Market Update For November 11, 2025
The Nigerian stock market remained under intense pressure on Tuesday, recording its steepest single-day loss in years as selloffs across major blue-chip counters deepened the bearish sentiment that has dominated the market since the beginning of the week. The sustained wave of profit-taking and portfolio realignment by institutional investors, following the disquiet that has greeted the government’s plan to impose capital gains tax from next January further weighed on market performance, pushing the benchmark index and market capitalization sharply lower.
The session opened on a weak note and extended declines throughout the day as investors continued to offload positions in highly capitalized stocks. The sell pressure, driven by renewed interest in fixed-income instruments and cautious positioning ahead of year-end, reflected weak confidence amid rising yields, high inflation, and tight liquidity in the financial system.
The industrial goods, banking, and telecom sectors bore the brunt of the selloffs, with heavyweights like BUA Cement, Dangote Cement, MTNN, as well as Transcorp, Oando, and Custodian, closing at or near their daily loss limits. The mood remained broadly negative, as market participants adopted a risk-off approach, focusing more on capital preservation.
Trading Activities and Market Breadth
Investor participation weakened as both market turnover and activity levels declined compared to the previous session. The total volume of trade advanced by 80.0% to 655.95 million units worth ₦29.39 billion changed hands in 29,558 deals.
FBN Holdings (FBNH) topped the activity chart with 68.27 million units traded, accounting for 10.41% of total volume, followed by AccessCorp and Zenith Bank with 8.58% and 6.39%, respectively. Geregu Power led the value chart with ₦4.42 billion, contributing 15.03% of total turnover, followed by Stanbic IBTC and Aradel Holdings.
Only four stocks managed to close in the green, while 59 recorded losses, confirming the dominance of the bears. NCR emerged as the top gainer, breaking above its 52-week high at ₦21.25, while Academy Press led the losers. Meanwhile, Oando and Transcorp touched new 52-week lows at ₦36.00 and ₦39.60, respectively.
Technical View and Market Sentiment
The sharp decline dragged the NGX All-Share Index (ASI) further below its short-term support levels, confirming a continuation of the bearish trend. Technical indicators revealed oversold conditions, suggesting a potential for mild rebound if bargain hunters re-emerge. However, momentum remains weak as investors continue to reduce exposure to risk assets.
The overall sentiment in the market remains cautious, influenced by macroeconomic factors such as high interest rates and exchange rate volatility. Investors are expected to trade selectively in value stocks with consistent earnings performance, while others may continue to rebalance portfolios into safer assets until market stability returns.
Global Oil Market Update
In the global commodities market, crude oil prices edged higher on Tuesday, supported by renewed U.S. sanctions on major Russian producers that disrupted refined fuel exports. The development boosted short-term sentiment despite lingering concerns about global oversupply. Brent crude rose 1.1% to $64.73 per barrel, while West Texas Intermediate (WTI) gained 1.1% to $60.78 per barrel.
Market Performance Recap
At the close of Tuesday’s session, the All-Share Index (ASI) shed 7,454.60 basis points or 5.01% to settle at 141,327.30bps, from 148,781.90bps on Monday. Market capitalization dipped by ₦4.64 trillion to ₦89.88 trillion, while the year-to-date (YTD) return moderated to 37.31%.
Market breadth stayed negative with 59 decliners against 4 gainers, reflecting broad-based selloffs across key sectors. Top laggards included BUACEMENT (-10.00%), DANGCEM (-10.00%), MTNN (-10.00%), OANDO (-10.00%), TRANSCORP (-10.00%), ZENITHBANK (-9.40%), GTCO (-7.69%), and UBA (-8.28%). NCR led the gainers, while Academy Press closed as the top loser. FBN Holdings dominated in volume with 68.27 million units traded, and Geregu Power led in value with ₦4.42 billion, representing 15.03% of total turnover.
