Market Update September 17, 2025
Mid-week trading on the Nigerian Exchange (NGX) ended on a bullish note, as the market recouped Tuesday’s losses on renewed demand for blue-chip stocks and fundamentally strong counters. Buying interest in ARADEL, FIRSTHOLDCO, GUINNESS, UACN, DANGCEM, OANDO, and FIDELITYBK drove the rebound, keeping the index in the green despite a still-weak breadth that shows more stocks declined than gained. This selective accumulation reflects the growing focus of investors on high-quality names ahead of interim dividend declarations and the Q3 earnings season.
Trading activity was robust, with total volume surging 142.09 percent to 1.00 billion units, valued at N24.66 billion in 23,281 deals. ABBEYBDS led activity by volume, accounting for nearly 40 percent of the day’s trades, while FIDELITYBK and UBA followed. In value terms, ARADEL led the chart with transactions worth N6.88 billion, representing almost 28 percent of market turnover. This strong liquidity suggests sustained participation by institutional investors and smart money players seeking to take positions ahead of expected corporate earnings releases.
Index and Market Capitalisation
The NGX All-Share Index (ASI) rose 0.35 percent to close at 142,036.23 points from the previous 141,546.80 points. This gain pushed year-to-date returns to 38.00 percent, reinforcing the stock market’s performance as the preferred asset class despite rising inflation and currency pressure. Market capitalisation gained N309.66 billion to close at N89.87 trillion, reflecting positive sentiment and renewed fund inflows.
Mixed Sector Indices
Sectoral performance was mixed, as gains in the Industrial Goods, Consumer Goods, and Oil & Gas indices offset mild losses in the Banking and Insurance sectors. The Industrial Goods index closed positive, supported by demand for DANGCEM, while the Consumer Goods index benefited from strong interest in GUINNESS and NB, which traded higher and attracted fresh investor positioning. The Oil & Gas sector also closed positive as OANDO extended its gains. Meanwhile, profit-taking in select banking names weighed slightly on the Banking index, while weakness in GUINEAINS and other insurance stocks dragged the Insurance index lower.
Technical Analysis
Technically, the NGXASI maintained its position above its short- and medium-term moving averages, confirming that the uptrend remains intact. Price action continues to form higher highs and higher lows, a bullish pattern supported by improved traded volume. The Relative Strength Index (RSI) is trending in the bullish zone but not yet overbought, which signals room for further upside. The Money Flow Index (MFI) also points to sustained buying interest, while MACD remains in the positive territory, suggesting momentum is still in favour of the bulls.
Support for the index is currently at the 141,500-point region, where buying interest is likely to re-emerge if profit-taking intensifies. The first resistance level lies around 142,800 points, with a breakout at this level opening the way for a possible retest of 143,500 points. The candlestick formation at the close of trade indicates that the bulls are still in control, though profit-taking could cause intraday pullbacks.
Market Outlook
We expect mixed sentiment in the next trading session as investors continue to rebalance their portfolios ahead of interim dividend announcements and third-quarter earnings. Volatility is expected to remain elevated as traders take advantage of short-term price movements, while long-term investors focus on fundamentally sound stocks with attractive valuations and consistent dividend history.
Global cues also remain important, with crude oil prices easing after Tuesday’s rally. Brent crude settled at $68.20 per barrel, while WTI closed at $64.21 per barrel as traders reassessed the potential impact of Ukrainian drone strikes on Russian energy infrastructure. Any prolonged disruption could reintroduce a risk premium into oil prices, which could provide further support for energy-related stocks on the NGX.
Performance – Top Gainers and Losers
CHELLARAM topped the gainers’ chart, closing at a fresh 52-week high of N14.60 on sustained demand. ARADEL followed closely with a 6.97 percent gain, also leading the value chart with N6.88 billion worth of trades. FIRSTHOLDCO, GUINNESS, and UACN also recorded strong price appreciation, with GUINNESS crossing its 52-week high at N160.00 as investors continued to position for strong earnings. On the losers’ side, GUINEAINS led the decliners, reflecting profit-taking in the insurance space and weighing slightly on market breadth.
