NGX Daily Market Summary – Thursday, November 6, 2025

Market Overview

The Nigerian equities market closed down -0.36% on Thursday, with the NGX All Share Index (ASI) settling at 150,573.87. Market sentiment was notably bearish, as decliners (41) nearly doubled advancers (22), reflected in a market breadth of 0.54x. Despite the pullback, year-to-date returns remain a vibrant +45.40%, emphasizing the market’s impressive resilience this year. Trading activity was robust, with total volume traded at 513.10M shares (up from the previous day), and turnover climbing 3.85% to ₦14.89B.

Market Breadth & Participation

• Bearish breadth: Only 22 stocks advanced versus 41 decliners, suggesting a broad-based selloff with some bargain-hunting in select names.
• Volume Movement: Trade volume increased for 57 companies and declined for 84—highlighting rotation into specific, mostly high-conviction plays.
• Turnover: The steady rise in turnover despite negative price action suggests institutional positioning—potentially rebalancing or profit-taking into market strength.

Top Gainers & Losers - Daily Movers

• Biggest climber: GREENWETF (+10.00%) showed robust technical momentum (healthy MACD, strong positive close above both its 15 and 50DMA) – ETF demand appears resilient.
• Headline loser: LEGENDINT (-9.93%) led the declines, closely trailed by CHAMPION (-9.72%). Notably, SOVRENINS and LINKASSURE both remain under notable technical stress, with negative price/volume trends and technical breakdowns below moving averages.
• Several top gainers (FCMB, GREENWETF, STANBICETF30) also register among stocks with unusual volume, suggesting institutional or smart money involvement.

Significant Trends & Patterns

• Turnover & Volume Uptrend: Despite a net market loss, both turnover and traded volume increased, hinting at active institutional repositioning and potential accumulation in select pockets.
• Unusual Volume Highlights:
  • FCMB (314.78% of 90DAvg)—Price jumped +8.0%, breached the 15DMA, and saw heavy inflows from institutions (139M units). Momentum and volume signals converge bullishly here.
  • GUINNESS (1185% of 90DAvg)—Despite a price dip (-3.41%), massive volume may signal a shakeout or block trades; watch for reversal or follow-through.
  • CONHALLPLC (+311%) and PZ (+143%)—both posted significant volume spikes, signalling possible re-rating or position building.
• Bullish Momentum Leaders:
  • Strong 15DMA breakouts in FCMB, HONYFLOUR, STANBIC, UNILEVER
  • Several ETFs (LOTUSHAL15, STANBICETF30) also produced strong buy signals, aiding sector-wide ETF flows.
• Bearish Momentum Laggards:
  • ETI, BERGER, STERLINGNG, CHAMPION, LEGENDINT all triggered 15DMA breakdowns and may see further pressure if volumes persist.
  • LINKASSURE notable for simultaneous price weakness and a breakdown below both short- and long-term moving averages.

Year-to-Date (YTD) – Gainers & Losers

• Overlap Note: GREENWETF, FCMB, and STANBICETF30 are represented in both the top daily gainers and the bullish momentum table, reinforcing technical strength.
• Downside Continuation Risk: Multiple names from the YTD loser table, such as SOVRENINS, also appear among the day's decliners and in the bearish momentum list. This underscores weak hands and continued pressure—avoid attempting to catch falling knives.

Bullish & Bearish Momentum Tables – Key Insights

• Bullish breakouts:
  • FCMB—Confirmed with unusual volume and price breakout above 15DMA; MACD still neutral but positioning is strong.
  • HONYFLOUR and STANBICETF30—Consistent with YTD outperformance, these signals may draw more trend-followers.
• Bearish signals:
  • CHAMPION: Broke below both 15DMA and hit the day's losers list. RSI not yet oversold, so further caution warranted.
  • LEGENDINT and LINKASSURE: Downward break suggests shorts or further de-risking may occur soon.
• No extreme RSI divergences (no stocks above RSI 70 or below 30 in these lists today), but several are near critical levels. Monitor for reversals.

Contrarian Signals

• FCMB: Despite momentum and unusual volume, its RSI sits at 40.32 (not overbought), suggesting further upside may be available if macro/sector sentiment holds.
• CHAMPION: Down -9.72% YTD yet MACD is not deeply negative (-0.04), and RSI is mid-band (51.8). If negative momentum fades, this could set up for a short-term technical bounce.
• SOVRENINS: Appears on both YTD and daily loser tables, but shows a positive MACD histogram, hinting at a possible reversal if volume and sentiment improve.

Sector Heatmap

Dividend–Beta Matrix

Institutional Clustering & Trade Patterns

• ZENITHBANK: Led institutional activity, absorbing 6.4% of total institutional volume and 14.4% of value. Such clustering typically signals major rebalancing or strategic positioning.
• FCMB: Featured in both institutional and retail top trades, further affirming its dominant liquidity and investor interest for the day.
• Market Breakdown:
  • Institutional investors accounted for 36.07% of trades but a commanding 77.90% of volume and 89.24% of value. Their trades—especially in heavy banking names—drove broader market flows and may lead to aftershocks in coming sessions.
  • Retail trades were 63.93% by count but only 22.10% of volume, indicating institutions are steering direction while retail chases moves.

High Dividend Yield – Bullish & Bearish Implications

• SOVRENINS and LINKASSURE offer high yields, but appear in the bearish table—caution advised; dividend traps are possible.
• FCMB is rare for aligning high yield with both bullish technicals and large volume—a focus for momentum- and income-seeking portfolio managers.

Currency Market Note

The Naira edged lower by -0.02% to 1,442/USD. Forex pressure may weigh on foreign holdings and repatriation-sensitive equities. Keep an eye on importers and dollar earners.

Actionable Insights & Suggestions

• Bullish Opportunities: FCMB and GREENWETF are showing synchronized momentum, unusual volume, and improving institutional interest—prime watch-list additions.
• Caution Zones: CHAMPION, LEGENDINT, and SOVRENINS remain in multi-frame technical breakdown. Defensive investors should stay clear unless reversal signals appear.
• Defensive Play: Seek out defensive, high-yield, low-beta names but only after confirming technical stabilization (especially LINKASSURE, STANBIC).
• Swing trade setups: Names with both institutional flow and unusual volume (FCMB, ZENITHBANK) could provide high-liquidity entries for active traders.

Bottom Line: While short-term breadth signals caution, underlying signals in select momentum names (especially with heavy institutional and unusual volume) offer actionable trade set-ups for nimble bulls. Defensive yield hunters must avoid technical traps and instead stagger entries after technical signals reset.