Nigerian Stocks Open Week In Red Amid Profit-Taking, As Benchmark Index Slips Below 149,000bps
Market Update For November 10, 2025
Market Overview:
The Nigerian equities market opened the second week of November under renewed pressure, extending the losses recorded in previous sessions as investors continued to take profits off the table. Monday’s trading session was characterized by subdued participation, cautious positioning, and broad-based selling, reflecting lingering concerns over high interest rates, tight liquidity, and macroeconomic uncertainty.
Market participants remained cautious, balancing short-term trading opportunities against prevailing economic headwinds. While pockets of demand emerged in select fundamentally strong stocks, the market generally leaned toward risk-off behavior, with investors opting for defensive and liquid positions. The sustained selling across key sectors underscores a market still in a short-term corrective phase following weeks of volatility.
Technical Analysis:
From a technical standpoint, the All-Share Index (ASI) slipped below the 149,000-point mark, failing to hold the psychological support level. The index is currently trading below its 10-day and 20-day moving averages, highlighting the dominance of sellers and signaling a continuation of the near-term correction.
Momentum indicators remain weak. The Relative Strength Index (RSI) is trending toward the 40-level, indicating the market is approaching oversold conditions. This suggests that while selling pressure persists, the potential for selective bargain hunting may emerge if key support levels hold.
Sectoral trends revealed continued pressure on the banking, consumer goods, and insurance sectors. Profit-taking in major banking stocks like GTCO, ZENITHBANK, UBA, and ACCESSCORP dragged the financial index lower. Similarly, declines in NB, PZ, and UNILEVER weighed on the consumer goods sector, while muted activity in insurance counters reflected low investor appetite for riskier segments.
Market Outlook:
Going into midweek trading, we expect cautious and mixed performance as investors navigate the ongoing correction phase. Selective buying could emerge in fundamentally sound stocks, particularly those with strong Q3 earnings, attractive valuations, and reliable dividend yields. Market sentiment is likely to remain cautious in the short term, though minor rebounds are possible if bargain hunters return at attractive price levels.
Investors are advised to remain defensive, focusing on counters with solid fundamentals, consistent earnings growth, and resilient cash flows. While trading opportunities exist in oversold stocks, overall market positioning should consider prevailing macroeconomic pressures and the likelihood of continued profit-taking.
Oil Market Update:
Globally, crude oil prices edged higher on Monday amid optimism that the U.S. government shutdown could be resolved soon. Brent crude rose 0.7% to $64.06 per barrel, while West Texas Intermediate (WTI) increased 0.7% to $60.18 per barrel. The improvement followed legislative progress in the U.S. Senate toward reopening the federal government, which had been shut for 40 days. Despite the gains, concerns over global oversupply and uneven demand growth continue to cap further upside in oil markets.
Market Performance and Drivers:
At the close of Monday’s trading, the All-Share Index (ASI) declined by 0.50% to settle at 148,781.90 points, down from 149,524.81 points recorded in the previous session. Market capitalization fell by ₦471.99 billion to ₦94.53 trillion, bringing the year-to-date (YTD) return to 44.55%.
Trading activity weakened as total volume declined 30.89% to 364.35 million units, valued at ₦11.35 billion, across 32,564 deals. ACCESSCORP led the market in volume with 22.81 million units, while DANGCEM dominated by value, contributing ₦2.15 billion to total turnover.
Monday’s session was largely shaped by sustained selloffs in major blue-chip and mid-tier stocks. Key decliners included NAHCO (-9.95%), UBA (-4.88%), PZ (-3.02%), ETI (-2.82%), NB (-2.69%), UNILEVER (-1.73%), CUSTODIAN (-1.30%), ACCESSCORP (-0.91%), ZENITHBANK (-0.67%), and GTCO (-0.59%). This broad-based selling reflected ongoing portfolio rebalancing, profit-taking, and cautious positioning amid weak investor confidence.
On the gainers’ side, ASOSAVINGS led with notable upside, while LINKASSURE recorded the steepest decline for the day. Market breadth remained negative, with 39 losers against 13 gainers, underscoring the dominance of sellers and subdued buying interest. Overall, Monday’s session highlighted the market’s continued corrective phase, suggesting that short-term volatility may persist as investors weigh risks against potential opportunities in undervalued, fundamentally strong stocks.
