NGX Daily Market Summary for Wednesday, September 17, 2025
The Nigerian stock market closed positively midweek as the NGX All-Share Index (ASI) gained +0.35% to settle at 141,546.78 points, stretching its Year-to-Date (YTD) advance to +37.66%. Liquidity roared back into the market, with traded volume rising by 145% to 958.26 million shares, while turnover jumped by 38.62% to ₦16.79 billion. However, beneath the headline gain, breadth remained slightly negative as 35 stocks declined compared to 28 that advanced, showing a cautious undertone.
A striking feature of the day’s trading was the dominance of institutional investors, who accounted for 85.64% of total volume and 93.32% of total trade value. Retail investors, though more active in deal counts, trailed heavily in trade size, underscoring the weight of institutional flows in shaping the session’s outcome.
Market Breadth and Patterns
Despite the index uptick, more stocks fell than rose, producing a breadth ratio of 0.80x. This suggests cautious optimism, where investors are becoming selective rather than broadly bullish. Out of all listed securities, 65 saw increased volume while 74 experienced reduced activity, highlighting mixed participation across sectors.
Major Gainers
Chellarams Plc stood out as the top gainer, climbing +9.77% to ₦14.60. It has been a consistent presence among daily and YTD leaders, with a 294.59% YTD surge powered by strong momentum indicators such as a healthy RSI of 59.93 and a positive MACD. The repeated appearance of Chellarams across performance tables signals ongoing institutional interest.
Austin Laz advanced +9.67% to ₦2.95, benefiting from a recent bullish crossover above its 15-day moving average, even though its RSI remains in neutral territory, suggesting more room for upside.
Aradel Holdings also delivered a strong performance, gaining +6.97% to ₦583.00. This was backed by an unusual surge in volume—over 333% above its average—indicating heavy institutional accumulation. Its MACD momentum was also strongly positive, confirming bullish sentiment.
Major Losers
On the losers’ chart, Guinea Insurance dropped -9.70% to ₦1.49, slipping below its 15-day moving average. Though its RSI is neutral at 54.54, the breakdown was largely technical, hinting at further weakness.
Meristem Value ETF fell -9.09%, showing clear bearish signals with a negative MACD and high volatility risk, while Cornerstone Insurance slid -8.68%, further cementing insurance stocks as one of the day’s weakest sectors.
Unusual Volume Movements
Several stocks witnessed extraordinary spikes in trading activity. Abbey Building Society saw a massive 109,298% increase in volume, possibly linked to block trades or corporate action, though sustainability of such flows remains uncertain. Fidelity Bank also saw volume surge by 658.5%, hinting at a possible breakout. Aradel’s unusual volume once again reinforced the conviction of institutional buyers.
Momentum and Technical Insights
Momentum analysis revealed overlapping trends. Chellarams continues to appear in almost every performance table—daily gainers, YTD gainers, and bullish momentum—highlighting it as a strong momentum-driven stock still supported by healthy technicals. Similarly, Multiverse, E-Tranzact, Guinness, and Unilever all maintained bullish momentum, trading above their moving averages with RSIs below overbought levels, suggesting rallies could extend.
On the bearish side, insurance names like Guinea Insurance, Cornerstone, and Royal Exchange featured heavily. These stocks not only posted daily losses but also showed sustained weakness below their 15-day averages, indicating the sector remains under pressure.
Sector Highlights
• Banking stocks were mildly bullish with strong activity in Fidelity Bank, UBA, Zenith Bank, and ETI. However, price direction was mixed, reflecting cautious positioning.
• Insurance stocks were the weakest performers, led by Cornerstone and Guinea Insurance, both facing technical breakdowns.
• Oil and Gas stocks shone, with Aradel leading the sector on heavy institutional buying.
• ETFs struggled, as Meristem Value ETF and Greenwich ETF both showed bearish momentum.
Institutional Clustering
Institutional activity remained highly concentrated. Aradel alone accounted for 27.55% of institutional trade value, cementing its position as a top institutional favorite. Zenith Bank also attracted steady institutional inflows despite modest price moves, signaling conviction among large players.
Investor Takeaways
• Momentum traders may continue to ride Chellarams and Aradel, but should watch for signs of exhaustion if RSI levels push above 70.
• Contrarians should stay cautious with stocks like Guinea Insurance and Cornerstone, which may still have downside risk before true bottoms form.
• Income investors might find opportunities in dividend-paying names such as Linkassure and Sovereign Insurance, but sector weakness calls for careful entry.
• Sector rotation appears to favor oil and gas and selected banks, while insurance and ETFs remain laggards.
• Volume-based strategies should closely monitor names with unusual spikes such as Fidelity Bank and Abbey Building Society, which may be setting up for new trends.
In summary, Wednesday’s market action was defined by institutional dominance, strong performances in oil and gas and select momentum stocks, but clear weakness in insurance and ETFs. While the ASI closed higher, breadth remained weak, signaling that investors are becoming more selective. The big picture suggests that institutional positioning—not retail flows—is steering the market’s next direction.
The Nigerian stock market closed positively midweek as the NGX All-Share Index (ASI) gained +0.35% to settle at 141,546.78 points, stretching its Year-to-Date (YTD) advance to +37.66%. Liquidity roared back into the market, with traded volume rising by 145% to 958.26 million shares, while turnover jumped by 38.62% to ₦16.79 billion. However, beneath the headline gain, breadth remained slightly negative as 35 stocks declined compared to 28 that advanced, showing a cautious undertone.
A striking feature of the day’s trading was the dominance of institutional investors, who accounted for 85.64% of total volume and 93.32% of total trade value. Retail investors, though more active in deal counts, trailed heavily in trade size, underscoring the weight of institutional flows in shaping the session’s outcome.
Market Breadth and Patterns
Despite the index uptick, more stocks fell than rose, producing a breadth ratio of 0.80x. This suggests cautious optimism, where investors are becoming selective rather than broadly bullish. Out of all listed securities, 65 saw increased volume while 74 experienced reduced activity, highlighting mixed participation across sectors.
Major Gainers
Chellarams Plc stood out as the top gainer, climbing +9.77% to ₦14.60. It has been a consistent presence among daily and YTD leaders, with a 294.59% YTD surge powered by strong momentum indicators such as a healthy RSI of 59.93 and a positive MACD. The repeated appearance of Chellarams across performance tables signals ongoing institutional interest.
Austin Laz advanced +9.67% to ₦2.95, benefiting from a recent bullish crossover above its 15-day moving average, even though its RSI remains in neutral territory, suggesting more room for upside.
Aradel Holdings also delivered a strong performance, gaining +6.97% to ₦583.00. This was backed by an unusual surge in volume—over 333% above its average—indicating heavy institutional accumulation. Its MACD momentum was also strongly positive, confirming bullish sentiment.
Major Losers
On the losers’ chart, Guinea Insurance dropped -9.70% to ₦1.49, slipping below its 15-day moving average. Though its RSI is neutral at 54.54, the breakdown was largely technical, hinting at further weakness.
Meristem Value ETF fell -9.09%, showing clear bearish signals with a negative MACD and high volatility risk, while Cornerstone Insurance slid -8.68%, further cementing insurance stocks as one of the day’s weakest sectors.
Unusual Volume Movements
Several stocks witnessed extraordinary spikes in trading activity. Abbey Building Society saw a massive 109,298% increase in volume, possibly linked to block trades or corporate action, though sustainability of such flows remains uncertain. Fidelity Bank also saw volume surge by 658.5%, hinting at a possible breakout. Aradel’s unusual volume once again reinforced the conviction of institutional buyers.
Momentum and Technical Insights
Momentum analysis revealed overlapping trends. Chellarams continues to appear in almost every performance table—daily gainers, YTD gainers, and bullish momentum—highlighting it as a strong momentum-driven stock still supported by healthy technicals. Similarly, Multiverse, E-Tranzact, Guinness, and Unilever all maintained bullish momentum, trading above their moving averages with RSIs below overbought levels, suggesting rallies could extend.
On the bearish side, insurance names like Guinea Insurance, Cornerstone, and Royal Exchange featured heavily. These stocks not only posted daily losses but also showed sustained weakness below their 15-day averages, indicating the sector remains under pressure.
Sector Highlights
• Banking stocks were mildly bullish with strong activity in Fidelity Bank, UBA, Zenith Bank, and ETI. However, price direction was mixed, reflecting cautious positioning.
• Insurance stocks were the weakest performers, led by Cornerstone and Guinea Insurance, both facing technical breakdowns.
• Oil and Gas stocks shone, with Aradel leading the sector on heavy institutional buying.
• ETFs struggled, as Meristem Value ETF and Greenwich ETF both showed bearish momentum.
Institutional Clustering
Institutional activity remained highly concentrated. Aradel alone accounted for 27.55% of institutional trade value, cementing its position as a top institutional favorite. Zenith Bank also attracted steady institutional inflows despite modest price moves, signaling conviction among large players.
Investor Takeaways
• Momentum traders may continue to ride Chellarams and Aradel, but should watch for signs of exhaustion if RSI levels push above 70.
• Contrarians should stay cautious with stocks like Guinea Insurance and Cornerstone, which may still have downside risk before true bottoms form.
• Income investors might find opportunities in dividend-paying names such as Linkassure and Sovereign Insurance, but sector weakness calls for careful entry.
• Sector rotation appears to favor oil and gas and selected banks, while insurance and ETFs remain laggards.
• Volume-based strategies should closely monitor names with unusual spikes such as Fidelity Bank and Abbey Building Society, which may be setting up for new trends.
In summary, Wednesday’s market action was defined by institutional dominance, strong performances in oil and gas and select momentum stocks, but clear weakness in insurance and ETFs. While the ASI closed higher, breadth remained weak, signaling that investors are becoming more selective. The big picture suggests that institutional positioning—not retail flows—is steering the market’s next direction.