NGX Market Wrap: Turnover Surges Despite Mild Dip in ASI – Insurance Stocks Shine as Traders Rotate Positions
The Nigerian Exchange (NGX) closed Tuesday, October 28, 2025, on a slightly negative note, with the All-Share Index (ASI) dipping by -0.09% to 155,496.15 points. Although the benchmark index eased, trading activity was far from dull — market turnover spiked by 25.73% to ₦21.36 billion, with over 474 million shares exchanged. This jump in activity highlights an intense trading session, dominated by institutional block trades and portfolio repositioning across select blue-chip and insurance stocks.
Market breadth, however, remained negative at 0.77x, as 30 stocks gained while 39 declined, suggesting mild profit-taking and cautious sentiment among investors after recent rallies.
Key Market Insights
1️⃣ Turnover Surge and Institutional Dominance:
Trading value leaped significantly due to large institutional flows, which accounted for over 90% of the total transaction value. This indicates big money movements — possibly fund rebalancing and strategic accumulation in a few heavyweights like Dangote Cement (DANGCEM), Stanbic IBTC (STANBIC), and ASO Savings (ASOSAVINGS).
2️⃣ Sector Trends:
• Insurance stocks stole the show, with names like Sovereign Trust Insurance (SOVRENINS) and AIICO Insurance leading the gainers.
• Industrials also saw heightened interest due to large trades in Dangote Cement, though profit-taking was visible in other segments.
• Banking stocks showed mixed patterns as investors rotated out of high-flyers into more defensive dividend plays.
3️⃣ Top Gainers:
• Sovereign Trust Insurance (SOVRENINS) led the pack, gaining +9.88% to close at ₦4.45, marking a strong continuation of its bullish run.
• ASO Savings (ASOSAVINGS) followed with +9.72%, though its RSI reading of 87.88 signals it’s approaching an overbought zone — traders may soon lock in profits.
• Berger Paints (BERGER), WAPIC Insurance, and AIICO also featured on the advancers’ list, each posting gains above 6%.
4️⃣ Top Losers:
• On the flip side, Greenwich Asset ETF (GREENWETF) shed -8.90%, reflecting heightened volatility within the ETF space.
• MCNICHOLS, LASACO, Livestock Feeds, and John Holt also recorded declines ranging from -7.6% to -8.8%, as short-term traders took profits following recent rallies.
5️⃣ Unusual Volume Activity:
Massive volume spikes were noted in ASOSAVINGS (+978%), STANBIC (+842%), and DANGCEM (+312%) — often an early signal of institutional accumulation or potential reversal setups.
Technical and Sentiment Overview
• ASOSAVINGS remains technically overbought, raising caution for possible pullbacks after its impressive rally.
• GREENWETF and LIVESTOCK show weakening technical momentum, with their prices now below key moving averages.
• Insurance counters like AIICO and SOVRENINS continue to show bullish technical crossovers — a sign of sectoral strength.
Despite the mild dip in the ASI, institutional interest remains strong, suggesting confidence in the medium-term market outlook. However, traders are advised to apply caution when chasing momentum stocks that have risen sharply over short periods.
Strategic Takeaways
• Momentum Play: SOVRENINS, AIICO, and BERGER remain strong candidates for short-term upside.
• Profit-taking Alert: ASOSAVINGS and EUNISELL are nearing exhaustion zones — trailing stops are advisable.
• Defensive Rotation: Stocks like AFRIPRUD and NEM (high dividend, low volatility) are seeing renewed attention as investors seek stability amid mixed market sentiment.
• Institutional Influence: Heavy block trades in DANGCEM, STANBIC, and ZENITHBANK indicate that institutional investors are still steering market direction.
Closing Thought
Even though the ASI closed marginally lower, the surge in turnover and strong institutional activity point to a market that’s still very much alive — just rotating. The spotlight remains on insurance stocks, while overbought names like ASOSAVINGS and EUNISELL could face near-term corrections.
Investors should watch for clearer directional cues as the week progresses — particularly in large caps, where institutional repositioning may dictate the next trend wave.
The Nigerian Exchange (NGX) closed Tuesday, October 28, 2025, on a slightly negative note, with the All-Share Index (ASI) dipping by -0.09% to 155,496.15 points. Although the benchmark index eased, trading activity was far from dull — market turnover spiked by 25.73% to ₦21.36 billion, with over 474 million shares exchanged. This jump in activity highlights an intense trading session, dominated by institutional block trades and portfolio repositioning across select blue-chip and insurance stocks.
Market breadth, however, remained negative at 0.77x, as 30 stocks gained while 39 declined, suggesting mild profit-taking and cautious sentiment among investors after recent rallies.
Key Market Insights
1️⃣ Turnover Surge and Institutional Dominance:
Trading value leaped significantly due to large institutional flows, which accounted for over 90% of the total transaction value. This indicates big money movements — possibly fund rebalancing and strategic accumulation in a few heavyweights like Dangote Cement (DANGCEM), Stanbic IBTC (STANBIC), and ASO Savings (ASOSAVINGS).
2️⃣ Sector Trends:
• Insurance stocks stole the show, with names like Sovereign Trust Insurance (SOVRENINS) and AIICO Insurance leading the gainers.
• Industrials also saw heightened interest due to large trades in Dangote Cement, though profit-taking was visible in other segments.
• Banking stocks showed mixed patterns as investors rotated out of high-flyers into more defensive dividend plays.
3️⃣ Top Gainers:
• Sovereign Trust Insurance (SOVRENINS) led the pack, gaining +9.88% to close at ₦4.45, marking a strong continuation of its bullish run.
• ASO Savings (ASOSAVINGS) followed with +9.72%, though its RSI reading of 87.88 signals it’s approaching an overbought zone — traders may soon lock in profits.
• Berger Paints (BERGER), WAPIC Insurance, and AIICO also featured on the advancers’ list, each posting gains above 6%.
4️⃣ Top Losers:
• On the flip side, Greenwich Asset ETF (GREENWETF) shed -8.90%, reflecting heightened volatility within the ETF space.
• MCNICHOLS, LASACO, Livestock Feeds, and John Holt also recorded declines ranging from -7.6% to -8.8%, as short-term traders took profits following recent rallies.
5️⃣ Unusual Volume Activity:
Massive volume spikes were noted in ASOSAVINGS (+978%), STANBIC (+842%), and DANGCEM (+312%) — often an early signal of institutional accumulation or potential reversal setups.
Technical and Sentiment Overview
• ASOSAVINGS remains technically overbought, raising caution for possible pullbacks after its impressive rally.
• GREENWETF and LIVESTOCK show weakening technical momentum, with their prices now below key moving averages.
• Insurance counters like AIICO and SOVRENINS continue to show bullish technical crossovers — a sign of sectoral strength.
Despite the mild dip in the ASI, institutional interest remains strong, suggesting confidence in the medium-term market outlook. However, traders are advised to apply caution when chasing momentum stocks that have risen sharply over short periods.
Strategic Takeaways
• Momentum Play: SOVRENINS, AIICO, and BERGER remain strong candidates for short-term upside.
• Profit-taking Alert: ASOSAVINGS and EUNISELL are nearing exhaustion zones — trailing stops are advisable.
• Defensive Rotation: Stocks like AFRIPRUD and NEM (high dividend, low volatility) are seeing renewed attention as investors seek stability amid mixed market sentiment.
• Institutional Influence: Heavy block trades in DANGCEM, STANBIC, and ZENITHBANK indicate that institutional investors are still steering market direction.
Closing Thought
Even though the ASI closed marginally lower, the surge in turnover and strong institutional activity point to a market that’s still very much alive — just rotating. The spotlight remains on insurance stocks, while overbought names like ASOSAVINGS and EUNISELL could face near-term corrections.
Investors should watch for clearer directional cues as the week progresses — particularly in large caps, where institutional repositioning may dictate the next trend wave.