The Nigerian equities market skilled its worst month-to-month efficiency in recorded historical past, shedding a staggering N6.54 trillion in market capitalization in November 2025.
This represents the steepest loss ever recorded since January 2013, when the NGX first crossed the N10 trillion mark, in accordance with a Nairalytics evaluation of market capitalization developments.
The sharp selloff was largely pushed by intensified profit-taking triggered by mounting investor apprehension over the approaching implementation of a 30% Capital Positive factors Tax (CGT) anticipated to begin on January 1, 2026.
Whereas November marked a historic loss, the equities market is nonetheless forward by N28.5 trillion in market capitalization beneficial properties year-to-date.
Historic losses
By the top of November 2025, the Nigerian Alternate (NGX) closed with a complete market capitalization of N91.29 trillion, sharply down from the N97.83 trillion recorded on the finish of October.
- This represents a 6.69% month-on-month contraction, wiping off over N6.54 trillion in market worth.
- The NGX All-Share Index (ASI) mirrored this downturn, plunging by 10,605.93 foundation factors—or 6.88%—to settle at 143,520.53 factors from 154,126.46 factors recorded on the finish of October.
- This additionally marks the steepest month-to-month proportion decline since October 2022, when the market misplaced over 10.5%.
- When it comes to scale, this surpasses different vital month-to-month declines, similar to April 2024’s 6.06% dip, underlining the market’s acute sensitivity to fiscal coverage dangers.
Nairalytics evaluation relationship again to 2000 reveals the biggest month-to-month loss recorded per NGX Market Capitalization was in April 2024, when the market shed N3.5 trillion.
We had additionally seen losses of N2.57 trillion and N2.55 trillion in October 2022 and March 2020, respectively, however nothing near the N6.5 trillion misplaced in November.
Revenue-Taking Intensifies on CGT uncertainty
Market analysts attribute November’s historic rout to widespread sell-offs prompted by the anticipated 30% CGT.
- Traders, aiming to lock in beneficial properties earlier than the tax’s implementation, dumped positions throughout large-cap and mid-tier shares, triggering widespread losses.
- The sell-off climaxed on Tuesday, November 11, when the market skilled its worst single-day drop in historical past.
- The ASI plummeted 5.01% to 141,327.30 factors, leading to a one-day lack of N4.6 trillion in market capitalization.
- This panic coincided with rising issues over ambiguous particulars surrounding CGT enforcement and feedback by authorities officers throughout a number of investor webinars.
The heightened uncertainty led to a pointy decline in confidence, notably amongst institutional buyers.
Following the crash, a tentative rebound emerged after the Finance Minister, Wale Edun, visited the Nigerian Alternate in the course of the itemizing of the N1 trillion MOFI Funds.
- His reassurances momentarily calmed market jitters, resulting in a restoration of about N2.6 trillion in market capitalization and a 4,000-point rebound within the ASI.
- Nonetheless, this was short-lived. By Friday, November 28, the market had as soon as once more slipped into detrimental territory, culminating in a complete month-to-date lack of N6.98 trillion.
Whereas the market posted beneficial properties in three out of 5 periods within the remaining buying and selling week, it nonetheless misplaced N128 billion on common weekly.
Sectoral Breakdown
November’s rout was broad-based, with all main indices recording detrimental returns, highlighting investor panic.
- NGX Industrial Items Index led the month-to-month decline, falling 13.80% to five,133.60 factors as cement and construction-related shares got here beneath intense strain.
- Insurance coverage Index plunged 12.07%, reflecting detrimental sentiment in monetary companies.
- NGX Premium Index—which tracks large-cap shares—declined 10.44%, signaling that blue-chip shares bore the brunt of the selloff.
- Banking Index dipped 5.77%, whereas the Oil & Gasoline Index misplaced 7.33%, partly because of weakening international vitality developments.
- Shopper Items Index, although comparatively resilient, nonetheless dropped 3.20% month-on-month.
Efficiency throughout the broad market additionally mirrored this decline:
- Predominant Board Index: down4.68%
- NGX 30 Index: down 7.09%
- Company Governance Index: misplaced 6.27%
Market Nonetheless Optimistic Yr-to-Date, However Momentum Threatened
Regardless of November’s bruising losses, the NGX stays in constructive territory for the yr.
As of November 28, 2025, the equities market has gained N28.57 trillion year-to-date, representing a forty five.45% improve from the N62.76 trillion capitalization recorded initially of the yr.
The ASI has equally posted a sturdy 39.44% return year-to-date, gaining 40,594.13 foundation factors from its December 2024 shut of 102,926.40 factors.
Nonetheless, the heavy November losses have tempered earlier optimism and raised recent issues about year-end efficiency.
With the Capital Positive factors Tax implementation looming, buyers could proceed to undertake a cautious posture, doubtlessly extending the bearish sentiment into December.
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