & 2016 Budget: Implementation and Impact On NGX, by Mr Abiola Rasaq, Former Head, Investor Relations & Portfolio Investments United Bank For Africa Plc
7. NGX New Highs & Correction: The Power Of Price Action, Time & Momentum In Profitable Trading In 2026 & Beyound, by Mr Abdul-Rasheed Oshoma Momoh, ED Operations, TRW Stockbrokers Ltd
8. Strategies For Equity Investing & Trading In A Pre-Election Year, by Mr Kebira Jimoh Aruna, MD/CEO GlobalView Capital Ltd
Riding the tide of pre- election Years in Nigeria, 2026 is not just any year—it’s part of a powerful historical trend or pattern that should be known to smart traders or discerning investors in any investment window, market or exchange in Nigeria today. It comes with tradable opportunities and risks that are associated with elections and post-elections. The ability to navigate between politics and economy creates the wealth to makes the difference in your investment. The reading of a nation’s electoral cycle and how investors perceive whether there could be a change in leadership or continuity, is a major factor that results in much of the uncertainty in pre-election years have been known for. This, it is believed can, and does spike market volatility and businesses, especially when it is seen that a new party may take power. This summit will help market players to navigate 2026 profitably by maximizing gains and minimize losses
Take away from this summit includes:
How to construct a resilient and Powerful Portfolio that adapts to market and economic changes.
● What to expect from the market and economy as the new tax reforms kicks off in 2026.
● Why historical patterns and trends in Nigerian election cycle is important when taking your investment decision in 2026 and beyond.
● The power of liquidity and corporate earnings in price movement.
● How to anticipate big sector moves and recovery in 2026 with ongoing reforms
● Understanding the cycle of 4 years opportunities time frames that comes with election preparation in Nigeria
● 10 golden stocks for 2026
Date: December 6, 2025
Fee: N75,000
Venue: Zoom
If you want to be among the winning investors and traders in 2026, send Yes to: 08028164085, 08179547605 now.
