NGX Market Recap – Thursday, September 11, 2025
The Nigerian Exchange (NGX) closed Thursday’s session on a positive note, as the All Share Index (ASI) gained 0.21% to settle at 140,365.36 points. With this, the market’s year-to-date (YTD) growth remained impressive at 36.32%, underscoring its resilience despite emerging signs of slowing activity.
Liquidity Wanes Despite Gains
One of the most striking features of today’s session was the drop in trading activity. Market turnover fell by a steep -35.07% to N11.15 billion, while total traded volume halved to 352.48 million units. This shows that while prices advanced, fewer funds chased stocks—an early signal of cautious optimism among investors.
Yet, the breadth of the market told a more encouraging story: 42 stocks gained while only 16 declined, giving a breadth ratio of 2.63x. This means that although fewer trades took place, most of the activity still tilted in favor of buyers.
Currency Tailwind
On the macro side, the Naira appreciated slightly by 0.12% to N1,504/$. This subtle strengthening is positive for listed companies with heavy import costs, as it can ease FX-related pressures on earnings.
Big Movers of the Day
• GUINNESS was the undisputed star of the market. The stock surged 10% to close at N143.00, riding on an extraordinary burst of demand. Trading volume on GUINNESS was almost 20 times its 90-day average—a very rare event. It also traded above both its 15-day and 50-day moving averages, suggesting strong institutional accumulation. With a year-to-date gain of over 62%, this stock is increasingly attracting momentum investors.
• ETRANZACT continued its remarkable rally, rising 9.68%. The stock has been one of the standout performers of 2025, with a YTD return above 100%. Its strong technical indicators—particularly a bullish MACD—signal that momentum traders still see more upside.
• C & I Leasing (CILEASING) also climbed 10%, while REGALINS gained 9.42% after breaking above a key moving average.
On the flip side:
• LIVINGTRUST plunged 10%, extending its difficult year with a YTD loss of over -32%.
• NEM Insurance also suffered a sharp decline of -9.94%, capping off a tough week.
• Other notable laggards included MANSARD, LASACO, and CWG, which are all showing bearish technical patterns.
Sector Performance
• Banking stocks such as UBA and Zenith Bank showed modest gains, backed by visible institutional participation. Zenith, in particular, accounted for over 20% of total institutional trade value, signaling strong investor confidence.
• Insurance stocks were a mixed bag. On one hand, REGALINS was among the top gainers, but on the other, NEM and MANSARD dragged the sector lower. This divergence highlights how insurance remains highly volatile, with clear winners and losers.
• Beverages/Distillers saw a standout rally from GUINNESS, whose strong institutional flows suggest foreign and local funds are rotating into high-conviction plays outside the banking space.
• IT/Fintech stocks were led by ETRANZACT, while CWG lagged with losses.
YTD Leaders vs Laggards
The broader picture shows a clear divide:
• On the winning side, MBENEFIT, AIICO, REGALINS, ETRANZACT, DAARCOMM, and WAPCO have all posted eye-catching year-to-date gains, ranging from +60% to nearly +600%. Many of these are insurance and fintech names, showing that risk-tolerant investors have been rewarded.
• On the losing side, MAYBAKER, NEM, UNIONDICON, and ELLAHLAKES stand out as underperformers, some with losses exceeding -70% YTD.
Notably, insurance stocks dominate both lists, underscoring that this sector is not moving in unison—it requires careful stock picking.
⚡ Investor Takeaways
1. Selective Accumulation in Play – The drop in turnover and volume alongside price gains suggests institutions are focusing on specific stocks rather than the broader market. Names like GUINNESS and Zenith Bank illustrate this targeted approach.
2. Momentum Still Intact – No major stock is in overbought RSI territory, meaning momentum could still carry leaders like GUINNESS, ETRANZACT, and REGALINS higher in the near term.
3. Beware of Value Traps – High dividend yields in names like NEM may appear attractive, but technical breakdowns show that it’s not yet time to “buy the dip.”
4. Sector Rotation Signs – Investors are moving from broad market plays into high-conviction stocks. Watching where institutional flows cluster (e.g., beverages, select banks, and fintech) can provide early signals for retail investors.
5. Income + Growth Dual Play – GUINNESS and REGALINS stand out for offering both high dividend yields and bullish momentum. This rare combination appeals to both income seekers and growth traders.
✅ In Summary:
Thursday’s NGX session reflected a market that is still bullish, but more cautious. Breadth is healthy, momentum stocks are surging, and institutions are quietly rotating into select names. For traders, GUINNESS and ETRANZACT represent momentum plays to watch, while defensive investors may consider REGALINS for its yield plus momentum mix. However, investors should be wary of “value traps” in high-yielding but technically weak stocks like NEM.
The Nigerian Exchange (NGX) closed Thursday’s session on a positive note, as the All Share Index (ASI) gained 0.21% to settle at 140,365.36 points. With this, the market’s year-to-date (YTD) growth remained impressive at 36.32%, underscoring its resilience despite emerging signs of slowing activity.
Liquidity Wanes Despite Gains
One of the most striking features of today’s session was the drop in trading activity. Market turnover fell by a steep -35.07% to N11.15 billion, while total traded volume halved to 352.48 million units. This shows that while prices advanced, fewer funds chased stocks—an early signal of cautious optimism among investors.
Yet, the breadth of the market told a more encouraging story: 42 stocks gained while only 16 declined, giving a breadth ratio of 2.63x. This means that although fewer trades took place, most of the activity still tilted in favor of buyers.
Currency Tailwind
On the macro side, the Naira appreciated slightly by 0.12% to N1,504/$. This subtle strengthening is positive for listed companies with heavy import costs, as it can ease FX-related pressures on earnings.
Big Movers of the Day
• GUINNESS was the undisputed star of the market. The stock surged 10% to close at N143.00, riding on an extraordinary burst of demand. Trading volume on GUINNESS was almost 20 times its 90-day average—a very rare event. It also traded above both its 15-day and 50-day moving averages, suggesting strong institutional accumulation. With a year-to-date gain of over 62%, this stock is increasingly attracting momentum investors.
• ETRANZACT continued its remarkable rally, rising 9.68%. The stock has been one of the standout performers of 2025, with a YTD return above 100%. Its strong technical indicators—particularly a bullish MACD—signal that momentum traders still see more upside.
• C & I Leasing (CILEASING) also climbed 10%, while REGALINS gained 9.42% after breaking above a key moving average.
On the flip side:
• LIVINGTRUST plunged 10%, extending its difficult year with a YTD loss of over -32%.
• NEM Insurance also suffered a sharp decline of -9.94%, capping off a tough week.
• Other notable laggards included MANSARD, LASACO, and CWG, which are all showing bearish technical patterns.
Sector Performance
• Banking stocks such as UBA and Zenith Bank showed modest gains, backed by visible institutional participation. Zenith, in particular, accounted for over 20% of total institutional trade value, signaling strong investor confidence.
• Insurance stocks were a mixed bag. On one hand, REGALINS was among the top gainers, but on the other, NEM and MANSARD dragged the sector lower. This divergence highlights how insurance remains highly volatile, with clear winners and losers.
• Beverages/Distillers saw a standout rally from GUINNESS, whose strong institutional flows suggest foreign and local funds are rotating into high-conviction plays outside the banking space.
• IT/Fintech stocks were led by ETRANZACT, while CWG lagged with losses.
YTD Leaders vs Laggards
The broader picture shows a clear divide:
• On the winning side, MBENEFIT, AIICO, REGALINS, ETRANZACT, DAARCOMM, and WAPCO have all posted eye-catching year-to-date gains, ranging from +60% to nearly +600%. Many of these are insurance and fintech names, showing that risk-tolerant investors have been rewarded.
• On the losing side, MAYBAKER, NEM, UNIONDICON, and ELLAHLAKES stand out as underperformers, some with losses exceeding -70% YTD.
Notably, insurance stocks dominate both lists, underscoring that this sector is not moving in unison—it requires careful stock picking.
⚡ Investor Takeaways
1. Selective Accumulation in Play – The drop in turnover and volume alongside price gains suggests institutions are focusing on specific stocks rather than the broader market. Names like GUINNESS and Zenith Bank illustrate this targeted approach.
2. Momentum Still Intact – No major stock is in overbought RSI territory, meaning momentum could still carry leaders like GUINNESS, ETRANZACT, and REGALINS higher in the near term.
3. Beware of Value Traps – High dividend yields in names like NEM may appear attractive, but technical breakdowns show that it’s not yet time to “buy the dip.”
4. Sector Rotation Signs – Investors are moving from broad market plays into high-conviction stocks. Watching where institutional flows cluster (e.g., beverages, select banks, and fintech) can provide early signals for retail investors.
5. Income + Growth Dual Play – GUINNESS and REGALINS stand out for offering both high dividend yields and bullish momentum. This rare combination appeals to both income seekers and growth traders.
✅ In Summary:
Thursday’s NGX session reflected a market that is still bullish, but more cautious. Breadth is healthy, momentum stocks are surging, and institutions are quietly rotating into select names. For traders, GUINNESS and ETRANZACT represent momentum plays to watch, while defensive investors may consider REGALINS for its yield plus momentum mix. However, investors should be wary of “value traps” in high-yielding but technically weak stocks like NEM.