The Nigerian equities market closed in the red for yet another session on Wednesday, November 26, 2025, as sustained sell-offs across several heavyweight and mid-cap stocks wiped approximately N444 billion off investors’ wealth. The broad-based decline reflected deepening caution among market participants who continued to take profits or cut exposure amid lingering economic uncertainties and volatile trading conditions.
By the close of trading, the benchmark Nigerian Exchange All-Share Index (ASI) had shed 698.56 basis points, settling at 143,064.57 points compared to Tuesday’s closing figure of 143,763.13 points. Similarly, the total market capitalisation of all listed equities contracted by N444 billion, sliding from N91.4 trillion to N90.9 trillion after five hours of activity on the floor of the Nigerian Exchange Limited (NGX).
Despite the overall bearish tone, pockets of optimism were evident as 29 stocks posted price gains against 27 decliners, while 90 equities closed flat. This produced a marginally positive market breadth of 29-to-27 gainers versus losers. Trading activity remained robust, with investors exchanging a total of 738.35 million shares in 19,919 deals valued at N35.5 billion, indicating that liquidity was not the primary issue—rather, direction and sentiment were.
Top Gainers and Losers
Leading the advancers’ pack was AIICO Insurance Plc, which recorded the maximum permissible daily gain of 10 per cent to close at N3.52 per share. NCR (Nigeria) Plc followed closely with a 9.96 per cent appreciation, ending the day at N49.70, while Ikeja Hotel Plc rounded off the top three gainers with a 9.41 per cent rise to N25.00 per share. Other notable gainers included several small and mid-tier stocks that attracted bargain-hunting interest after recent corrections.
On the flip side, the losers’ chart was dominated by sharp declines in a number of consumer goods and education-related stocks. Learn Africa Plc bore the brunt of the selling pressure, plunging by the daily limit of 10 per cent to close at N5.22 per share. Cadbury Nigeria Plc was not far behind, shedding 9.92 per cent to settle at N53.10, while Meyer Plc lost 9.91 per cent to close at N14.55. The steep drops in these counters exerted significant downward pressure on the broader index and contributed heavily to the day’s valuation loss.
Activity Leaders by Volume and Value
In terms of trading volume, Guaranty Trust Holding Company (GTCO) Plc once again demonstrated its status as one of the most liquid stocks on the exchange, accounting for 134 million shares exchanged in 1,010 separate transactions. Access Holdings Plc trailed with 110 million units traded across 1,128 deals, while FBN Holdings Plc rounded out the top three with 62 million shares changing hands in 254 deals.
When measured by value, GTCO maintained its dominance, contributing N11.5 billion to the day’s turnover—reflecting both its high volume and relatively elevated share price. Stanbic IBTC Holdings Plc followed with trades worth N3.3 billion, while Nigerian Breweries Plc recorded N2.5 billion in transaction value. These tier-1 banking and consumer goods names continued to serve as the primary liquidity providers for the market.
Broader Context and Investor Sentiment
The persistent decline observed on Wednesday marks an extension of the cautious mood that has characterised the domestic bourse in recent weeks. Although the market has enjoyed periodic rallies driven by attractive valuations in selected blue-chip names, intermittent waves of profit-taking and portfolio rebalancing have repeatedly capped upside potential.
Analysts attribute the current volatility to a combination of domestic and global factors. Domestically, investors remain wary of elevated inflation, currency depreciation risks, and the pace of monetary policy tightening by the Central Bank of Nigeria. Globally, uncertainty surrounding the trajectory of interest rates in advanced economies and fluctuating commodity prices continue to ripple through emerging and frontier markets, including Nigeria.
Despite these headwinds, the relatively balanced breadth (29 gainers versus 27 losers) and sustained turnover suggest that the market has not slipped into outright panic mode. Institutional investors and high-net-worth individuals appear to be selectively accumulating stocks trading at multi-month lows, while retail participants engage in short-term trades to capitalise on intraday swings.
Market participants will be closely monitoring upcoming corporate earnings releases, macroeconomic data points (particularly inflation and GDP figures), and any policy pronouncements from the monetary and fiscal authorities for directional cues in the coming sessions.
For now, the Nigerian equities market remains in a consolidation phase, with bears holding a slight upper hand. Investors are advised to remain discerning, focusing on fundamentally sound companies with strong balance sheets and visible growth catalysts, while maintaining adequate liquidity to navigate the ongoing turbulence.
As at the close of trading on Wednesday, November 26, 2025, the NGX All-Share Index stood at 143,064.57 points, with aggregate market capitalisation at N90.9 trillion—marking yet another challenging day for Africa’s largest stock market by listed securities.
