General Market Mood- NGX TRADING SUMMARY FOR 22ND SEPTEMBER, 2025
The Nigerian equities market opened the week with a mild decline, as the NGX All Share Index (ASI) slipped by 0.24% to 141,845.34 points. Despite the drop, trading activity was lively: turnover rose by 6.51% to ₦13.05 billion, while traded volume also increased to 473.7 million shares, showing more activity compared to the last session.
But this activity was not bullish in nature. More stocks fell than rose — 23 advancers versus 32 decliners, showing a weak market breadth of 0.72. This suggests that while there was money moving around, it was concentrated in a few stocks and largely driven by selling pressure.
On the bright side, year-to-date performance of the ASI remains very strong at +37.14%, so the broader market is still in a healthy uptrend despite the daily setback.
Key Market Drivers
1. Institutional Investors Dominated
Institutions (big money players like pension funds and asset managers) drove 64.9% of volume and 86.7% of market value. Their trades were heavily concentrated in banks (especially Zenith Bank and UBA) and brewers. This institutional dominance explains why the market felt choppy: when they reshuffle portfolios, it can cause sharp swings.
2. Sector Rotation in Play
Banks saw heavy volume inflows (ZenithBank, UBA), while brewers had mixed fortunes — Nigerian Breweries (NB) sold off heavily (-7.6%) on more than double its usual volume, suggesting institutional exit, whereas Guinness held its ground with strong YTD gains. Insurance names like Prestige and Royal Exchange attracted bullish interest, breaking above short-term technical resistance.
3. The Naira Slightly Stronger
The currency firmed by 0.05% to ₦1,495/$, which gave a small boost to companies with dollar exposure.
Top Gainers
• Royal Exchange Plc (ROYALEX) gained the most, up 9.8% to ₦2.24. Its momentum is healthy, breaking above short-term averages, with signs of further upside if demand persists.
• Secure Electronic Technology Plc (NSLTECH) added 6.7% at ₦0.80.
• Chams Plc (CHAMS) rose 6.1% to ₦3.29.
• Prestige Assurance (PRESTIGE) gained 5.8% to ₦1.84.
• Daar Communications (DAARCOMM) closed up 5.7% to ₦1.12.
The common thread among these gainers is that they’re mostly low-to-mid cap stocks where retail traders and some institutions take tactical positions.
Top Losers
• McNichols Plc (MCNICHOLS) and SIAML Pension ETF 40 (SIAMLETF40) both dropped 10% each, closing at ₦3.33 and ₦527.40 respectively.
• Ikeja Hotel (Ikejahotel) lost 9.8% to ₦20.70.
• Greenwich ETF (GREENWETF) shed 9.1% to ₦210.00.
• FTN Cocoa Processors (FTNCOCOA) slipped 8.3% to ₦5.50.
Worth noting: both SIAML ETF 40 and Greenwich ETF are also among the worst performers YTD, showing consistent underperformance in ETFs this year.
YTD Leaders and Laggards
• UPDC is the standout winner, up +254% YTD, fueled by its massive dividend payout (34% yield).
• Guinness has surged +162% YTD, still enjoying momentum despite risks of being overbought.
• International Breweries (+133%) and Eunisell (+136%) also remain strong.
On the downside:
• Greenwich ETF (-60.7%) and SIAML ETF 40 (-34.1%) continue to disappoint.
• Ikeja Hotel appears on both the daily and YTD loser list — showing deeper structural weakness, not just temporary volatility.
Trading & Technical Highlights
1. Banks:
• Zenith Bank saw huge institutional inflows (volume 128% above average), suggesting accumulation by big players.
• UBA saw strong activity but declined in price, meaning institutions may be rotating or balancing exposures.
2. Brewers:
• Nigerian Breweries was hammered (-7.6%) on abnormal volume — clear institutional selling.
• Guinness, however, is still strong YTD, showing resilience.
3. Insurance:
• Royal Exchange and Prestige both broke above technical resistance levels (15-day moving average), showing bullish momentum.
4. Dividend Plays:
• AFRIPRUD has good dividend yield (1.27%) but is currently weak technically — a potential dividend trap if breakdown continues.
• UPDC offers unusually high yield (34.25%) but could see profit-taking soon.
Key Takeaways for Investors
• The market is currently rotation-driven, not broad-based bullish. Institutions are shifting between sectors, so volatility is high.
• Banks (especially Zenith) are seeing institutional accumulation — a bullish sign if sustained.
• Brewers are mixed: Guinness remains strong, NB is being offloaded.
• Insurance stocks are emerging momentum plays.
• ETFs are consistently underperforming — avoid unless for long-term diversification.
• Dividend-focused investors should be cautious: high yields like UPDC’s may be masking upcoming corrections.
In simple terms: Institutions are calling the shots right now. If you follow their volume (Zenith, Guinness, Royal Exchange), you’ll likely stay on the right side of momentum. But breadth is weak, so keep stop-losses tight and avoid crowding into defensive stocks that are breaking down.
The Nigerian equities market opened the week with a mild decline, as the NGX All Share Index (ASI) slipped by 0.24% to 141,845.34 points. Despite the drop, trading activity was lively: turnover rose by 6.51% to ₦13.05 billion, while traded volume also increased to 473.7 million shares, showing more activity compared to the last session.
But this activity was not bullish in nature. More stocks fell than rose — 23 advancers versus 32 decliners, showing a weak market breadth of 0.72. This suggests that while there was money moving around, it was concentrated in a few stocks and largely driven by selling pressure.
On the bright side, year-to-date performance of the ASI remains very strong at +37.14%, so the broader market is still in a healthy uptrend despite the daily setback.
Key Market Drivers
1. Institutional Investors Dominated
Institutions (big money players like pension funds and asset managers) drove 64.9% of volume and 86.7% of market value. Their trades were heavily concentrated in banks (especially Zenith Bank and UBA) and brewers. This institutional dominance explains why the market felt choppy: when they reshuffle portfolios, it can cause sharp swings.
2. Sector Rotation in Play
Banks saw heavy volume inflows (ZenithBank, UBA), while brewers had mixed fortunes — Nigerian Breweries (NB) sold off heavily (-7.6%) on more than double its usual volume, suggesting institutional exit, whereas Guinness held its ground with strong YTD gains. Insurance names like Prestige and Royal Exchange attracted bullish interest, breaking above short-term technical resistance.
3. The Naira Slightly Stronger
The currency firmed by 0.05% to ₦1,495/$, which gave a small boost to companies with dollar exposure.
Top Gainers
• Royal Exchange Plc (ROYALEX) gained the most, up 9.8% to ₦2.24. Its momentum is healthy, breaking above short-term averages, with signs of further upside if demand persists.
• Secure Electronic Technology Plc (NSLTECH) added 6.7% at ₦0.80.
• Chams Plc (CHAMS) rose 6.1% to ₦3.29.
• Prestige Assurance (PRESTIGE) gained 5.8% to ₦1.84.
• Daar Communications (DAARCOMM) closed up 5.7% to ₦1.12.
The common thread among these gainers is that they’re mostly low-to-mid cap stocks where retail traders and some institutions take tactical positions.
Top Losers
• McNichols Plc (MCNICHOLS) and SIAML Pension ETF 40 (SIAMLETF40) both dropped 10% each, closing at ₦3.33 and ₦527.40 respectively.
• Ikeja Hotel (Ikejahotel) lost 9.8% to ₦20.70.
• Greenwich ETF (GREENWETF) shed 9.1% to ₦210.00.
• FTN Cocoa Processors (FTNCOCOA) slipped 8.3% to ₦5.50.
Worth noting: both SIAML ETF 40 and Greenwich ETF are also among the worst performers YTD, showing consistent underperformance in ETFs this year.
YTD Leaders and Laggards
• UPDC is the standout winner, up +254% YTD, fueled by its massive dividend payout (34% yield).
• Guinness has surged +162% YTD, still enjoying momentum despite risks of being overbought.
• International Breweries (+133%) and Eunisell (+136%) also remain strong.
On the downside:
• Greenwich ETF (-60.7%) and SIAML ETF 40 (-34.1%) continue to disappoint.
• Ikeja Hotel appears on both the daily and YTD loser list — showing deeper structural weakness, not just temporary volatility.
Trading & Technical Highlights
1. Banks:
• Zenith Bank saw huge institutional inflows (volume 128% above average), suggesting accumulation by big players.
• UBA saw strong activity but declined in price, meaning institutions may be rotating or balancing exposures.
2. Brewers:
• Nigerian Breweries was hammered (-7.6%) on abnormal volume — clear institutional selling.
• Guinness, however, is still strong YTD, showing resilience.
3. Insurance:
• Royal Exchange and Prestige both broke above technical resistance levels (15-day moving average), showing bullish momentum.
4. Dividend Plays:
• AFRIPRUD has good dividend yield (1.27%) but is currently weak technically — a potential dividend trap if breakdown continues.
• UPDC offers unusually high yield (34.25%) but could see profit-taking soon.
Key Takeaways for Investors
• The market is currently rotation-driven, not broad-based bullish. Institutions are shifting between sectors, so volatility is high.
• Banks (especially Zenith) are seeing institutional accumulation — a bullish sign if sustained.
• Brewers are mixed: Guinness remains strong, NB is being offloaded.
• Insurance stocks are emerging momentum plays.
• ETFs are consistently underperforming — avoid unless for long-term diversification.
• Dividend-focused investors should be cautious: high yields like UPDC’s may be masking upcoming corrections.
In simple terms: Institutions are calling the shots right now. If you follow their volume (Zenith, Guinness, Royal Exchange), you’ll likely stay on the right side of momentum. But breadth is weak, so keep stop-losses tight and avoid crowding into defensive stocks that are breaking down.