Market Overview
The Nigerian equities market closed Tuesday, August 19, 2025, on a turbulent note, with the NGX All Share Index (ASI) declining by -1.46% to settle at 144,722.47 points. Despite this setback, the index still holds a remarkable +38.22% year-to-date (YTD) gain, reflecting the market’s underlying strength in prior months.
Investor activity was unusually strong, with market turnover climbing 22.54% higher to ₦16.69 billion. This suggests that even though prices fell, investors—particularly institutions—were actively repositioning their portfolios. However, market breadth was weak: out of all active stocks, 44 declined while only 28 advanced, showing that sellers dominated the session.
Trading Patterns and Trends
The day’s trading was characterized by heavy profit-taking across blue-chip and large-cap stocks, particularly in the cement and banking sectors. Interestingly, while traded value went up, the total volume of shares was more balanced, pointing to a focus on higher-priced equities and institutional block trades.
Insurance stocks witnessed unusual surges in trading activity. Companies like Mutual Benefits Assurance (MBENEFIT), AIICO Insurance, and Universal Insurance (UNIVINSURE) traded at volumes 2–4 times above their 90-day average. This suggests speculative flows, short-term accumulation, or possible insider positioning within the sector.
Top Gainers
The standout performer of the day was the Lotus Halal Equity ETF (LOTUSHAL15), which rallied +10%, likely due to increased index-tracking flows and investor appetite for sharia-compliant products.
Other notable gainers included:
• Daar Communications (DAARCOMM), up +9.82%, continuing its strong year-to-date momentum.
• Deap Capital (DEAPCAP), which added +9.60%, building on its extraordinary 31% surge in the past week.
• Academy Press (ACADEMY), rising +8.43% as it continued its steady upward trend.
• International Breweries (INTBREW), which advanced +6.95%, breaking above its 15-day moving average—an early bullish technical sign.
Top Losers
On the losing side, Royal Exchange (ROYALEX) slumped -10.00%, a sharp drop that came despite its still-elevated relative strength index (RSI), raising questions about whether this marks the start of a deeper correction.
The most significant decline came from Dangote Cement (DANGCEM), down -9.88% to close at ₦520.00. The stock had been heavily overbought and its sharp fall suggests investors are cashing out profits or bracing for a deeper retracement.
Other big losers included:
• RT Briscoe (RTBRISCOE), falling -9.87%, reflecting high volatility.
• Stanbic IBTC ETF 30 (STANBICETF30), dropping -9.82% under pressure from index-related selling.
• Wapic Insurance (WAPIC), which lost -9.77% amid exhaustion signals after a strong run.
Year-to-Date Movers
On a YTD basis, the clear leader remains Mutual Benefits Assurance (MBENEFIT), up an extraordinary +604.92%, though its RSI above 85 suggests overheating. Champion Breweries (CHAMPION) and The Initiates Plc (TIP) also rank among the strongest performers of the year, though both show signs of profit-taking.
Among laggards, the Greenwich Asset ETF (GREENWETF) continues to bleed, down -40.82% YTD, while LASACO Assurance and Royal Exchange have both entered correction phases despite prior rallies.
Sector Performance
• Building Materials (including Dangote Cement and CAP Plc) had a bearish session, weighed down by heavy institutional selling and sharp technical breakdowns.
• Food & Beverages looked more positive, with International Breweries and Dangote Sugar Refinery (DANGSUGAR) showing bullish crossovers, making this sector one of the few bright spots.
• Insurance remained mixed, with speculative trading and unusual volumes suggesting short-term rotations rather than steady accumulation.
• Banking stocks were choppy, as big names like Zenith Bank, AccessCorp, UBA, and GTCO saw heavy institutional outflows.
Institutional vs. Retail Activity
Retail investors accounted for most of the trade count (59.9%), focusing largely on lower-priced insurance and small-cap stocks. In contrast, institutional investors dominated the trade value (83.4%), concentrating on large banks. Interestingly, while retail was buying aggressively into insurance stocks, institutions were offloading positions in major banks, perhaps as part of portfolio rebalancing strategies.
Zenith Bank alone accounted for over 20% of institutional trade value, though its price fell -7.26%, suggesting block exits. Other top institutional plays—AccessCorp, UBA, GTCO—were also under pressure.
Technical & Sentiment Signals
• Bullish momentum names: International Breweries and Dangote Sugar both show signs of early technical breakouts, making them candidates for continued upward moves.
• Bearish momentum names: Dangote Cement and LASACO Assurance suffered breakdowns, hinting at deeper retracements.
• Contrarian watchlists: Extremely overbought stocks such as Nigerian Enamelware (ENAMELWA, RSI 97) and MBENEFIT (+605% YTD) may soon face profit-taking. Dangote Cement’s sharp fall despite being overbought also signals caution.
Takeaways for Investors
1. Momentum traders should focus on stocks like Dangote Sugar and International Breweries, which are showing technical strength without being too overbought yet.
2. Contrarian investors may find opportunities in overextended names such as Dangote Cement or Royal Exchange, where sharp declines could set up rebound plays.
3. Defensive investors should watch dividend-yielding stocks like Dangote Sugar, which combine income with momentum.
4. Caution is advised around insurance stocks that have rallied sharply on speculative volume, as reversals could be sudden and deep.
Conclusion
The NGX ended the day in negative territory, driven by broad profit-taking, especially in heavyweights like Dangote Cement and banking stocks. Still, beneath the surface, sector rotations are evident: food and beverages are gaining strength while insurance looks overheated. Institutional investors are actively reshaping their portfolios, and retail traders are chasing high-risk insurance plays.
The big picture: While short-term volatility dominates, long-term investors can still find opportunities in dividend-paying momentum stocks and potential oversold rebounds in big banks.
The Nigerian equities market closed Tuesday, August 19, 2025, on a turbulent note, with the NGX All Share Index (ASI) declining by -1.46% to settle at 144,722.47 points. Despite this setback, the index still holds a remarkable +38.22% year-to-date (YTD) gain, reflecting the market’s underlying strength in prior months.
Investor activity was unusually strong, with market turnover climbing 22.54% higher to ₦16.69 billion. This suggests that even though prices fell, investors—particularly institutions—were actively repositioning their portfolios. However, market breadth was weak: out of all active stocks, 44 declined while only 28 advanced, showing that sellers dominated the session.
Trading Patterns and Trends
The day’s trading was characterized by heavy profit-taking across blue-chip and large-cap stocks, particularly in the cement and banking sectors. Interestingly, while traded value went up, the total volume of shares was more balanced, pointing to a focus on higher-priced equities and institutional block trades.
Insurance stocks witnessed unusual surges in trading activity. Companies like Mutual Benefits Assurance (MBENEFIT), AIICO Insurance, and Universal Insurance (UNIVINSURE) traded at volumes 2–4 times above their 90-day average. This suggests speculative flows, short-term accumulation, or possible insider positioning within the sector.
Top Gainers
The standout performer of the day was the Lotus Halal Equity ETF (LOTUSHAL15), which rallied +10%, likely due to increased index-tracking flows and investor appetite for sharia-compliant products.
Other notable gainers included:
• Daar Communications (DAARCOMM), up +9.82%, continuing its strong year-to-date momentum.
• Deap Capital (DEAPCAP), which added +9.60%, building on its extraordinary 31% surge in the past week.
• Academy Press (ACADEMY), rising +8.43% as it continued its steady upward trend.
• International Breweries (INTBREW), which advanced +6.95%, breaking above its 15-day moving average—an early bullish technical sign.
Top Losers
On the losing side, Royal Exchange (ROYALEX) slumped -10.00%, a sharp drop that came despite its still-elevated relative strength index (RSI), raising questions about whether this marks the start of a deeper correction.
The most significant decline came from Dangote Cement (DANGCEM), down -9.88% to close at ₦520.00. The stock had been heavily overbought and its sharp fall suggests investors are cashing out profits or bracing for a deeper retracement.
Other big losers included:
• RT Briscoe (RTBRISCOE), falling -9.87%, reflecting high volatility.
• Stanbic IBTC ETF 30 (STANBICETF30), dropping -9.82% under pressure from index-related selling.
• Wapic Insurance (WAPIC), which lost -9.77% amid exhaustion signals after a strong run.
Year-to-Date Movers
On a YTD basis, the clear leader remains Mutual Benefits Assurance (MBENEFIT), up an extraordinary +604.92%, though its RSI above 85 suggests overheating. Champion Breweries (CHAMPION) and The Initiates Plc (TIP) also rank among the strongest performers of the year, though both show signs of profit-taking.
Among laggards, the Greenwich Asset ETF (GREENWETF) continues to bleed, down -40.82% YTD, while LASACO Assurance and Royal Exchange have both entered correction phases despite prior rallies.
Sector Performance
• Building Materials (including Dangote Cement and CAP Plc) had a bearish session, weighed down by heavy institutional selling and sharp technical breakdowns.
• Food & Beverages looked more positive, with International Breweries and Dangote Sugar Refinery (DANGSUGAR) showing bullish crossovers, making this sector one of the few bright spots.
• Insurance remained mixed, with speculative trading and unusual volumes suggesting short-term rotations rather than steady accumulation.
• Banking stocks were choppy, as big names like Zenith Bank, AccessCorp, UBA, and GTCO saw heavy institutional outflows.
Institutional vs. Retail Activity
Retail investors accounted for most of the trade count (59.9%), focusing largely on lower-priced insurance and small-cap stocks. In contrast, institutional investors dominated the trade value (83.4%), concentrating on large banks. Interestingly, while retail was buying aggressively into insurance stocks, institutions were offloading positions in major banks, perhaps as part of portfolio rebalancing strategies.
Zenith Bank alone accounted for over 20% of institutional trade value, though its price fell -7.26%, suggesting block exits. Other top institutional plays—AccessCorp, UBA, GTCO—were also under pressure.
Technical & Sentiment Signals
• Bullish momentum names: International Breweries and Dangote Sugar both show signs of early technical breakouts, making them candidates for continued upward moves.
• Bearish momentum names: Dangote Cement and LASACO Assurance suffered breakdowns, hinting at deeper retracements.
• Contrarian watchlists: Extremely overbought stocks such as Nigerian Enamelware (ENAMELWA, RSI 97) and MBENEFIT (+605% YTD) may soon face profit-taking. Dangote Cement’s sharp fall despite being overbought also signals caution.
Takeaways for Investors
1. Momentum traders should focus on stocks like Dangote Sugar and International Breweries, which are showing technical strength without being too overbought yet.
2. Contrarian investors may find opportunities in overextended names such as Dangote Cement or Royal Exchange, where sharp declines could set up rebound plays.
3. Defensive investors should watch dividend-yielding stocks like Dangote Sugar, which combine income with momentum.
4. Caution is advised around insurance stocks that have rallied sharply on speculative volume, as reversals could be sudden and deep.
Conclusion
The NGX ended the day in negative territory, driven by broad profit-taking, especially in heavyweights like Dangote Cement and banking stocks. Still, beneath the surface, sector rotations are evident: food and beverages are gaining strength while insurance looks overheated. Institutional investors are actively reshaping their portfolios, and retail traders are chasing high-risk insurance plays.
The big picture: While short-term volatility dominates, long-term investors can still find opportunities in dividend-paying momentum stocks and potential oversold rebounds in big banks.