The Nigerian equities market experienced its worst monthly performance in recorded history, 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, according to a Nairalytics analysis of market capitalization trends.
The sharp selloff was largely driven by intensified profit-taking triggered by mounting investor apprehension over the impending implementation of a 30% Capital Gains Tax (CGT) expected to commence on January 1, 2026.
While November marked a historic loss, the equities market is still ahead by N28.5 trillion in market capitalization gains year-to-date.
Historic losses
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 6.69% 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 6.88%—to settle at 143,520.53 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 10.5%.
- In terms of scale, this surpasses other significant monthly declines, such as April 2024’s 6.06% dip, underlining the market’s acute sensitivity to fiscal policy risks.
Nairalytics analysis dating back to 2000 shows the largest monthly loss recorded per NGX Market Capitalization was in April 2024, when the market shed N3.5 trillion.
We had also seen losses of N2.57 trillion and N2.55 trillion in October 2022 and March 2020, respectively, but nothing close to the N6.5 trillion lost in November.
Profit-Taking Intensifies on CGT uncertainty
Market analysts attribute November’s historic rout to widespread sell-offs prompted by the anticipated 30% 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 5.01% 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.
Sectoral Breakdown
November’s rout was broad-based, with all major indices recording negative returns, highlighting investor panic.
- NGX Industrial Goods Index led the monthly decline, falling 13.80% to 5,133.60 points as cement and construction-related stocks came under intense pressure.
- Insurance Index plunged 12.07%, reflecting negative sentiment in financial services.
- NGX Premium Index—which tracks large-cap stocks—declined 10.44%, signaling that blue-chip stocks bore the brunt of the selloff.
- Banking Index dipped 5.77%, while the Oil & Gas Index lost 7.33%, in part due to weakening global energy trends.
- Consumer Goods Index, though relatively resilient, still dropped 3.20% month-on-month.
Performance across the broad market also mirrored this decline:
- Main Board Index: down4.68%
- NGX 30 Index: down 7.09%
- Corporate Governance Index: lost 6.27%
Market Still Positive Year-to-Date, But Momentum Threatened
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 45.45% increase from the N62.76 trillion capitalization recorded at the start of the year.
The ASI has similarly posted a robust 39.44% 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.
