On Tuesday, November 18, 2025, the Nigerian Exchange (NGX) All-Share Index (ASI) edged down by 0.12%, closing at 144,986.51 points, compared with 145,159.77 points the previous day. A modest pullback in trading activity accompanied the decline, as volume fell to 381.2 million shares from 388.1 million, while market capitalization dipped slightly from ₦92.3 trillion to ₦92.2 trillion.
Despite the broadly cautious mood, NCR Nigeria Plc emerged as the top gainer for the session, jumping 9.95% to ₦30.95. The rally in NCR comes amid a broader rotation into mid-cap and technology-related stocks, as investor sentiment shifts away from large-cap names. Other notable gainers included UPL, which rose by 9.80%, along with Tantalizer, Caverton, and Union Dicon, which also posted double-digit percentage gains. On the flip side, LivingTrust Mortgage Bank slid 9.90%, and McNichols dropped 9.00%.
Why NCR Is Rallying
NCR Nigeria’s sharp jump is not random: the company has gained more than 60% month-to-date, having broken through the ₦20 resistance level in recent sessions. Its strong performance follows a solid earnings turnaround, for the first nine months of 2025, NCR swung to a pre-tax profit of ₦237.9 million from a loss the previous year. Analysts view the surge as driven by both improving fundamentals and renewed investor appetite for tech-driven plays.
Market Sentiment: Profit-Taking Weighs
The broader decline in the market reflects a wave of profit-taking, particularly from heavyweights. According to reports, investors shed about ₦110 billion in value as they locked in gains. This cautious mood may partly reflect growing uncertainty around tax policy, especially concerns about proposed capital gains tax reforms.
Commentators suggest that the current pullback could signal that the market’s recent rally is nearing a consolidation phase. Still, with mid-cap names like NCR leading the way, some investors see a potential re-entry point for growth-oriented plays.
The equity market’s retreat underscores broader macro-economic tensions: while inflation remains elevated, rising capital gains tax concerns are intensifying investor caution. Meanwhile, pockets of strong gains in tech names like NCR reflect growing investor confidence in domestic innovation and Nigeria’s long-term growth prospects.
