NGX Slumps 6.88% as November Wraps in Heavy Losses

The Nigerian Exchange (NGX) concluded the last trading week of November, ending November 28, 2025, on a negative note. The All-Share Index decreased by 0.14%, closing at 143,520.53 points, down from the previous week’s close of 143,722.62 points.

The market sell-off overshadowed other trends, bringing the market capitalization down to N91.286 trillion, compared to N91.4 trillion in the prior week. As November ended, the market showed losses as investors engaged in profit-taking to safeguard their gains ahead of the 30% Capital Gains Tax (CGT) that is set to take effect on January 1, 2026.

The NGX Premium Index saw a slight increase of 0.50%, while the NGX Pension Index fell by 0.53%.

Sectoral Performance

The NGX Banking Index was the only index to record a gain during the review week, with an increase of 0.67%. In contrast, the NGX Insurance Index saw a slight decline of 0.07%, and the Oil and Gas Index decreased by 0.23%. The NGX Industrial Goods Index experienced the largest drop, declining by 1.92%.

During the week, 38 equities appreciated in price, 36 equities declined in price, while 73 equities finished flat.

Monthly Market Performance 

November ended with the All-Share Index plunging by 6.88%. The panic associated with the proposed CGT and overall market uncertainty led to a staggering loss of 6.54 trillion from the market, making it the worst monthly performance in history.

Market capitalization fell to N91.29 trillion, down from N97.83 trillion recorded at the end of October.

The NGX Industrial Goods Index recorded a monthly decline of 13.8% due to heightened profit-taking pressure on cement and construction-related stocks. The NGX Insurance Index fell by 12.07%, while the Banking Index reported a loss of 5.77%.

Market Analysis:

ASI Weekly Close:  143,520.53 points
Market Capitalization:  N91.286 trillion
Week-on-Week Change: -0.14%
Year-to-Date Return: 39.44%

Top Gainers

IKEJA HOTEL PLC up 45.08%
NCR (NIGERIA) PLC. up 32.97%
U A C N  PLC. up 12.71%
CWG PLC up 11.84%
VERITAS KAPITAL ASSURANCE PLC up 11.25%
ACADEMY PRESS PLC. up 9.70%

Top Losers

MEYER PLC. -18.89%
SUNU ASSURANCES NIGERIA PLC. -14.78%
UPDC PLC -11.93%
TANTALIZERS PLC -10.36%
ABBEY MORTGAGE BANK PLC -10.00%
REGENCY ASSURANCE PLC -7.96%

Despite November’s brutal decline, the equities market remains in positive territory for the year, holding on to approximately N28.5 trillion in market capitalization gains year-to-date, representing a 39.44% return.

Now, with the new tax coming soon and confidence already shaken, investors are worried and watching closely. Will the market recover before the tax begins? Or is something bigger still coming?