NGX SWOOTs shed N2.75 trillion in 6 days to N83.34 trillion

The Nigerian Exchange (NGX) Stocks Worth Over One Trillion popularly called  SWOOTs fell by approximately N2.75 trillion, or 3.2%, closing lower with a combined market capitalisation of N83.337 trillion as of November 10, 2025.

The N83.337 trillion represents a commanding 88.16% of the Nigerian Exchange (NGX) total equities capitalisation of N94.526 trillion, leaving only 11.84% for the remaining listed companies numbering over 100.

However, it was a major decline when compared with the N86.085 trillion total market capitalisation as of October 31, reflecting short-term bearish sentiment across Nigeria’s equities market in recent weeks.

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In other words, between Monday, November 3 and Monday November 10, 2025, the combined market capitalisation of the 22 SWOOT stocks declined by approximately N2.75 trillion, or 3.2%, closing lower with a total market value of N83.337 trillion, down from N86.085 trillion as of October 31.

The major drag:

This aggregate loss reflects the combined impact of profit-taking, weakened investor sentiment, and price corrections in several high-cap counters, especially across telecommunications, banking, and consumer goods sectors.

The major drag came from:

Telecoms (MTN Nigeria, Airtel Africa) — together accounting for N1 trillion loss.
Five banking majors (First HoldCo, UBA, GTCO, Access, Zenith) — N545.134 billion decline in six trading sessions, about 5.4% of their total market value wiped off in six trading days, from N N10.113 trillion as of Oct.31, 2025 to N9.568 billion as of Nov. 10
Consumer goods (Nestlé, NB, Int’l Breweries) — collectively lost N611.101 billion in market cap, a 10.44% contraction in their total market cap within the week under review, from N5.853 trillion on October 31 to N5.242 trillion on November 10.
Energy/industrial lost: N425.21 billion (Aradel Holdings – lost N280.24 billion and Lafarge Africa – N144.97 billion)

A few gainers like Okomu Oil and Stanbic IBTC offered mild upside, but their gains were insufficient to offset sector-wide selloffs, underscoring short-term bearish sentiment across Nigeria’s equities market.

Banking stocks lead losses

The Tier 1 banking stocks recorded a combined loss of N545.134 billion in six trading sessions, about 5.4% of their total market value wiped off in six trading days, from N10.113 trillion as of Oct.31, 2025, to N9.568 billion as of November 10, 2025.

UBA Plc’s market capitalisation dipped slightly by N82.07 billion, representing a 4.99% decline from N1.643 trillion on October 31 to N1.561 trillion on November 10, as the share price eased to N38.05 per share.
Zenith Bank shed N139.63 billion, down 5.4%, after its share price dropped from N63.00 to N59.60 per share.
Access Holdings recorded a steep N141.3 billion loss (−10.83%) as the stock plunged from N24.45 to N21.80 per share.
GTCO followed with a decline of N182.13 billion (−5.6%), closing the review period with a market capitalisation of N3.07 trillion, down from N3.26 trillion.
Stanbic IBTC Holdings was the lone gainer, adding N5.56 billion (+0.31%) as its market cap rose to N1.786 trillion while First HoldCo held steady as its market capitalization closed flat at N1.319 trillion despite some intraday volatility.

Telecom giants deep in red

Telecom stocks led the downturn in value terms, with MTN Nigeria and Airtel Africa together losing over N1.05 trillion.

MTN Nigeria’s market capitalisation fell by N904.91 billion, an 8.2% drop from N10.919 trillion to N10.014 trillion, as the share price declined from N520.10 to N477.00 per share.
Airtel Africa also slipped, losing N152.21 billion (−1.75%), closing the week at N8.531 trillion as its share price moderated to N2,270.00 per share.

Industrial and Energy Stocks mixed

Among industrial and energy majors, Lafarge Africa and Aradel Holdings suffered the heaviest declines.

Lafarge’s market capitalisation dropped by N144.97 billion (−6.42%) to N2.11 trillion, reflecting weaker investor confidence after its share price fell to N131.00.
Aradel Holdings lost N280.24 billion (−8.24%) to close at N3.117 trillion, while Dangote Cement and BUA Cement both held steady at N11.136 trillion and N6.095 trillion respectively.
Seplat Energy also remained unchanged at N3.549 trillion.

Consumer Goods suffer broad declines

The consumer goods sector saw sharp corrections across its key players.

Nestlé Nigeria Plc recorded the biggest decline, losing N146.64 billion (−9.66%) as its market capitalisation fell to N1.371 trillion, tracking a price drop from N1,915 to N1,730 per share.
Nigerian Breweries Plc followed with a N195.2 billion (−8.81%) loss to N2.02 trillion, while International Breweries Plc fell by N269.266 billion (−12.7%) to N 1.851 trillion, from N2.12 trillion on October 31.
BUA Foods Plc remained unchanged at N12.465 trillion.

Oil Palm Producers steady

In the agriculture sub-sector, Okomu Oil Palm Plc stood out with a N28.62 billion gain (+2.78%), closing the week at N1.058 trillion as the share price rose to N1,110.

Presco Plc remained stable at N1.48 trillion with no change in price.

Hospitality and Power Stocks flat

All major power and hospitality stocks in the SWOOT family were unchanged. Transcorp Hotels Plc, Transcorp Power Plc, and Geregu Power Plc maintained their previous week’s values at N1.791 trillion, N2.565 trillion, and N2.853 trillion respectively, reflecting a week of low trading activity in the power sector.

Market Summary

By the end of trading on November 7, the total market capitalisation of the elite club of 22 companies stood at N83.91 trillion, down from N86.09 trillion the previous week — a N2.18 trillion or 2.53% weekly decline.

Despite the decline, the stock market remains firmly under the control of these heavyweight counters dominated by consumer goods, banking, cement, power, and telecoms giants. They continue to dictate market sentiment and liquidity.

“These trillion-naira stocks are the heartbeat of the exchange. Their collective performance determines the market’s direction, liquidity, and investor confidence,” Idika Aja, Chief Analyst at Nairametrics, noted in a recent podcast.

Aja stated that the inclusion of non-traditional sectors like power and hospitality underlines the maturing depth of the NGX. “Power and energy stocks have become the new frontiers for value creation. They are now among the most actively traded stocks, signalling investors’ confidence in diversification beyond traditional sectors like cement and banking,” said Aja, who tracks market capitalisation movements.

Commenting on the crashing trend as it affects the banking stocks, Mr. Blakey Ijezie, a chartered accountant and Founder and Managing Partner, Okwudili Ijezie & Co, pointed out that the trend has nothing to do with the planned implementation of Capital Gains Tax, as some analysts and market observers believed.

He insisted that it was triggered by fears over President Trump’s threat, stressing that foreign institutional investors who are more informed are pulling out their investments.

“This current bear trend has nothing to do with the planned implementation of CGT. CGT (Capital Gains Tax) is if you have made up to N150 million and you’re taking cash. You’re not reinvesting. If you buy another stock, you will not pay CGT. The bearish trend was triggered by Trump threat. Foreign institutional investors are pulling out. From all indications, it will continue till the nagging issues are resolved either way,” said the investment and taxation expert.