Nigerian equities investors lost N6.54 trillion in November 2025, the worst monthly decline since 2020.
Investors responding decisively to the government’s planned implementation of the Capital Gains Tax (CGT) in January 2026 embarked on a sell-off spree that shaved 6.7% off total market capitalization, dragging it down to N91.29 trillion on Friday, November 28, from N97.82 trillion at the end of October.
The benchmark NGX All-Share Index (ASI) mirrored the downturn, shedding 10,605.93 basis points, or nearly 6.8%, to close at 143,520.53, compared with 154,126.46 points a month earlier.
November’s slump was characterized by aggressive profit-taking in heavily capitalized stocks, culminating in a bruising single-day crash in which the market lost approximately N4.6 trillion.
November shock trims year’s gains
Despite the setback, the market remains in positive territory for the year with cumulative gains now standing at N28.5 trillion in the first eleven months of 2025.
The exchange opened the year with a total market capitalization of N62.763 trillion in January 2025, and climbed 45.45%, or N28.57 trillion, to the current value of N91.286 trillion as of November 28, 2025.
Similarly, the ASI has added 40,594.13 basis points or 39.44% year-to-date, up from 102,926.40 points at the end of 2024.
However, the November reversal has dimmed earlier optimism, signaling that investors may be recalibrating their positions ahead of year-end.
Key performance indices compared
- NGX All-Share Index (ASI): Down 6.88% to 143,520.53 (from 154,126.46)
- Index fell by 10,605.93 points
- Market Cap: Down –6.69% to N91.29 trillion (from N97.83 trillion)
- N6.54 trillion lost in Market Capitalisation in November
Broad Market Indices
- NGX Main Board Index: Down –4.68% to 7,010.33 from 7,354.43
- NGX 30 Index: Down –7.09% to 5,249.90 from 5,650.90
- NGX CG Index: Down –6.27% to 3,837.59 from 4,094.24
- NGX Premium Index: Down: –1,640.78 to 14,079.68 from 15,720.46
Core Sector Indices
- Banking: Down –5.77% to 1,381.81 (from 1,466.38)
- Insurance: Down –12.07% to 1,082.66 (from 1,231.19)
- Consumer Goods: Down –3.20% to 3,421.15 (from 3,534.32)
- Oil & Gas: Down –7.33% to 2,699.31 (from 2,912.80)
- Industrial: Down –13.80% to 5,133.60 (from 5,955.84)
Trade momentum in November
The equities market began November on a bearish trajectory, setting the tone for what would become the most turbulent month of 2025.
The NGX All Share Index (ASI) opened lower at 153,739.11 points on Monday, November 3, slipping from 154,126.46 points at the October close.
By the end of the first trading week, the index had weakened further to 149,524.81 points, shedding 4,601.65 basis points or 2.98%, while market capitalization lost N2.83 trillion, falling to N94.99 trillion, a 2.89% decline in just five sessions.
The bearish tide intensified dramatically on Tuesday, November 11, when the market posted its worst single-day decline since January 2020. The ASI slumped -5.01% to 141,327.30 points, from 148,781.90 points, while investors lost N4.6 trillion, dragging market value to N89.88 trillion.
The sell-off was fuelled by mounting concerns over the imminent implementation of Capital Gains Tax (CGT) from January 1, 2026.
Coinciding with this turmoil was the visit of the Minister of Finance, Wale Edun, to the NGX for the listing of N1 trillion MOFI Funds.
However, tentative calm returned the next day, Wednesday, November 12, as reassurances from the minister led to a rebound.
The market recovered about N2.6 trillion, and the ASI rebounded to 145,403.83 points, signalling a brief respite.
Despite intermittent recoveries the following week, sustained sell pressures returned. By Friday, November 28, the equities market had lost N6.98 trillion month-on-month, marking its poorest monthly performance this year.
On a weekly basis, it shed N128 billion, closing at N91.29 trillion, with the ASI down 0.14% week-on-week, from 143,722.62 to 143,520.53 points, despite gains in three of five sessions.
NGX Industrials lead one-month sectoral decline
November’s downturn cut across all major sectoral indices.
- The Industrial Goods Index suffered the deepest blow, plunging 13.80%, from 5,955.84 to 5,133.60 points, reflecting heavy selloffs in cement and building materials stocks.
- Insurance stocks followed, with the Insurance Index tumbling 12.07%, while the Premium Index dipped 10.44%, highlighting the pressure on large-cap equities.
- The Banking Index fell 5.77%, and the Oil & Gas Index dropped 7.33%, tracking weaker global energy sentiment.
- Consumer-focused companies fared better but still declined 3.20% month-on-month.
Credit: Nairametrics
