NGX Index Slides Lower For Fourth Successive Weeks, As Investors Take Profit, Tax Policy Uncertainties Fuel Panic Selling

It was a week of selloffs on the Nigerian Exchange as equities recorded five consecutive sessions of losses, with investors in flight for safety in the face of unclear policy direction regarding the Capital Gains Tax, among others. These uncertainties have triggered panic selling, with investors and traders cashing out of profits before they are eroded.

The delayed review of the CGT by the government continues to beat the market, driving negative sentiment and reflecting a lack of confidence on the NGX, policy makers and economic managers. This trend is likely to continue as confidence waxed weaker in the midst of seeming positive economic numbers.

The index’s action below indicates negative sentiment prevailing on the NGX:

NGXASI Daily Chart

Trading for the week opened under pressure with the All-Share Index (ASI) slipping by 1.26% to 145,159.77 basis points, dragging market capitalization down by ₦1.17 trillion to ₦92.33 trillion. Profit-taking in major stocks including ENAMELWA, DANGCEM, TRANSCORP, ACCESSCORP, and ZENITHBANK weighed on sentiment, with ENAMELWA and DANGCEM leading the losers. On the upside, SOVRENINS gained, NCR hit a new 52-week high at ₦28.15, TANTALIZER recorded the highest trading volume, and ARADEL topped value traded.

The decline continued through Tuesday, when the ASI slipped 0.12% lower to 144,986.51bps, trimming market value by ₦110.20 billion, while reducing year-to-date (YTD) returns to 40.86%. Selling pressure in ZENITHBANK, PZ, UBA, NGXGROUP, ACCESSCORP, and OANDO drove the pullback, while NCR extended gains to a 52-week high of ₦30.95. LIVINGTRUST led losses, TANTALIZER retained the highest volume, and ARADEL continued to top value traded.

At the midweek’s session the market remained under pressure, with the ASI falling 0.23% to 144,646.01 points, slicing ₦216.58 billion off market capitalization and lowering YTD returns to 40.53%. TRANSCORP, DANGSUGAR, NEM, ZENITHBANK, and UBA led declines, while NCR surged to a new 52-week high of ₦34.00. ACCESSCORP recorded the highest trading volume and value.

Thursday marked a fourth consecutive session of losses when the ASI dipped 0.32% to 144,187.03 points, trimming ₦291.94 billion from market value which pushed YTD returns to 40.09%. IKEJAHOTEL, NEM, OANDO, and ACCESSCORP were among the worst performers, while NCR hit ₦37.40. FIDELITYBK had the highest volume, with GTCO leading value traded.

The week closed on a bearish note, with the ASI losing 0.32% at 143,722.62 points, reducing market capitalization by ₦295.38 billion and YTD returns to 39.64%. NAHCO, UNILEVER, NEM, and BERGER posted losses, while NCR remained the top gainer at a 52-week high of ₦41.10. ACCESSCORP recorded the highest volume, and ZENITHBANK led value traded.

Overall activity slowed down further as investors exchanged 2.67 billion shares worth ₦106.26 billion across 107,998 deals, down from 7.33 billion shares valued at ₦156.43 billion last week. The Financial Services sector dominated, contributing 1.82 billion shares valued at ₦44.81 billion in 45,297 deals, representing over two-thirds of total market volume. The Services sector followed with 324.19 million shares worth ₦1.76 billion, while Oil & Gas traded 143.19 million shares valued at ₦37.74 billion. Access Holdings, Tantalizers, and Zenith Bank were the most actively traded stocks, jointly accounting for 1.06 billion shares worth ₦24.65 billion in 13,924 deals—nearly 40% of total volume and 23% of total value. Market sentiment remained mostly negative, with most sector indices closing in the red, except the NGX Sovereign Bond Index, which managed a modest 0.32% gain.

NGXASI Weekly Chart

Consequently, the All-Share Index decreased week-to-date by 2.24%, with the NGX 30 falling by 2.34%. The Banking Index lost 3.85%, the Pension Index decreased by 2.31%, coming behind the Insurance Index’s 7.05% plunge, and the Consumer Goods Index by 0.44%, just as the Oil and Gas Index shed 1.61%. Market breadth for the week stayed negative as 20 stocks advanced and 60 others closed in the red. On a year-to-date basis, the All-Share Index is up 39.64%, followed by the NGX-30’s 38.01%. The Banking Index surged 26.56%, far behind the 45.69% jump in the Pension Index, the Insurance Index’s 50.89%, and Consumer Goods Index’s robust 98.95% surge. However, the Oil and Gas Index is down 0.24% YTD.

NCR Nigeria Chart

On the gainers’ list, NCR Nigeria a technology and financial solutions company which is into the provision of Automated Teller Machines, Point of Sales (PoS) terminals, self-service banking solutions, and software to banks and financial institutions across Nigeria. led the pack. The company established in 1949 rallied from ₦25.60 to ₦41.10 per share, representing a 60.55% gain during the week. University Press followed, with its share price rising from ₦5.10 to ₦6.00 per share, while Tantalizers advanced from ₦2.14 to ₦2.51 each. Caverton Offshore also also recorded a strong performance, climbing from ₦4.70 to ₦5.50, and UACN closed the top five gainers after moving from ₦60.00 to ₦70.00.

IEI Chart

The decliners’ chart was topped by International Energy Insurance,a Nigerian insurance company headquartered in Lagos that specializes in general and energy-sector insurance. Its share price fell from ₦2.72 to ₦2.12 per unit, representing a 22.06% decline. McNichols also retreated from ₦3.02 to ₦2.57 each, while the share price of Veritas Kapital dropped from ₦1.88 to ₦1.60 each. AIICO Insurance declined from ₦3.65 to ₦3.15 each, just as LivingTrust Mortgage Bank closed at ₦3.58, down from ₦4.14 apiece.

Technical View:

The market remains in a short-term bearish phase, with five sessions of losses highlighting profit-taking pressures across blue-chip stocks. However, selective growth stocks, notably NCR, continue to display strong upward momentum, suggesting that pockets of buying interests may persist. Short-term support levels are identified in the market around 143,500–144,000 points, while resistance remains near 145,500–146,000 points. Market indicators point to a cautious consolidation phase next week, with investors likely monitoring earnings releases and macroeconomic cues before committing to new positions.

Market Outlook

Investors should brace up for cautious trading in the coming week, even as Profit-taking may continue to dominate broad-market dynamics, while select stocks with strong technical momentum—particularly in growth-oriented sectors—could provide upside opportunities. Macroeconomic developments, earnings reports, and global interest rate expectations will likely shape market sentiment.

Trending in the Economy:

Nigeria and Morocco have kicked off a new partnership designed to strengthen livestock trade, agribusiness, and veterinary development. The plan will see Nigeria increase its exports of animals and crops, while Morocco supports improvements in irrigation, animal breeding, and meat-processing standards. Both nations are also considering joint vaccine production. A Joint Technical Working Group is already in place and is expected to conclude a formal MoU by April 2026. Though current trade flows are still small, the right policy adjustments could push annual trade to around $2.5 billion.

Ekiti State in south-west Nigeria recorded the highest inflation rate in October at 20.1%, driven mostly by rising non-food costs such as transport, rent, healthcare, and electricity, according to data by the National Bureau of Statistics (NBS), in its latest report. Food inflation eased in the state to 19.7%, but Ekiti remains the priciest in Nigeria, followed closely by Nasarawa (19%), Zamfara (18.8%), and Ogun (18.3%). Despite the fact that national inflation moderated to 16.05% during the period, the data shows Ekiti residents are under growing pressure as living expenses remains in the upswing.

Global Market and Oil:

Wall Street finished sharply higher on Friday as hopes for a Federal Reserve rate cut in December outweighed ongoing worries about overheated tech stocks. A broad rally gathered strength late in the morning, lifting all major U.S. indices. Treasury yields slipped, the dollar held steady, and bitcoin trimmed earlier losses.

The rebound closed out a volatile week in which global markets had broadly retreated. With the government shutdown over, the Fed finally received updated labour data on Thursday showing an unexpected uptick in unemployment. That shift pushed traders to increase their bets on a third and possibly final rate cut for the year, with CME’s FedWatch tool placing the probability at 73%, nearly double the previous day’s level.

Fed officials, however, delivered mixed signals. New York Fed President John Williams hinted that near-term cuts remain possible, while Dallas Fed President Lorie Logan argued for keeping rates unchanged to assess the impact of current tightening. Williams’ comments, seen as a dovish shift from a typically cautious voice, helped fuel Friday’s rally. A sharp selloff the previous day also left the market primed for a bounce.

Strong earnings from big players in the AI space—especially Nvidia—offered temporary relief to concerns that the sector’s rapid gains have outpaced fundamentals. With most S&P 500 companies now done reporting, roughly 83% have beaten expectations.

By the close, the Dow jumped 493 points to 46,245.56, the S&P 500 gained 64 points to 6,602.96, and the Nasdaq rose 195 points to 22,273.08.

In Europe, stocks ended lower for the day and the week, pressured by anxiety over stretched tech valuations and a pullback in defence shares as peace efforts in the Russia-Ukraine war advanced. MSCI’s global index ticked higher, but emerging-market equities and Asia-Pacific stocks slid, with Japan’s Nikkei leading the decline.

The dollar softened against the yen as Japan intensified warnings about currency weakness, though it remained on track for a weekly gain. Cryptocurrencies extended their sell-off, with bitcoin and ethereum falling to multi-month lows as investors reduced risk exposure.

U.S. bond yields eased in response to rising rate-cut expectations: the 10-year yield slipped to 4.06%, and the 2-year fell to 3.51%. Oil prices dropped for a third straight session—reaching a one-month low—as Washington stepped up pressure on Ukraine and Russia to finalize a peace agreement. U.S. crude settled at $58.06 per barrel, while Brent closed at $62.56.

Sectorial Weekly Chart Positions

NGX Banking Index Chart

NGX Consumer Goods Index Chart

NGX Insurance Index Chart

NGX Industrial Goods Index Chart

NGX Oil & Gas Index Chart

NGX 30 Index Chart

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: 75k

Venue: Zoom

If you want to be among the winning investors and traders in 2026, send Yes to: 08028164085, 08179547605 now.