Nigerian equities market drops by N6.54trn in November 2925

The equities market section of the Nigerian Exchange Limited (NGX) dropped by N6.54 trillion by market capitalization in November 2025 amid massive profit-taking by investors.  

This represents the steepest loss ever recorded since January 2013, when the NGX first crossed the N10 trillion mark.

The sharp selloff was largely driven by intensified profit-taking triggered by mounting investor apprehension over the impending implementation of a 30per cent Capital Gains Tax (CGT) expected to commence on January 1, 2026 and President Donald Trump military action in Nigeria. 

By the end of November 2025, the Nigerian Exchange (NGX) closed with a total market capitalization of N91.29 trillion, sharply down from the N97.83 trillion recorded at the end of October.

This represents a 6.69per cent month-on-month contraction, wiping off over N6.54 trillion in market value.

The NGX All-Share Index (ASI) mirrored this downturn, plunging by 10,605.93 basis points—or 6.88per cent—to settle at 143,520.53 basis points from 154,126.46 points recorded at the end of October.

This also marks the steepest monthly percentage decline since October 2022, when the market lost over 10.5per cent.

In terms of scale, this surpasses other significant monthly declines, such as April 2024’s 6.06per cent dip, underlining the market’s acute sensitivity to fiscal policy risks.

Market analysts attribute November’s historic rout to widespread sell-offs prompted by the anticipated 30per cent CGT.

Investors, aiming to lock in gains before the tax’s implementation, dumped positions across large-cap and mid-tier stocks, triggering widespread losses.

The sell-off climaxed on Tuesday, November 11, when the market experienced its worst single-day drop in history.

The ASI plummeted 5.01per cent to 141,327.30 points, resulting in a one-day loss of N4.6 trillion in market capitalization.

This panic coincided with growing concerns over ambiguous details surrounding CGT enforcement and comments by government officials during several investor webinars.

The heightened uncertainty led to a sharp decline in confidence, particularly among institutional investors.

Following the crash, a tentative rebound emerged after the Finance Minister, Wale Edun, visited the Nigerian Exchange during the listing of the N1 trillion MOFI Funds.

His reassurances momentarily calmed market jitters, leading to a recovery of about N2.6 trillion in market capitalization and a 4,000-point rebound in the ASI.

However, this was short-lived. By Friday, November 28, the market had once again slipped into negative territory, culminating in a total month-to-date loss of N6.98 trillion.

While the market posted gains in three out of five sessions in the final trading week, it still lost N128 billion on average weekly.

Despite November’s bruising losses, the NGX remains in positive territory for the year.

As of November 28, 2025, the equities market has gained N28.57 trillion year-to-date, representing a 45.45per cent increase from the N62.76 trillion capitalization recorded at the start of the year.

The ASI has similarly posted a robust 39.44per cent return year-to-date, gaining 40,594.13 basis points from its December 2024 close of 102,926.40 points.

However, the heavy November losses have tempered earlier optimism and raised fresh concerns about year-end performance.

With the Capital Gains Tax implementation looming, investors may continue to adopt a cautious posture, potentially extending the bearish sentiment into December.