Sell Pressure Persists As NGX Extends Losing Streak, Index Sheds 0.70% amid Broad-Based Declines
Market Update For October 29, 2025
The Nigerian equities market extended its losing streak on Wednesday as sustained sell pressure across major sectors weighed on market performance. The negative sentiment reflected investors’ cautious stance amid persistent macroeconomic challenges, weak liquidity in the system, and global uncertainties. Market participants remained defensive, focusing on capital preservation and profit-taking ahead of month-end positioning.
Trading activities opened on a quiet note, with modest early gains in mid-cap stocks quickly reversed by losses in large-cap names, particularly within the industrial goods, banking, and consumer goods sectors. The market’s overall mood mirrored broader economic concerns — rising inflation, volatile exchange rates, and expectations of tighter monetary policy by the Central Bank of Nigeria (CBN).
Participation remained relatively soft as the total volume traded declined by 13.81% to 452.89 million units, valued at ₦14.84 billion, in 27,654 deals, reflecting investors’ cautious approach. TANTALIZER Plc led activity by volume, contributing 12.53% of total transactions, followed by SOVRENINS (10.18%) and ACCESSCORP (8.53%). On the value side, GTCO Plc, ARADEL Holdings, and ZENITHBANK Plc dominated, with GTCO accounting for 20.76% of total traded value — underscoring continued institutional interest in tier-one banking equities despite the ongoing market correction.
From a technical standpoint, the NGX All-Share Index (ASI) continues to trade below its 20-day and 50-day moving averages, confirming sustained bearish momentum. The Relative Strength Index (RSI) stands at 47, indicating the market is nearing an oversold region, which could trigger mild bargain-hunting in the coming sessions. The inability of the index to stay above the 155,000-point psychological level signals weak investor conviction and a lack of buying momentum.
Across sectors, performance remained broadly negative. The industrial goods index was hit by losses in BUACEMENT and DANGCEM, while GUINNESS and HONYFLOUR dragged the consumer goods index lower. The banking index also weakened due to selloffs in UBA, GTCO, and ZENITHBANK, reflecting cautious capital rotation into fixed-income assets amid high yields. The oil and gas sector closed weaker as ETERNA and ARADEL suffered heavy declines following a recent pullback in global crude oil prices. Nonetheless, a few small-cap stocks saw renewed interest as traders positioned for short-term gains.
Globally, oil prices steadied on Wednesday as investors balanced optimism over renewed U.S.-China engagement with concerns about OPEC+ production policy. Brent crude gained $0.11 or 0.2% to settle at $64.51 per barrel, while U.S. West Texas Intermediate (WTI) rose $0.06 or 0.1% to $60.21 per barrel. Traders reacted positively to news that Chinese President Xi Jinping would meet U.S. President Donald Trump in Busan, South Korea, with expectations that the dialogue could ease trade tensions and revive global demand. Sentiment was further supported by forecasts of declining U.S. crude inventories, even as analysts weighed a potential increase in OPEC+ output quotas.
Looking ahead, market sentiment in the Nigerian bourse is expected to remain cautious in the short term as investors await clarity on domestic macroeconomic policies and fiscal direction. However, value hunters may take advantage of current price weakness to reposition in fundamentally strong stocks, particularly within the banking and agribusiness sectors.
At the close of trading, the NGX All-Share Index (ASI) declined by 0.70% to close at 154,260.98 points, from 155,353.20 points in the previous session. The downturn resulted in a ₦693.26 billion loss in market capitalization, which fell to ₦97.91 trillion, while the year-to-date (YTD) return moderated to 49.88%.
The bearish performance was driven by selloffs in key blue chips such as BETAGLAS (-10.00%), ETERNA (-8.05%), ARADEL (-7.94%), CUSTODIAN (-6.37%), GUINNESS (-5.31%), BUACEMENT (-2.78%), DANGSUGAR (-2.71%), UBA (-1.52%), and GTCO (-0.11%).
Top Gainers:
DEAPCAP Plc led the gainers’ list following renewed investor interest in undervalued financial service companies. (DEAP Capital Management & Trust Plc offers investment management, trusteeship, and financial advisory services.) ASOSAVINGS Plc, (Aso Savings & Loans Plc, a mortgage institution specializing in housing finance and property development), and OKOMUOIL Plc, (Okomu Oil Palm Company Plc, a leading agribusiness firm engaged in palm oil and rubber production), advanced strongly, trading at new 52-week highs of ₦0.86 and ₦1,080.20, respectively.
Top Losers:
BETAGLAS Plc, (Beta Glass Plc, a major glass packaging producer serving the beverage, food, and pharmaceutical sectors), topped the losers’ list after shedding 10%, reflecting profit-taking. ETERNA Plc, (a downstream oil and gas firm engaged in petroleum marketing and blending), and ARADEL Holdings Plc, (an independent energy company with upstream and power generation assets), followed with steep losses of 8.05% and 7.94%, respectively. Other major decliners included CUSTODIAN Investment Plc, (a diversified financial services group with subsidiaries in insurance and asset management), and GUINNESS Nigeria Plc, (a subsidiary of Diageo Plc engaged in beverage manufacturing and distribution), both pressured by institutional selloffs.
Overall, market breadth closed negative with 37 decliners against 18 advancers, underscoring the dominance of bearish sentiment as investors continued to de-risk their portfolios in response to macroeconomic and global headwinds.
