The Nigerian Exchange (NGX) continued its bearish run on November 4, 2025, as sustained selloffs in heavyweight stocks deepened losses across the market.
The All-Share Index (ASI) fell by 1,109.5 points, or 0.72%, closing at 152,629.6 compared to 153,793.1 in the previous session.
Market capitalization dropped by ₦612 billion, to settle at ₦96.9 trillion.
The decline erased part of the strong gains recorded earlier in the year, though the index remains up 48.29% year-to-date, supported by previous rallies in large-cap equities.
FUGAZ Stocks Lead Decline
Losses in key banking stocks drove the day’s downturn as most FUGAZ stocks finished in the red. GTCO slumped 4.86%, Access Holdings shed 2.95%, UBA dipped 2.47%, and Zenith Bank fell 2.30%. First Bank Holdings was the lone gainer in the group, rising slightly by 0.16%.
The weakness across these bellwether stocks reflected investors’ cautious sentiment amid profit-taking and macroeconomic concerns. Analysts say traders are likely reassessing positions after the recent surge in valuations and may wait for stronger catalysts before re-entering the market.
SWOOTs Close Mixed
Among the Stocks Worth Over One Trillion Naira (SWOOTs), trading was mixed. Stanbic IBTC edged higher by 0.31%, while International Breweries and Nigerian Breweries slipped 2.61% and 2.10%, respectively. The performance of these blue-chip names suggests selective investor interest, with preference shifting toward defensive plays and dividend-yielding stocks.
Top Gainers and Losers
On the gainers’ chart, EUNISELL led with a 10.00% increase to ₦64.90, followed closely by SUNU Assurance, up 9.98% to ₦4.96. Honeywell Flour gained 9.72%, Livestock Feeds rose 7.25%, and TIP advanced 4.17%.
However, NASCON and Sky Aviation topped the losers’ table, each falling 10.00% to ₦99.00 and ₦89.55, respectively. Oando declined 9.99% to ₦43.25, UPDC lost 9.92% to ₦5.54, while Learn Africa shed 9.86% to ₦5.85.
Trading Activity Strengthens
Despite the market’s decline, trading activity improved as total volume rose to 683 million shares from 627 million in the previous session. ASO Savings led with 111.9 million shares, followed by FCMB with 110.1 million. Fidelity Bank traded 55.1 million shares, while Zenith Bank and First Bank Holdings posted 38.2 million and 29.8 million shares, respectively.
In terms of transaction value, Stanbic IBTC dominated with ₦3.1 billion worth of trades. Zenith Bank followed with ₦2.3 billion, Nestlé Nigeria posted ₦1.5 billion, Aradel Holdings ₦1.3 billion, and FCMB ₦1.1 billion.
Market Outlook
Although the NGX remains above the 150,000-point threshold, investor sentiment appears fragile. Analysts expect that renewed buying interest in large-cap stocks could trigger a rebound if macroeconomic indicators stabilize.
For now, the cautious tone in trading signals that investors are watching for fresh triggers before taking new positions.