Nigeria’s Equities Market Regains Momentum On Renewed Buying Interest, But Investors Stay Cautious
Market Update For November 27, 2025
The Nigerian equities market extended its mild recovery on Thursday as renewed buying interest across several major sectors provided much-needed support after a stretch of cautious trading and intermittent profit-taking. The session highlighted a gradual improvement in investor confidence, even in the face of mixed macroeconomic signals and reduced liquidity levels, underscoring the market’s resilience and the attractiveness of certain stocks at current prices.
Thursday’s trading began on a slow note, with early movements dominated by conservative positioning. However, as the day progressed, bargain hunters began to step in—particularly institutional investors and high-net-worth individuals who had previously taken profit or waited on the sidelines for clearer price signals. The mid-session rebound reflected a growing appetite for value, driven by the conviction that several fundamentally sound stocks had dipped to attractive buy zones after recent pullbacks.
The banking sector, often the bellwether of market direction, once again attracted considerable interest. Tier-one banks saw renewed activity as investors continued to respond positively to their improved earnings outlook, strengthened balance sheets, and expectations of robust full-year performance. The sector’s defensive nature, combined with improved digital revenue streams and the impact of interest rate adjustments, positions these banks as reliable plays for both capital appreciation and income potential.
Telecoms also played a stabilising role in the day’s performance, particularly MTNN, which saw modest gains following earlier pressures linked to regulatory concerns and sector-wide cost challenges. Market watchers noted that its steady recovery is helping to anchor the broader index, given the stock’s significant market weight. The insurance and consumer goods sectors similarly recorded pockets of accumulation, reflecting broader portfolio rebalancing by investors looking to diversify and hedge against near-term volatility.
From a technical standpoint, the market’s ability to defend its short-term support level remains a positive sign for bullish investors. The NGXASI staying above its 20-day moving average suggests that the underlying uptrend, though muted, remains intact. Analysts observed an improvement in momentum indicators, including the Relative Strength Index (RSI) and Money Flow Index (MFI), both of which signal strengthening buying pressure. The stochastic oscillator also shows the market approaching a possible breakout zone if sustained buying pressure continues in coming sessions. However, analysts still caution that the market is not fully out of a consolidation phase, meaning sudden swings could still emerge, especially around news catalysts or shifts in liquidity.
Fundamentally, the current market behaviour reflects a blend of caution and optimism. Investors continue to grapple with macroeconomic challenges, including inflationary pressure, FX rate instability, and increasing borrowing costs. Yet, there appears to be growing confidence in corporate resilience—particularly among listed companies with strong cash flows, cost management strategies, and diversified earnings structures. The prospect of early positioning ahead of dividend declarations in Q1 2026 is also beginning to surface among more forward-looking investors, adding to the accumulation trend observed in select counters.
On the global front, developments in the crude oil market provided additional context for local sentiment. Oil prices steadied after recent declines, with Brent trading at $63.18 and WTI at $58.83, as traders weighed potential peace negotiations between Russia and Ukraine against new U.S. sanctions targeting Russian oil companies. The geopolitical landscape remains fluid, especially following comments by Russian President Vladimir Putin suggesting that a draft agreement under discussion with the United States and Ukraine might form the basis for a future peace arrangement. Still, Ukraine remains cautious amid concerns about potential territorial concessions. Market analysts at Barclays noted that optimism around a possible ceasefire is offsetting worries over supply disruptions from sanctions, creating a delicate balance that is likely to keep oil trading within a narrow range for now. While global factors continue to influence sentiment, the thin holiday trading volume in the U.S. meant price movements were largely muted.
Back in the domestic equities market, the session ultimately closed on a positive note. The All-Share Index (ASI) rose by 0.12% to close at 143,239.23 points, marking a modest recovery from the previous day’s decline. Market capitalisation increased by ₦111.08 billion, finishing at ₦91.11 trillion, while the year-to-date return inched higher to 39.17%. Market breadth remained positive with 33 gainers against 20 losers, driven by strong interest in IKEJAHOTEL, NCR, NEM, MTNN, ACCESSCORP, NB, and others. IKEJAHOTEL and NCR further impressed by breaking new 52-week highs at ₦27.50 and ₦54.65, respectively. However, trading activity slowed as total volume dipped 56.04% to 324.55 million units, valued at ₦13.05 billion across 18,328 deals. FIDELITYBK led the volume chart with 32.20 million units, while GTCO dominated in value, accounting for 17.36% of the day’s total turnover.
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Theme: Pre-Election Year Investment Opportunities & Risks
Sub-Topics
- Comprehensive Earnings Guide for Profitable Investing and Trading in 2026, by Mr Peter Sunday Adebola, Managing Director/CEO Edgefield Capital Management Ltd
- 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
- NGX Pre-Election Year Performance & Historical Patterns:10 Golden Stocks For Profitably Investing, by Mr Ambrose Omordion, CRO. Investdata Consulting Ltd
- Nigeria Infrastructural Gap & Fiscal Policy Reforms: Where are Investment Opportunities in 2026, by Mr Tope Ojo, Managing Partner, Tope & Tunde Estate Surveyors & Valuers
- Investment Opportunities In The Alternative Markets In 2026 & Beyond, by Dr Sylvester Anaba (PhD, FCS) Head Research, United Capital Plc
- 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
- 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
- Strategies For Equity Investing & Trading In A Pre-Election Year, by Mr Kebira Jimoh Aruna, MD/CEO GlobalView Capital Ltd
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● The power of liquidity and corporate earnings in price movement.
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Date: December 6, 2025
Fee: N75,000
Venue: Zoom
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