The Nigerian Exchange (NGX) commenced the trading week on a cautious note as the All-Share Index (ASI) dipped marginally by 0.01%, leading to an N8 billion drop in market capitalisation. Despite the bearish start, broader market fundamentals remain resilient, with weekly, monthly, and year-to-date gains sustaining investor confidence.
The ASI fell by 12.54 points to settle at 109,697.83 at the close of trading on Monday, May 20, 2025, while market capitalisation slipped to N69 trillion from the previous trading session’s N69.008 trillion.
However, market activity saw significant improvement across key performance indicators. Investors exchanged 486.1 million shares in 24,883 transactions valued at N11.38 billion—a 13% increase in volume, 32% surge in turnover, and 52% jump in deal count when compared to Friday, May 16.
Sectoral Overview: Mixed Performance Across Board
The day’s trading highlighted a mixed performance across various sectoral indices:
Consumer Goods Index rose by 1.55%, driven by gains in fast-moving consumer stocks.
NGX Insurance Index gained 0.56%, reflecting increased investor appetite for insurance equities.
Main Board Index also recorded a mild uptick of 0.24%.
Conversely, the Oil and Gas Index slipped by 0.19%, and the Industrial Goods Index dropped 0.17%, indicating profit-taking activities in those sectors.
Top Gainers and Losers
A total of 127 equities were active during Monday’s session, with 46 gainers and 23 losers recorded.
Gainers:
Ikeja Hotel led the chart, gaining 10.00% to close at N15.40 per share.
Tantalizers Plc and Beta Glass followed with gains of 10.00% and 9.98% respectively.
Northern Nigeria Flour Mills added 9.97%, contributing to the bullish sentiment in consumer goods.
Losers:
The Initiates Plc (TIP) topped the losers’ chart, declining by 10.00% to close at N6.12.
Associated Bus Company dropped 9.83%, University Press fell by 9.77%, and FTN Cocoa Processors dipped 9.65%.
Volume Drivers and Market Breadth
Access Holdings led in volume with 45.1 million shares traded, followed closely by Fidelity Bank (39.4 million), Guaranty Trust Holding Company (32.4 million), and Cutix Plc (24.1 million), indicating strong participation from financial and industrial sectors.
Despite the day’s negative close, market breadth remained positive with more gainers than losers, reinforcing the bullish sentiment that carried through from the previous week.
The NGX had posted a strong performance last week, with investors gaining over N614 billion. The ASI rose by 0.90% to 109,710.37 points, while the market cap ended at N68.953 trillion. Analysts suggest that last week’s momentum could cushion the slight dip recorded at the start of this week.
Market analysts remain optimistic, projecting continued investor interest in fundamentally strong stocks amid attractive valuations and improving macroeconomic indicators. They noted that the marginal drop in market cap on Monday is a healthy correction in a largely bullish market, and not necessarily a bearish reversal.
“Given the recent positive corporate earnings, especially in the banking and industrial sectors, we expect the NGX to remain upbeat. The increased activity in terms of volume and value traded indicates that institutional investors are rebalancing their portfolios,” said Ifeoma Adigwe, an equities analyst at Afrivest Securities.
Although the Nigerian stock market began the week with an N8 billion loss in capitalisation, increased trading activity, broad sectoral resilience, and consistent investor confidence highlight a stable and optimistic outlook. The NGX’s ability to hold onto multi-week and year-to-date gains demonstrates the market’s underlying strength, even amid intermittent profit-taking.