Nigeria Stock Market Weekly Recap: Bulls Tighten Their Grip as NGX Surges +0.83%
The Nigerian equities market ended the week of September 12, 2025, on a firm bullish note. The NGX All-Share Index advanced by +0.83%, closing at 140,545.69, and lifting year-to-date gains to an impressive +36.21%. Investor confidence stayed solid, helped by a strengthening naira, which appreciated +2.32% against the dollar, further boosting sentiment and foreign investor appetite.
Market Breadth & Trading Mood
Breadth was strongly positive, with 72 advancers versus 30 decliners, translating to a healthy ratio of 2.4x in favor of the bulls. Nearly 40% of all listed stocks gained during the week, while only 16% declined. Five stocks hit fresh 52-week highs, with no new lows recorded, a rare show of market-wide resilience.
Interestingly, turnover value climbed +22.65%, even though traded volume dipped slightly by -1.03%. This divergence suggests investors rotated into larger-cap, higher-value names — a sign of institutional activity. The number of trades also expanded by more than 10%, highlighting deeper participation and some speculative flows beneath the surface.
Top Performers & Laggards ❄️
• E-Tranzact stole the spotlight, jumping +32% WTD and now boasting a massive +130% YTD gain. With momentum indicators still below overheated levels, further upside remains possible.
• Chellarams added another +26% weekly, pushing its extraordinary YTD return to over +259%. Momentum remains strong, though volatility is high.
• Regency Alliance (REGALINS), CHAMS, and Lafarge WAPCO all recorded double-digit weekly advances, supported by healthy technicals.
On the flip side:
• Meristem Growth ETF slumped -10%, dragged down by bearish momentum signals.
• May & Baker, NEM Insurance, and Union Dicon Salt each shed close to -10%, mostly due to profit-taking after stellar year-to-date runs.
The lesson here is clear: the market is rewarding fresh momentum plays but also punishing stretched valuations.
Sector Rotation & Index Moves
The NGX Growth Index was the standout performer, soaring +10.25% WTD and +59% YTD, leading all other indices. Consumer goods remained a pillar of strength, up +83% YTD, though weekly gains slowed.
Banking stocks also impressed, with investors piling into value names as naira stability restored some confidence in balance sheets. Oil & Gas staged a modest rebound of +2.4% WTD, but it remains the year’s biggest laggard at -10.8% YTD. Insurance dipped -0.7% WTD, hinting at fatigue after a long rally, even though it still holds the second-best YTD performance across sectors.
Trade Flow Insights
The week revealed a striking divide between institutional and retail flows. Institutions accounted for over 90% of market value traded, while retail investors dominated by sheer number of trades.
• Institutions favored large caps like Aradel Holdings, AccessCorp, Zenith Bank, Fidelity Bank, and Dangote Cement.
• Retail investors leaned toward liquid banking names and MTN, showing their preference for recognizable, blue-chip stocks with high trading ease.
This overlap in Zenith and Access across both groups underscores their status as market liquidity hubs.
Actionable Insights for Traders
• Opportunities: Momentum leaders such as Chellarams, E-Tranzact, Regalins, and WAPCO remain attractive for short-term plays. Oil & Gas (led by Aradel) may offer contrarian opportunities if institutional demand persists.
• Caution: Avoid chasing Meristem Growth ETF and other names with weakening technicals. Insurance stocks may see more profit-taking after heavy YTD gains.
• Macro Support: The strengthening naira is bullish for banks and consumer stocks, potentially keeping institutional inflows alive.
Concluding Thoughts
The market remains firmly tilted to the upside, with breadth, currency strength, and institutional flows driving momentum. Yet, profit-taking in select leaders shows early signs of sector rotation.
For the smart investor, this means: ride the leaders with trailing stops, rotate into sectors catching new bids (like banks and oil & gas), and avoid chasing overextended names.
The bulls still hold the reins — but the message is clear: discipline and timing matter more than ever.
The Nigerian equities market ended the week of September 12, 2025, on a firm bullish note. The NGX All-Share Index advanced by +0.83%, closing at 140,545.69, and lifting year-to-date gains to an impressive +36.21%. Investor confidence stayed solid, helped by a strengthening naira, which appreciated +2.32% against the dollar, further boosting sentiment and foreign investor appetite.
Market Breadth & Trading Mood
Breadth was strongly positive, with 72 advancers versus 30 decliners, translating to a healthy ratio of 2.4x in favor of the bulls. Nearly 40% of all listed stocks gained during the week, while only 16% declined. Five stocks hit fresh 52-week highs, with no new lows recorded, a rare show of market-wide resilience.
Interestingly, turnover value climbed +22.65%, even though traded volume dipped slightly by -1.03%. This divergence suggests investors rotated into larger-cap, higher-value names — a sign of institutional activity. The number of trades also expanded by more than 10%, highlighting deeper participation and some speculative flows beneath the surface.
Top Performers & Laggards ❄️
• E-Tranzact stole the spotlight, jumping +32% WTD and now boasting a massive +130% YTD gain. With momentum indicators still below overheated levels, further upside remains possible.
• Chellarams added another +26% weekly, pushing its extraordinary YTD return to over +259%. Momentum remains strong, though volatility is high.
• Regency Alliance (REGALINS), CHAMS, and Lafarge WAPCO all recorded double-digit weekly advances, supported by healthy technicals.
On the flip side:
• Meristem Growth ETF slumped -10%, dragged down by bearish momentum signals.
• May & Baker, NEM Insurance, and Union Dicon Salt each shed close to -10%, mostly due to profit-taking after stellar year-to-date runs.
The lesson here is clear: the market is rewarding fresh momentum plays but also punishing stretched valuations.
Sector Rotation & Index Moves
The NGX Growth Index was the standout performer, soaring +10.25% WTD and +59% YTD, leading all other indices. Consumer goods remained a pillar of strength, up +83% YTD, though weekly gains slowed.
Banking stocks also impressed, with investors piling into value names as naira stability restored some confidence in balance sheets. Oil & Gas staged a modest rebound of +2.4% WTD, but it remains the year’s biggest laggard at -10.8% YTD. Insurance dipped -0.7% WTD, hinting at fatigue after a long rally, even though it still holds the second-best YTD performance across sectors.
Trade Flow Insights
The week revealed a striking divide between institutional and retail flows. Institutions accounted for over 90% of market value traded, while retail investors dominated by sheer number of trades.
• Institutions favored large caps like Aradel Holdings, AccessCorp, Zenith Bank, Fidelity Bank, and Dangote Cement.
• Retail investors leaned toward liquid banking names and MTN, showing their preference for recognizable, blue-chip stocks with high trading ease.
This overlap in Zenith and Access across both groups underscores their status as market liquidity hubs.
Actionable Insights for Traders
• Opportunities: Momentum leaders such as Chellarams, E-Tranzact, Regalins, and WAPCO remain attractive for short-term plays. Oil & Gas (led by Aradel) may offer contrarian opportunities if institutional demand persists.
• Caution: Avoid chasing Meristem Growth ETF and other names with weakening technicals. Insurance stocks may see more profit-taking after heavy YTD gains.
• Macro Support: The strengthening naira is bullish for banks and consumer stocks, potentially keeping institutional inflows alive.
Concluding Thoughts
The market remains firmly tilted to the upside, with breadth, currency strength, and institutional flows driving momentum. Yet, profit-taking in select leaders shows early signs of sector rotation.
For the smart investor, this means: ride the leaders with trailing stops, rotate into sectors catching new bids (like banks and oil & gas), and avoid chasing overextended names.
The bulls still hold the reins — but the message is clear: discipline and timing matter more than ever.