Equities Market Gains N28.5trn In 11 Months

Amid reforms in the foreign exchange market and other reforms by the federal government to stabilise the nation’s economy, the Nigerian equities market rose by N28.5 trillion in 11 months of 2025.

The stock market that closed for trading in 2024 at N62.763 trillion, gained 45.45 per cent or N28.57 trillion to close at N91.286 trillion as of November 28, 2025.

The NGX All-Share Index closed November 28, 2025 at 14,20.53 basis points, gaining 40,94.13 basis points or 39.44 per cent from 102,926.40 basis points the index closed for trading in 2024.

However, the market capitalisation in November 2025 depreciated by N6.54 trillion or 6.7 per cent from N97.829 trillion it closed for trading in October 2025 to close at N91.286 trillion on November 28, 2025.

Consequently, the NGX ASI declined by 10,05.93 basis points or nearly 6.88 to 143,520.53basis points from 1154,126.46 basis points the major NGX index closed for trading in October 2025.

In November 2025, Nigeria’s stock market suffered one of its heavy losses in one day, dropping by N4.6 trillion on investors’ profit-taking in highly capitalised listed companies on the Exchange..

Capital market analysts attributed the downward movement in the stock market to investors’ sentiment trading over President Donald Trump’s threat of military action in Nigeria and Federal Government’s implementation of the Capital Gains Tax (CGT).

The investment banker & stockbroker, Tajudeen Olayinka, said the N4.6 trillion drop in market capitalisation was against the backdrop of Trump’s threat and introduction of CGT by 2026.

Olayinka stated, ‘’the combination of these two factors have played a significant role in investors’ profit-taking in highly capitalised stocks on the NGX.”

Speaking on the overall stock market performance this year, Group managing director/chief executive officer, NGX Group, Mr. Temi Popoola described the milestone as a reflection of growing investor confidence and the Exchange’s strategic focus on deepening market participation.

“Crossing the 151,000-point threshold is a testament to the strength and adaptability of our market. It demonstrates how local and international investors continue to see value in Nigerian equities despite global headwinds,” said Popoola.

“At NGX Group, we are committed to driving innovation, transparency, and market expansion to sustain this growth trajectory. This milestone reinforces our belief that the Nigerian capital market remains a critical enabler of economic transformation.”

For the 11 months 2025 performance of the stock market, analysts have attributed the 39.44 per cent growth to stability in the foreign exchange market, companies recovering from foreign exchange losses, market liquidity, capital inflow, dominance of domestic investors, increasing portfolio investment, Central Bank of Nigeria (CBN)’s banking sector recapitalisation and insurance sector reforms have played a critical role in overall stock market performance in the period under review.

So far in 2025, the stock market has seen Monetary Policy Committee of the CBN reducing Monetary Policy Rate to 27 per cent, marking the first cut since the COVID-19 pandemic in 2020.

Also, the yield on Nigerian Treasury Bills (NTB) has dropped to 15 per cent as of November 2025 from 18.00 per cent.

In the 11 months under review, several stocks listed on the NGX have recorded strong month to date appreciation, reflecting heightened foreign investor confidence driven by improved macroeconomic indicators and robust corporate earnings.

The managing director, Globalview Capital Limited, Mr. Aruna Kebira noted that the stock market in the 11 months of 2025 witnessed the tanking of inflation figures and CBN cutting interest rate to 27 per cent from 27.50 per cent.

“Those parameters alone gave the capital market investors a moment of respite in the nine months of 2025.

“The yields in the money market are not looking as attractive as they were in 2024, making discerning investors in search of better yields to consider the capital market as their investment destination.

“In the last MPC, the MPR was reduced, including other metrics. This is sending positive signals that as the inflation figure and money market yields are downward looking, the MPC would have a reason to tinker the MPR further downward. Which is not always fixed income friendly.

“If the various issuers demonstrate a performance higher than the corresponding period of 2024 and declare an impressive interim dividend, the stock market will move to appreciate their prices.

“I also see an improvement in the liquidity around the stock market arena, which will boost market participation and invite the bull into the market,” he added.