Market Update For November 6, 2025
The Nigerian equity market remained under the grip of bearish sentiment on Thursday, marking the fourth consecutive session of losses as investors continued to exit positions in high-cap stocks. The sustained downtrend reflects weak market confidence amid profit-taking, portfolio rebalancing, and cautious trading in anticipation of upcoming macroeconomic data and policy signals from the Central Bank of Nigeria (CBN).
Despite intermittent bargain hunting in select mid- and small-cap counters, negative breadth dominated the day’s proceedings, underscoring broad-based weakness across most sectors. Analysts note that investors are reacting to rising fixed-income yields, capital flow constraints, and cautious risk sentiment in the face of tightening global financial conditions.
Market Activity
Activity level on the exchange moderated sharply as turnover declined across most major tickers. Total traded volume dipped 44.54% to 619.63 million units, valued at ₦16.50 billion, exchanged in 24,865 deals—a reflection of reduced speculative positioning and thin liquidity in the system.
FCMB emerged as the most traded stock by volume, accounting for 24.21% of total transactions (149.99 million units). ZENITHBANK and STERLINGNG followed, contributing 6.76% and 6.21%, respectively.
In terms of value, ZENITHBANK dominated with ₦2.51 billion or 15.21% of total turnover, followed by GUINNESS and FCMB. The performance of tier-1 banking stocks continued to shape overall market liquidity, with institutional investors remaining largely on the sidelines.
Sectoral Performance
The session closed broadly negative across key indices. The Banking Index retreated as investors booked profits in ZENITHBANK (-1.48%), ACCESSCORP (-2.17%), GTCO (-0.52%), and UBA (-0.39%). The Consumer Goods Index also weakened due to selloffs in GUINNESS (-3.41%), HONYFLOUR (-2.86%), and NB (-1.23%).
Similarly, the Industrial Goods Index slipped, pressured by declines in BERGER (-4.88%) and BUACEMENT (-0.71%), while losses in MTNN (-2.49%) dragged the ICT Index lower. Conversely, the Real Estate and Insurance sectors showed mild resilience, buoyed by moderate gains in UPDC (+10.00%) and CORNERST (+3.45%).
Technical Analysis
Technically, the All-Share Index (ASI) continues to trend below its 10-day and 20-day moving averages, reaffirming the short-term bearish sentiment. Market momentum indicators point to weakness, with the Relative Strength Index (RSI) hovering near the 40-point level, edging closer to the oversold zone.
A rebound may occur if the index sustains support above the 150,000 psychological threshold, as bargain hunters could re-enter selectively. However, a breakdown below 149,500 points could open the way for further declines toward the 148,800 level. Resistance remains capped around 151,000 and 152,200 points, levels that would need to be reclaimed for a potential bullish reversal.
Market volatility is likely to persist in the short term, driven by portfolio rotation, earnings season expectations, and evolving inflation and interest rate dynamics.
Global Oil Market Update
On the international front, oil prices traded cautiously on Thursday, holding near two-week lows before stabilizing slightly as fresh supply concerns emerged.
Brent crude rose marginally by 0.05% to $63.55 per barrel, while U.S. WTI crude gained 0.03% to $59.62 per barrel.
Traders are weighing the potential impact of U.S. and European sanctions on Russia’s largest oil producers, including Lukoil, whose overseas operations have started feeling the pinch. Analysts at Onyx Capital Group noted that while sanctions are beginning to constrain supply, the market remains unconvinced of their long-term implications, given continued output expansion by OPEC+ and non-OPEC producers.
Oil prices have now declined for three consecutive months, pressured by oversupply fears and signs of softening global demand, particularly from major importers like China and India. The mixed energy outlook continues to influence investor sentiment in energy-related equities globally.
Market Performance Summary
At the close of trade, the Nigerian All-Share Index (ASI) fell by 0.36% to settle at 150,026.55 points, compared to 150,573.87 points in the previous session. Consequently, market capitalization dropped by ₦347.75 billion to ₦95.32 trillion, dragging the year-to-date (YTD) return down to 45.76%.
Market breadth remained negative, with 15 gainers against 39 losers—a clear signal of continued selling pressure. Top laggards included BERGER (-4.88%), NAHCO (-4.05%), ETI (-4.00%), GUINNESS (-3.41%), MTNN (-2.49%), and ACCESSCORP (-2.17%).
On the flip side, UPDC led the gainers’ chart, soaring to a new 52-week high of ₦17.60, followed by CORNERST (+3.45%) and MULTIVERSE (+2.89%). LEGENDINT topped the losers’ list.
Despite the ongoing bearish mood, analysts expect a possible rebound in coming sessions as bargain hunters take advantage of attractive entry points in fundamentally strong stocks such as ZENITHBANK, GTCO, MTNN, and DANGCEM.
Outlook
Investdata analysts anticipate a mixed performance in the next session as investors reassess positions ahead of key economic indicators and third-quarter earnings updates. The persistent slide in oil prices, coupled with macroeconomic uncertainties and liquidity pressures, will continue to influence market direction.
However, long-term investors are advised to maintain positions in value stocks with solid fundamentals and consistent dividend history, while short-term traders should watch for buying opportunities at the 149,500–150,000 support zone, pending confirmation of reversal signals.
