Weekly Nigeria Stock Market Summary (Week Ending Friday, November 7, 2025)

This week, the Nigerian equities market posted a downbeat performance as the NGX All Share Index (ASI) tumbled -2.74%, accelerating from last week's -0.88% decline. The ASI now stands at 149,524.81, trimming its robust Year-To-Date (YTD) return to 44.92% (from 49.38% last week)—still a stellar run in 2025, but showing mounting selling pressure. Market turnover fell significantly by -17.61% even as volumes increased by 14.15%, signaling activity is being driven by lower-priced or smaller-cap stocks. On volatile breadth, we saw only 27 advancers versus 78 decliners, as the market breadth ratio slid to 0.35x, highlighting broad-based declines.

Notably, sectors diverged sharply, with commodity-linked stocks showing resilience and growth and insurance and growth stocks underperforming. Retail participation remained dominant by trade count, but institutions commanded the lion's share of value and volume, especially in bellwether names.

?? Significant Market Breadth Trends

• Breadth remained decidedly negative: Only 15.17% of listed stocks advanced, while a hefty 43.82% declined; the rest were unchanged.
• More volatility in volumes: Volume uptick in 140 companies vs 143 posting lower volumes, paired with 3 new highs and just 1 new low—suggesting selective buying interest amid broader weakness.
• The market breadth ratio (0.35x) is notably low, signaling that the downtrend is broadening and not restricted to a few laggards.

?? Week's Top Gainers & Losers

• Momentum standouts: EUNISELL (RSI 80.3) and NCR (RSI 84.8) have entered overbought territory, suggesting short-term price exhaustion or speculation, but bulls are clearly in charge for now.
• HONYFLOUR remains a bread-and-butter momentum favorite, up 216.5% YTD, highlighting continued rotation into outperforming food producers.
• The ETF segment shows that index-based strategies (STANBICETF30, MERVALUE) provided relative shelter from broad market weakness, alongside sector themes (consumer, value).

• SOVRENINS (-27.84%), SKYAVN (-18.99%), CHAMPION (-18.50%): All suffered sharp profit-taking. Notably, SKYAVN's RSI at 27.8 signals it is in deep oversold territory and could be watched for mean-reversion bounces.
• Many "losers" remain strong outperformers YTD—CILEASING, CHAMPION, and SOVRENINS have triple-digit YTD growth even after this week's pullback, suggesting cyclical correction rather than long-term downtrend for some.

?? Year-To-Date (YTD) Top Movers

• Gainers like EUNISELL, NCR, HONYFLOUR, and CHAMPION present overlapping resilience both WTD and YTD—a sign that strong trends are being rewarded and momentum chasing remains lucrative in pockets.
• OANDO is a significant YTD laggard (-39%) despite a relatively mild sector downturn, a red flag for energy-focused investors.

?? NGX Indexes Weekly & YTD Performance

• Commodity sector was the sole index gainer this week (+0.22% WTD), showing rotation into inflation hedges.
• NGX Growth & Insurance were heavily hit, with the NGX Growth Index down -7.22%—a deep correction despite its +85.34% YTD gain, possibly signifying unwinding of high-beta bets.
• Most indexes, despite weekly setbacks, retain strong double-digit (and in some cases, >60%) YTD returns, confirming that this week’s correction is part of a larger bull trend, though signals risk of mean reversion and sector rotation.
• NGXASEM is a notable underperformer YTD (-12.05%)—avoid exposure to micro-cap or alternative securities segment until trend shifts.

?? Insights & Tactical Predictions

• Turnover Decrease: The -17.61% drop in value traded vs. increasing volumes (+14.15%) suggests risk aversion; more trades in smaller caps or penny stocks, rather than conviction in blue chips.
• Advancers vs. Decliners: With decliners tripling advancers, market leadership is narrow; watch for further downside if breadth fails to improve next week.
• Stocks with Unusual Volumes: SELECT names like EUNISELL (80+ RSI, big WTD & YTD move), and SKYAVN (oversold, high volume) are experiencing intense speculative flows—signals to use tighter stops for active traders.
• Momentum Overlap: Top WTD gainers (EUNISELL, NCR, HONYFLOUR) are also dominant YTD, while several WTD losers retain strong YTD uptrends (e.g., CHAMPION, SOVRENINS)—trend followers should exploit these "buy-the-dip” zones on sharp corrections.
• Bullish momentum names:
  • EUNISELL (RSI: 80.3): Bullish, strong 15D > 50D MA, positive MACD; but beware of overbought reversal risk.
  • NCR (RSI: 84.8): Similarly strong technicals; short-term parabolic extension.
  • Other ETF gainers (e.g. MERVALUE, STANBICETF30) show continued upside as sector rotation theme.
• Bearish momentum names:
  • SKYAVN (RSI: 27.8): Deeply oversold on heavy volume; likely to attract value buyers soon.
  • CHAMPION, CILEASING, INTENEGINS: RSI in 30s to low 40s, MACD negative, 15D < 50D MA—a signal of potential further downside or retest of support.
• Dividend strategies: No high yielders in top bullish names this week. HONYFLOUR (Div. Yield 1.4%) and SOVRENINS (3.75%) offer income but with different risk profiles; the latter is sliding despite yield, implying the market is not chasing dividends in weak names right now.

?? Retail vs. Institutional Trading: Patterns & Insights

• Institutions dominate in value and volume: Account for just 37.2% of trades but 73.5% of volume and 88.3% of traded value.
• Top 5 Institutional Trades:

  Symbol	TradeCount	TotalVolume	TotalTradeValue (?)	Sector
  ZENITHBANK	197	20,429,490	1,225,409,547.75	Banking
  MTNN	183	1,999,254	937,585,976.10	Telecom
  ACCESSCORP	155	18,886,407	413,627,118.15	Other Fin. Inst.
  SEPLAT	118	124,794	672,176,573.80	Oil & Gas
  ARADEL	114	1,164,849	811,690,383.80	Integrated Oil & Gas

• Top 5 Retail Trades:

  Symbol	TradeCount	TotalVolume	TotalTradeValue (?)	Sector
  MTNN	2,040	371,219	174,949,361.40	Telecom
  ZENITHBANK	1,193	2,029,755	121,810,814.75	Banking
  ACCESSCORP	1,114	4,486,855	98,155,396.60	Other Fin. Inst.
  GTCO	973	963,881	82,091,231.20	Banking
  FCMB	923	3,706,202	38,898,503.45	Other Fin. Inst.

• Both segments favor key banking and telecom stocks. This cross-segment overlap in heavyweights like MTNN and ZENITHBANK signals continued broad market reliance on the blue-chips for stability, liquidity and fast in-and-out access—especially when underlying sentiment is cautious.
• Retail investors focus more on frequency of trades, while institutions capture block size, controlling the money flow. Large institutions evidently price-setters—watch for block trade signals in these names to discern sentiment shifts.
• Trading Suggestion: For nimble traders, shadowing institutional flows into liquid names, or contrarian plays in deep oversold stocks (e.g., SKYAVN), may offer better short-term risk/reward than chasing overbought names.

?? Tactical Suggestions for Traders

• Stick With Strength (But Trail Stops): Be alert to parabolic moves in EUNISELL, NCR, HONYFLOUR—RSI suggests "hot” overbought zones; protect profits.
• Watch for Mean Reversion: SKYAVN and CHAMPION are oversold and could rebound if bargain-hunters jump in.
• Look for sector rotation: Sectors with resilient YTD gains but deep weekly pullbacks (e.g., insurance, growth) may soon attract dip-buyers, but require patience for confirmation.
• Dividend Hunters: Avoid high-yielders that are also technical laggards (SOVRENINS, TANTALIZER); instead, target quality income names only after reversal signs.
• Monitor Institutional Flows: Institutions dominated trade value—watch for any sudden increase in retail volume as a sign of "hot money” entering or exiting trend stocks.