The first trading week of September on the Nigerian Exchange (NGX) recorded a mixed sentiment of buying interests and selloffs in the face of bear transition and seeming rebound. The short trading week of four sessions closed lower after a bout of three down markets and a lone upmarket, as the Federal Government declared Friday, September 5, 2025, a public holiday to mark the Muslim holiday of Eid el-Maulud.
NGXASI Daily Chart
Trading started the week on a bearish note as the NGX All-Share Index (ASI) dropped 0.41%, closing at 139,722.19 basis points, just as ₦362.77 billion was wiped off the market value, reducing the year-to-date (YTD) return to 35.75%. This followed losses suffered by ETERNA, OANDO, WAPCO, UBA, and ZENITHBANK, leading 32 decliners whocj outweighed the 15 advancers. Transaction volume fell 6.24% to 407.98 million units worth ₦14.78 billion, led by FCMB in volume and ARADEL in value.
The sell-off persisted on Tuesday when the ASI slipped 0.70% to 138,737.64 points, while ₦622.95 billion was erased from market capitalisation, further cutting YTD return further to 34.79%. Heavy sell pressure was noticed in PZ Cussons, WAPCO, CADBURY, BERGER, DANGSUGAR, TRANSCORP, ACCESSCORP, UBA, and GTCO, which drove the decline. Market breadth worsened, with 47 losers against just 9 gainers. Trading volume was relatively flat at 407.57 million units worth ₦39.87 billion, with GTCO leading by volume and SEPLAT by value.
The bearish sentiment extended into Wednesday as the ASI dipped by a further 0.42% to 138,157.16 points, wiping out ₦367.29 billion and dragging YTD return to 34.23%. Sell pressure in CAP, PZ, NB, OANDO, UBA, ZENITHBANK, and GTCO weighed on the market, with 42 stocks declining against 13 gainers. However, trading activity improved, with volume rising 18.45% to 482.76 million units worth ₦19.67 billion, led by ACCESSCORP in volume and ARADEL in value.
The market staged a recovery on Thursday, breaking a six-day losing streak. The ASI climbed 0.60% to 138,980.01 points, adding ₦520.63 billion to investors’ wealth and lifting market capitalization to ₦87.94 trillion, while YTD return improved to 35.03%. Bargain hunting in HONYFLOUR, TRANSCORP, NGXGROUP, NB, PZ, UBA, GTCO, and ACCESSCORP fueled the rally, with 38 gainers outpacing 12 losers. Trading volume surged 276.79% to 1.82 billion units worth ₦15.98 billion, dominated by SOVRENINS.
Despite Thursday’ rebound, however, the market ended the week lower with ASI and market capitalization slidding 0.94%, closing at 138,980.01 points and ₦87.94 trillion, respectively.
NGXASI Weekly Chart
Week-to-date, the All-Share Index lost 0.94%, with the NGX 30 falling 0.77% down. The Banking Index posted a bigger loss of 1.52%, just as the Pension Index declined by 0.90%, and the Insurance Index by 0.36%, wile the Consumer Goods Index shed 1.18%. The Oil and Gas Index lost 0.77%. On a year-to-date basis, the All-Share Index is up 35.03%, while the NGX 30 has gained 33.18%, The Banking Index surged 38.81%, the Pension Index jumped 45.97%, the Insurance Index rose 78.13%, and the Consumer Goods Index posted a robust 82.07% increase. However, the Oil and Gas Index declined by 12.87%. Market breadth is negative, with 19 stocks advanced and 64 declined.
Sovereign Trust Chart
Sovereign Trust Insurance, a Nigerian non-life insurance company, orignally known as Grand Union Assurances Ltd until 1995 topped the week’s gainers’ chart, rising from ₦2.60 to ₦2.97, up 14.23%, followed by Secure Electronic Technology which advanced from ₦0.85 to ₦0.96, up 12.94%. Cornerstone Insurance gained 12.36%, climbing from ₦6.39 to ₦7.18, while NCR Nigeria rose from ₦11.55 to ₦12.70, a 9.96% increase. SCOA Nigeria closed the top five gainers, appreciating from ₦6.00 to ₦6.59, up 9.83%.
Daar Comm Chart
On the losers’ table, Daar Communications, a leading Nigerian media and entertainment company operating through AIT television channels, Raypower and Faaji FMs, and DAAR News, among other segments, lost the most, dropping from ₦1.09 to ₦0.86, a decline of 21.10%. UPDC fell 13.85% down from ₦6.50 to ₦5.60, while AIICO Insurance shed 13.61%, falling from ₦4.04 to ₦3.49. Champion Breweries dipped 13.29% from ₦17.30 to ₦15.00, and PZ Cussons lost 13.28%, sliding from ₦36.90 to ₦32.00.
Market Outlook:
Heading into the new week, market participants should prepare for a continuation of mixed sentiment. The recent PMI reading at 54.2 — the highest in 19 months — provides a bullish macroeconomic backdrop, hinting at robust activity in services, construction, and agriculture. This could support earnings expectations for key listed companies and attract selective accumulation by institutional players.
However, foreign portfolio investors may remain cautious given the volatile FX environment, elevated interest rates (with MPR at 24.75%), and the global macro headwinds that have kept risk appetite muted. Technically, a decisive break and close above 140,500–141,000 with rising volume could confirm a short-term trend reversal, triggering a push toward 142,800 and potentially resuming the medium-term uptrend. Failure to sustain Thursday’s momentum and a breakdown below 137,800 would, however, confirm bears are still in control, raising the probability of further downside.
For traders, this is a market that rewards discipline. Maintaining tight stop-losses, watching for bullish divergence setups on RSI and MACD, and taking profits quickly at resistance levels may be prudent strategies until a clear trend direction emerges. Investors with a longer horizon may use the pullback to accumulate fundamentally strong stocks in banking, telecom, and energy sectors at attractive entry levels.
Trending in the Economy: Nigeria’s private sector grew strongly in August, with the Stanbic IBTC PMI hitting 54.2 — the highest in 19 months — on the back of stronger demand and output in services, construction, and agriculture. Companies hired more workers and reduced backlogs, while slower cost increases hinted at easing inflation and potential monetary policy relaxation.
Meanwhile, the U.S. donated $32.5 million to the World Food Programme to assist over 764,000 people in Nigeria’s Northeast and Northwest with food aid, vouchers, and nutrition support for women and children, as WFP warns of worsening hunger and malnutrition due to funding shortages.
Global Market and Oil: U.S. stocks briefly hit fresh record highs on Friday before reversing into negative territory as investors digested softer-than-expected August jobs data. The report showed a cooling labor market, which strengthened bets that the Federal Reserve could deliver a significant interest rate cut at its September 17 policy meeting — with some traders even speculating on a 50-basis-point move.
The market’s reaction was swift. Treasury yields fell sharply, with the two-year yield dropping to 3.53% and the benchmark 10-year yield sliding to 4.09%. Lower yields also dragged the U.S. dollar lower, with the dollar index slipping 0.5% to 97.75. The euro benefited from the weaker greenback, climbing 0.6% to $1.176.
Gold, often seen as a safe haven when rates fall and uncertainty rises, surged to a new record near $3,600 per ounce. “This number today puts a 50-basis-point rate cut at the next meeting back on the table,” said Art Hogan, chief market strategist at B. Riley Wealth in Boston, adding that a 75-basis-point cut before year-end is now likely.
In Europe, equity markets were subdued. The STOXX 600 fell 0.2%, France’s CAC 40 slipped 0.3%, while London’s FTSE 100 was little changed. The MSCI World Equity Index managed to edge up 0.13%, helped by a recovery in market sentiment after a turbulent week that saw global bond yields spike to multi-year highs amid concerns over government finances, particularly in the UK and France.
Yields across Europe eased Friday, with France’s 30-year government bond yield retreating to 4.39% from Wednesday’s peak of 4.52%, and the UK’s 30-year yield slipping to 5.55% after touching its highest level since 1998 earlier in the week. Germany’s 10-year yield also eased to 2.70% after data showed an unexpected drop in industrial orders for July.
Meanwhile, the U.S. and Japan finalized a deal to reduce auto tariffs, a move that sent the dollar down 0.7% against the yen to 147.5.
In commodities, oil prices fell for a third straight session ahead of an OPEC+ meeting over the weekend. Brent crude futures settled 2.2% lower at $65.50 a barrel, while U.S. West Texas Intermediate (WTI) crude dropped 2.5% to $61.87. The European Union’s energy commissioner signaled support for Washington’s proposal to halt purchases of Russian oil, a move that could reshape global energy flows.
Overall, Friday’s market action underscored investors’ growing confidence that the Fed will take decisive steps to support growth amid a slowing labor market, while also highlighting the delicate balance between easing financial conditions and global macroeconomic uncertainty.
Sectorial Indexes Weekly Chart
NGX Banking Index Chart
NGX Insurance Chart
NGX Industrial Index Chart
NGX Consumer Goods Index Chart
NGX Oil & Gas Index Chart
NGX 30 Index Chart
INVESTDATA Q4 MASTER CLASS
Theme Historic NGX Moves In Q4 & Beyond: What Next.
Sub-Topics
- The Power Of Seasonal Investing In A Recovering Economy- Dr Sylvester Anaba (PhD, FCS) Head Research, United Capital Plc
- New Actionable Trade Ideas & Strategies In Changing Stock Market, Alhaji Kasimu Garba Kurfi,MD/CEO Apt Securities & Funds Ltd
- Mastering Contemporary Technical Tools For Wealth Building In Any Market Cycle, Mr Abdul-Rasheed Momoh, Executive Director Operations, TRW Stockbrokers Ltd
- Time & Price Analyses For Money Making In a Dynamic Market, Mr Ambrose Omordion, CRO. Investdata Consulting Ltd.
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