NGX Loses N70bn as Market Dips on May 22

On Wednesday, May 22, 2025, the Nigerian Exchange (NGX) closed in negative territory, erasing gains from the previous trading session as investors lost approximately N70 billion in market capitalisation. The decline reflects ongoing volatility in the equities market amid mixed investor sentiment and sector-specific pressures.

The All-Share Index (ASI) dropped by 111.37 points, representing a marginal 0.1 percent decrease, to settle at 109,619.10 points. Correspondingly, the total market capitalisation fell from N69.0 trillion to N68.9 trillion, signaling a cautious outlook among traders and portfolio managers.


Interestingly, despite the dip in market value, overall trading activity improved, highlighting increased investor participation. Market players exchanged a total of 664.16 million shares worth N13 billion, transacted through 19,439 deals. This represents a significant 34 percent increase in volume compared to the prior day, even as turnover value declined slightly by 2 percent.

The market breadth showed a balanced picture with 29 stocks gaining value against 28 that lost ground. Meanwhile, 67 stocks remained unchanged, signaling mixed reactions across various sectors.


RT Briscoe Nigeria Plc led the gainers, surging 10 percent to close at N2.09 per share. Other notable winners included Eunisell Interlinked Plc (+9.75%), Livestock Feeds Plc (+9.61%), Linkage Assurance Plc (+9.46%), Meyer Plc (+8.89%), and Mutual Benefits Assurance Plc (+8.70%).

On the downside, Champion Breweries Plc was the worst performer, tumbling 10 percent to N7.20 per share. Lasaco Assurance Plc also recorded a 10 percent decline, closing at N2.52. McNichols Plc, Multiverse Mining and Exploration Plc, Sovereign Trust Insurance Plc, and Tantalizers Plc also saw significant declines ranging between 6.5 and 9.5 percent.

Japaul Gold and Ventures Plc dominated trading volumes with 90 million shares changing hands. It was followed by Tantalizers Plc with 82.7 million shares, Fidelity Bank Plc with 67.7 million shares, and Nigerian Breweries Plc with 52.2 million shares, reflecting investor focus on both blue-chip and mid-tier stocks.


Among sector indices, the Insurance Index was the standout performer, rising by 1.14 percent, supported by gains in Linkage Assurance and Mutual Benefits Assurance. The Consumer Goods Index also posted a modest gain of 0.49 percent, while the Main Board Index inched up 0.07 percent.

Conversely, the Top 30 Index, which tracks the largest and most liquid stocks on the NGX, fell by 0.13 percent. The Industrial Goods Index and Pension Index also declined by 0.11 percent and 0.15 percent, respectively, reflecting sector-specific challenges.


Despite the loss on Wednesday, the Nigerian stock market maintains a positive performance year-to-date, with the ASI delivering a 6.5 percent return so far in 2025. Over the past week, the market posted a 0.51 percent gain, while the four-week return stands at 4.66 percent, suggesting resilience amid volatility.

Market analysts attribute the dip partly to profit-taking following recent gains and concerns about macroeconomic uncertainties, including inflationary pressures, interest rate policies by the Central Bank of Nigeria (CBN), and global economic trends affecting capital flows.

The previous day had seen a recovery, led by strong performances from Nestle Nigeria Plc, Triple Gee and Company Plc, and Regency Alliance Insurance Plc, which helped lift market capitalisation by about N20 billion. This oscillation underscores the dynamic nature of the Nigerian equities market in 2025.


Investors are advised to monitor sectoral developments closely, especially in the financial, consumer goods, and industrial sectors, which tend to influence market trends substantially. Meanwhile, trading activity is expected to remain robust as market participants balance cautious optimism with the need to capitalize on short-term opportunities.