NGX Daily Market Summary – Monday, August 18, 2025
The Nigerian equities market opened the new week on a firm yet measured note. The NGX All-Share Index advanced by 0.07%, closing at 144,628.20 points. On a year-to-date basis, the index has now delivered an impressive 40.26% gain, underlining the market’s resilience in the face of global and domestic headwinds.
Turnover expanded by 8.14%, totaling ₦13.62 billion, but overall trading volume fell sharply by 23.88% compared to the last session. This pattern suggests that while fewer shares changed hands, value-driven institutional block trades were at play.
Market breadth was constructive, with 47 stocks advancing against 31 decliners, giving a breadth ratio of 1.52x. Insurance companies and a handful of momentum-driven equities led the rally, while sector rotation was visible, indicating investors are tactically repositioning portfolios.
Market Context: Last Week Recap
Last week was turbulent, shaped largely by the wave of earnings releases and persistent foreign portfolio inflows. Defensive stocks attracted steady demand, but momentum-driven names and exchange-traded funds (ETFs) recorded significant inflows as well.
Investors rotated heavily into consumer goods and insurance, while selectively exiting heavyweight banking counters. The result was a mixed risk appetite across the market, with tactical rebalancing evident.
Key Market Dynamics
• Market Breadth: A positive breadth ratio of 1.52x reflects selective accumulation, even as the overall index movement was modest.
• Turnover vs Volume: Higher turnover but shrinking volumes point to large-value, low-frequency institutional transactions.
• Institutional Dominance: Institutions drove nearly 65% of market volumes and more than 80% of value, underscoring their commanding influence. Retail investors were more active by trade count (around 61%) but contributed less than 20% of value, mainly concentrating on mid-tier banks and telecom plays.
Top Movers: Gainers & Losers
Insurance and ETF-linked instruments dominated both ends of the spectrum today.
On the upside, AIICO Insurance, MERGROWTH ETF, UPDC, Vetiva Griffin 30 ETF, and Cornerstone Insurance all gained close to 10%, reflecting speculative inflows and momentum chasing. AIICO and MERGROWTH stood out with strong relative strength readings, though MERGROWTH is edging close to overbought territory.
On the downside, Greenwich Asset ETF (GREENWETF) plunged 10%, while Stanbic IBTC Holdings dropped 9.99%—a sharp reversal fueled by overbought technicals (RSI near 97). Vetiva Consumer Goods ETF, PZ Cussons, and NEM Insurance also posted notable declines, suggesting profit-taking and rotation away from select financials and ETFs.
Momentum & Technical Signals
Several stocks displayed bullish momentum crossovers, including UPDC, Custodian Investment, McNichols, ABC Transport, Unilever Nigeria, and May & Baker. These names reflect a healthy mix of real estate, consumer goods, and pharmaceuticals, and technicals suggest room for further upside.
In contrast, Stanbic IBTC, NEM Insurance, GREENWETF, AccessCorp, and Livestock Feeds signaled bearish momentum crossovers. In particular, Stanbic’s sharp drop alongside an extreme RSI suggests that a near-term correction phase is unfolding after prolonged strength.
Sector Highlights
• Insurance: The day’s star performer, with outsized volume spikes in names like Universal Insurance, MBenefit, Prestige, and Lasaco. However, while volumes were explosive, not all translated into price gains. Lasaco, for example, saw massive activity but ended down 1.48%, hinting at distribution after a strong run.
• Banking: Institutions concentrated on Zenith Bank, AccessCorp, and UBA, yet price action was largely muted, showing that large flows don’t always guarantee direction.
• Consumer Goods: Unilever Nigeria stood out with a 6.5% gain, supported by both technical strength and volume pickup.
• Telecoms: MTN Nigeria saw strong retail interest by trade count but flat price performance, signaling indecision.
• ETFs: A tale of two extremes—MERGROWTH ETF surged 10%, while GREENWETF and Vetiva Consumer Goods ETF slumped. This illustrates how ETF flows are currently driving sharp sector rotations.
Volume Surges Worth Watching
Some of the most notable trades came from the insurance sector. Universal Insurance, Lasaco, MBenefit, and Prestige Assurance all recorded volumes several times higher than their 90-day averages. However, the divergence between volume and price action raises caution: when price does not rise in line with volume, it often signals profit-taking or distribution.
Contrarian Watch
• Stanbic IBTC: With an extremely high RSI despite sharp losses, the stock looks vulnerable to continued downside.
• Champion Breweries: Up nearly 386% year-to-date, yet momentum indicators remain moderate, suggesting room for further upside—but with heightened volatility risk.
• NEM Insurance: Shows both weakness and strong RSI, creating a mixed picture.
• GREENWETF: Currently depressed but may rebound sharply if sentiment shifts back into ETFs.
Year-to-Date Perspective
On a yearly basis, Mutual Benefits Assurance (+593%), Champion Breweries (+386%), and The Initiates Plc (+420%) dominate the gainers’ list. These names have attracted strong speculative flows but may be approaching overextended zones.
On the other hand, Greenwich Asset ETF is down more than 40% year-to-date, making it the biggest laggard. This performance underscores how ETF-linked trades can swing violently depending on broader sentiment.
Institutional vs Retail Flow
Institutional money dominated banking and telecom counters today, particularly Zenith Bank, which alone accounted for 20% of institutional value traded. Other high-institutional names included AccessCorp, UBA, Dangote Sugar, and MTN Nigeria.
Retail traders gravitated toward the same set of names, but their trades were smaller and more frequent, focusing heavily on MTN Nigeria, AccessCorp, and UBA. This overlap means these stocks are likely to remain volatility pivots in coming sessions.
Outlook & Strategy
The overall outlook remains cautiously bullish. Insurance stocks and ETFs are seeing unusual activity, suggesting speculative capital is rotating aggressively. At the same time, the banking and telecom sectors remain favored by institutional investors, which provides a measure of stability.
Opportunities lie in:
• Mid-cap insurance and consumer stocks showing bullish technical setups.
• Defensive dividend payers like Lasaco and NEM for yield hunters.
• Contrarian plays such as GREENWETF for potential mean reversion.
Risks include:
• Overheated technicals in Stanbic IBTC and select ETFs, which may face deeper pullbacks.
• High volumes without matching price increases in insurance counters, which could trigger reversals.
• Rising turnover but falling volumes—a sign of potential illiquidity ahead.
Bottom Line for Investors:
Momentum remains supportive, but the market is increasingly selective. Insurance and ETF instruments are in play, while banks remain steady under institutional hands. Traders should combine technical signals (RSI, moving averages, and volume patterns) with flow monitoring to time entries and exits effectively.
The Nigerian equities market opened the new week on a firm yet measured note. The NGX All-Share Index advanced by 0.07%, closing at 144,628.20 points. On a year-to-date basis, the index has now delivered an impressive 40.26% gain, underlining the market’s resilience in the face of global and domestic headwinds.
Turnover expanded by 8.14%, totaling ₦13.62 billion, but overall trading volume fell sharply by 23.88% compared to the last session. This pattern suggests that while fewer shares changed hands, value-driven institutional block trades were at play.
Market breadth was constructive, with 47 stocks advancing against 31 decliners, giving a breadth ratio of 1.52x. Insurance companies and a handful of momentum-driven equities led the rally, while sector rotation was visible, indicating investors are tactically repositioning portfolios.
Market Context: Last Week Recap
Last week was turbulent, shaped largely by the wave of earnings releases and persistent foreign portfolio inflows. Defensive stocks attracted steady demand, but momentum-driven names and exchange-traded funds (ETFs) recorded significant inflows as well.
Investors rotated heavily into consumer goods and insurance, while selectively exiting heavyweight banking counters. The result was a mixed risk appetite across the market, with tactical rebalancing evident.
Key Market Dynamics
• Market Breadth: A positive breadth ratio of 1.52x reflects selective accumulation, even as the overall index movement was modest.
• Turnover vs Volume: Higher turnover but shrinking volumes point to large-value, low-frequency institutional transactions.
• Institutional Dominance: Institutions drove nearly 65% of market volumes and more than 80% of value, underscoring their commanding influence. Retail investors were more active by trade count (around 61%) but contributed less than 20% of value, mainly concentrating on mid-tier banks and telecom plays.
Top Movers: Gainers & Losers
Insurance and ETF-linked instruments dominated both ends of the spectrum today.
On the upside, AIICO Insurance, MERGROWTH ETF, UPDC, Vetiva Griffin 30 ETF, and Cornerstone Insurance all gained close to 10%, reflecting speculative inflows and momentum chasing. AIICO and MERGROWTH stood out with strong relative strength readings, though MERGROWTH is edging close to overbought territory.
On the downside, Greenwich Asset ETF (GREENWETF) plunged 10%, while Stanbic IBTC Holdings dropped 9.99%—a sharp reversal fueled by overbought technicals (RSI near 97). Vetiva Consumer Goods ETF, PZ Cussons, and NEM Insurance also posted notable declines, suggesting profit-taking and rotation away from select financials and ETFs.
Momentum & Technical Signals
Several stocks displayed bullish momentum crossovers, including UPDC, Custodian Investment, McNichols, ABC Transport, Unilever Nigeria, and May & Baker. These names reflect a healthy mix of real estate, consumer goods, and pharmaceuticals, and technicals suggest room for further upside.
In contrast, Stanbic IBTC, NEM Insurance, GREENWETF, AccessCorp, and Livestock Feeds signaled bearish momentum crossovers. In particular, Stanbic’s sharp drop alongside an extreme RSI suggests that a near-term correction phase is unfolding after prolonged strength.
Sector Highlights
• Insurance: The day’s star performer, with outsized volume spikes in names like Universal Insurance, MBenefit, Prestige, and Lasaco. However, while volumes were explosive, not all translated into price gains. Lasaco, for example, saw massive activity but ended down 1.48%, hinting at distribution after a strong run.
• Banking: Institutions concentrated on Zenith Bank, AccessCorp, and UBA, yet price action was largely muted, showing that large flows don’t always guarantee direction.
• Consumer Goods: Unilever Nigeria stood out with a 6.5% gain, supported by both technical strength and volume pickup.
• Telecoms: MTN Nigeria saw strong retail interest by trade count but flat price performance, signaling indecision.
• ETFs: A tale of two extremes—MERGROWTH ETF surged 10%, while GREENWETF and Vetiva Consumer Goods ETF slumped. This illustrates how ETF flows are currently driving sharp sector rotations.
Volume Surges Worth Watching
Some of the most notable trades came from the insurance sector. Universal Insurance, Lasaco, MBenefit, and Prestige Assurance all recorded volumes several times higher than their 90-day averages. However, the divergence between volume and price action raises caution: when price does not rise in line with volume, it often signals profit-taking or distribution.
Contrarian Watch
• Stanbic IBTC: With an extremely high RSI despite sharp losses, the stock looks vulnerable to continued downside.
• Champion Breweries: Up nearly 386% year-to-date, yet momentum indicators remain moderate, suggesting room for further upside—but with heightened volatility risk.
• NEM Insurance: Shows both weakness and strong RSI, creating a mixed picture.
• GREENWETF: Currently depressed but may rebound sharply if sentiment shifts back into ETFs.
Year-to-Date Perspective
On a yearly basis, Mutual Benefits Assurance (+593%), Champion Breweries (+386%), and The Initiates Plc (+420%) dominate the gainers’ list. These names have attracted strong speculative flows but may be approaching overextended zones.
On the other hand, Greenwich Asset ETF is down more than 40% year-to-date, making it the biggest laggard. This performance underscores how ETF-linked trades can swing violently depending on broader sentiment.
Institutional vs Retail Flow
Institutional money dominated banking and telecom counters today, particularly Zenith Bank, which alone accounted for 20% of institutional value traded. Other high-institutional names included AccessCorp, UBA, Dangote Sugar, and MTN Nigeria.
Retail traders gravitated toward the same set of names, but their trades were smaller and more frequent, focusing heavily on MTN Nigeria, AccessCorp, and UBA. This overlap means these stocks are likely to remain volatility pivots in coming sessions.
Outlook & Strategy
The overall outlook remains cautiously bullish. Insurance stocks and ETFs are seeing unusual activity, suggesting speculative capital is rotating aggressively. At the same time, the banking and telecom sectors remain favored by institutional investors, which provides a measure of stability.
Opportunities lie in:
• Mid-cap insurance and consumer stocks showing bullish technical setups.
• Defensive dividend payers like Lasaco and NEM for yield hunters.
• Contrarian plays such as GREENWETF for potential mean reversion.
Risks include:
• Overheated technicals in Stanbic IBTC and select ETFs, which may face deeper pullbacks.
• High volumes without matching price increases in insurance counters, which could trigger reversals.
• Rising turnover but falling volumes—a sign of potential illiquidity ahead.
Bottom Line for Investors:
Momentum remains supportive, but the market is increasingly selective. Insurance and ETF instruments are in play, while banks remain steady under institutional hands. Traders should combine technical signals (RSI, moving averages, and volume patterns) with flow monitoring to time entries and exits effectively.