November 03, (THEWILL) — The Nigerian Exchange (NGX) opened the week on a negative note as key indicators closed lower on Monday, November 3, 2025, following sustained profit-taking and mixed investor sentiment across major sectors.
Market capitalisation declined by 0.40 percent, dropping from ₦97.83 trillion on Friday, October 31 to ₦97.58 trillion at the close of trading. Similarly, the All-Share Index (ASI) fell by 0.40 percent, from 154,126.46 points to 153,739.11 points, reflecting mild corrections after recent market advances.
Factors Driving Market Performance
Monday’s decline was largely driven by profit-taking in blue-chip stocks, particularly within the industrial goods, consumer, and energy sectors, as investors rebalanced portfolios following October’s strong rally.
Additionally, the market responded to macroeconomic uncertainties, including inflationary pressures, high interest rates, and caution over potential foreign exchange volatility ahead of policy updates from the Central Bank of Nigeria (CBN).
]Investor activity was also shaped by third-quarter earnings releases, which triggered sector rotation — with some traders booking profits in previously bullish counters while others repositioned in undervalued equities with strong fundamentals.
Top Gainers
Despite the overall negative close, Union Dicon Salt Plc led the gainers’ chart, appreciating by 9.93 percent (from ₦7.05 to ₦7.75). Omatek Ventures Plc followed closely with a 9.92 percent rise (₦1.21 to ₦1.33). NAHCO Plc gained 7.62 percent (₦105.00 to ₦113.00), buoyed by positive investor confidence in aviation handling operations.
Other notable gainers:
International Breweries Plc advanced by 6.35 percent (₦12.60 to ₦13.40); Champion Breweries Plc, up 6.33 percent (₦15.00 to ₦15.95).
Top Losers
On the losing side:
Honeywell Flour Mills Plc recorded the steepest decline, shedding 10.00 percent (to close at ₦18.00 from ₦20.00).
Northern Nigeria Flour Mills Plc (NNFM) dropped 9.98 percent (₦93.65 to ₦84.30). Aradel Holdings Plc depreciated 9.21 percent (₦782.00 to ₦710.00). Japaul Gold & Ventures Plc lost 7.95 percent (₦782.00 to ₦710.00). Ikeja Hotel Plc lost 7.71 percent (₦18.80 to ₦17.35) as investors rotated away from recently overheated stocks.
Market Breadth and Investor Sentiment
Market breadth closed negative with 19 gainers and 38 losers, indicating a broad-based sell-off across sectors.
Trading activity was largely cautious, as investors adopted a “wait-and-see” approach pending new macroeconomic signals and possible corporate guidance from listed firms.
Unchanged stocks included Dangote Cement, SEPLAT Energy, Presco Plc, Custodian Investment Plc, and Golden Guinea Breweries, which helped moderate the market’s overall decline.
Market watchers expect sentiment to remain mixed in the near term as investors digest ongoing earnings reports and monitor macroeconomic indicators.
However, analysts note that attractive valuations, stable oil prices, and strong banking sector earnings could support renewed buying interest in November, especially among long-term institutional investors seeking value opportunities.
Ogochukwu Onwaeze
