The Nigerian stock market ended the week on a bearish note, shedding 3,290.97 points to close at 143,722.62, despite a solid 60.6% rally in NCR (Nigeria) Plc.
Tracked by the All-Share Index, the market slipped 2.24% from 147,013.59, dropping below the 145,000 mark once again and extending its losing streak to four weeks.
Investors traded 2.6 billion shares valued at N106.2 billion during the week, significantly lower than the previous week’s 7.3 billion shares worth N156.4 billion.
Market capitalization also reflected the bearish sentiment, dropping to N91.4 trillion from N93.5 trillion a week earlier.
- Only 20 equities recorded price gains, down sharply from 48 in the previous week.
- In contrast, 60 equities declined in price, compared to 45 the week before.
- Meanwhile, 67 equities closed unchanged.
Overall, the market closed the week under firm bearish pressure, bringing its year-to-date performance to 39.64%.
Market preview
The Nigerian All-Share Index closed every trading day in the week ended November 21 in negative territory.
- The week opened sharply lower on Monday, with the index dropping 1,853.82 points to 145,159.77.
- By Tuesday, it had slipped below the 145,000 mark after a 0.12% decline.
- Losses continued mildly and steadily for the rest of the week, and by Friday, the index had settled below 144,000.
Key highlights
The NGX Premium Index fell 4.79%, driven largely by notable declines in heavyweights: ACCESSCORP dropped 10.9%, DANGOTE CEMENT lost 10%, UBA was down 7.75%, and ZENITH BANK fell 6.64%. MTN, FIRSTHOLDCO, and UBA posted smaller losses of under 3%.
- NGX 30 Index shed 2.34%, while the NGX Main Board Index declined 0.71%.
Sectoral performance
- The NGX Insurance Index plunged 7.05%, with International Energy Insurance sliding 22.06%. VERITAS KAPITAL ASSURANCE, AIICO INSURANCE, NEM INSURANCE, CONSOLIDATED HALLMARK HOLDINGS, and LINKAGE ASSURANCE also weighed on the sector, each posting double-digit declines above 10% but below 15%.
- Following closely was the NGX Industrial Goods Index, which slipped 4.50% as heavyweight DANGOTE CEMENT fell 10%. Mid-cap names like CUTIX (down 7.94%) and BERGER PAINTS (down 4.41%) added further pressure.
The NGX Banking Index declined 3.85%. ACCESSCORP dropped 10.9%, ZENITH BANK lost 6.64%, and WEMA BANK fell 5.53%, while FCMB and GTCO posted softer losses of under 3%.
Also finishing lower were the NGX Oil & Gas Index and the NGX Consumer Goods Index, down 1.61% and 0.44% respectively.
Top gainers
Leading the pack was NCR (NIGERIA) PLC, which soared 60.55% week-to-date, marking a standout performance and closing at N41.10. UNIVERSITY PRESS PLC followed with a 17.65% gain, ending the week at N6.00.
Other major gainers included:
- Tantalizers Plc: up 17.29% to N2.51
- Caverton Offshore Support Group Plc: up 17.02% to N5.50
- UACN Plc: up 16.67% to N70.00
- Ikeja Hotel Plc: up 15.83% to N20.85
- Union Dicon Salt Plc: up 11.11% to N7.00
- Prestige Assurance Plc: up 9.70% to N1.47
- Haldane McCall Plc: up 8.97% to N4.25
- Eunisell Interlinked Plc: up 8.52% to N79.00
Top losers
On the flip side, INTERNATIONAL ENERGY INSURANCE PLC led the laggards, shedding 22.06% week-to-date to close at N2.12. MCNICHOLS PLC followed with a 14.90% decline, finishing the week at N2.57.
Other notable decliners were:
- Veritas Kapital Assurance Plc: down 14.89% to N1.60
- AIICO Insurance Plc: down 13.70% to N3.15
- LivingTrust Mortgage Bank Plc: down 13.53% to N3.58
- Livestock Feeds Plc: down 12.86% to N6.10
- NEM Insurance Plc: down 12.75% to N26.00
- Consolidated Hallmark Holdings Plc: down 12.27% to N3.86
- Linkage Assurance Plc: down 11.58% to N1.68
- Access Holdings Plc: down 10.87% to N20.50
Corporate actions overview
The week featured few corporate disclosures and sector-wide developments:
- Unilever announced the appointment of a new director to its board.
- Multi-Trex Integrated Foods published its financial statements for the period ended April 2024.
- FCMB Group Plc raised its capital-raise ceiling—from N340 billion to N370 billion, and now to N400 billion.
- Champion Breweries released its audited financial statements for the half year ended June 30, 2025.
Market outlook
The Nigerian All-Share Index continues to face persistent bearish pressure, with the risk of further declines if negative sentiment persists.
That said, a rally in select mid- and large-cap stocks could provide much-needed support, potentially helping the index regain the 150,000 level in the near term.
