NGX Dips as Capital Gains Tax Concerns Shake Investor Confidence
How CGT fears triggered mid-week panic
The Nigerian stock market concluded the trading week ending November 14, 2025, in a negative zone. The All-share Index fell by 1.68% to close the week at 147,013.59 points, down from the prior week’s close of 149,524.81 points.
The market capitalization dropped by N1.49 trillion, finishing the week at N93.501 trillion, compared to the previous week’s close of .99 trillion.
Earlier in the week, the Nigerian stock market encountered a wave of panic selling as renewed concern around the implementation of the Capital Gains Tax (CGT) set for 2026 weighed heavily on investors’ sentiment. This sudden plunge erased about N4.6 trillion in the market value and dragged the All-share index down by more than 7,500 points.
However, the market cooled off midweek following the reassurances from the Minister of Finance, Mr. Wale Edun, leading to a rebound on Wednesday. The market recovered 2.6 trillion in value and maintained moderate gains in the remaining trading days.
The NGX Premium index fell by 2.74% dragged by the declines in DANGOTE CEMENT, SEPLAT, FIRST HOLDCO, and MTN.
The NGX Insurance index gained the most by 2.42% boosted by over 9% gains in Cornerstone Insurance, Guinea Insurance and International Energy Insurance. The NGX Banking index gained by 1.26% and the NGX Consumer Goods index also advanced moderately by 0.4 6%.
On the negative side, the NGX Industrial index dipped the most, dropping by 6.97% dragged by the 10% decline in Dangote Cement, BUA Cement, which dropped by 6.67%. The NGX Oil and Gas index slipped by 0.85%.
During the week, 48 equities gained, while 45 equities declined, and 53 equities remained flat.
Market Analysis
– ASI Weekly Close: 147,013.59 points
– Market Capitalization: N93.501 trillion
– Week-on-Week Change: -1.68%
– Year-to-Date Return: 42.83%
Top Gainers
NCR (NIGERIA) PLC. up 32.30%
ASO SAVINGS AND LOANS PLC up 14.44%
CHAMPION BREW. PLC. up 11.54%
INTERNATIONAL ENERGY INSURANCE PLC up 11.48%
SECURE ELECTRONIC TECHNOLOGY PLC up 10.67%
Top Losers
UNION DICON SALT PLC. -18.71%
AUSTIN LAZ & COMPANY PLC -18.62%
MULTIVERSE MINING AND EXPLORATION PLC -14.47%
DANGOTE CEMENT PLC -10.00%
ACADEMY PRESS PLC. -10.00%
The market performance this week reflects investor sensitivity to the uncertainty around the Nigerian policies, such as the capital gains tax. As a result, Investors are becoming more cautious, aiming to protect their long-term profits with the anticipated 30% capital gains tax on shares.
