Equities Market Loses N6.5trn In November, Biggest Monthly Loss

The Nigerian equities market experienced its worst monthly performance in recorded history with a monthly decline of N6.5 trillion in November 2025.

The market capitalisation lost N6.543 trillion from N97.829 trillion at the beginning of November to close at N91.286 trillion by the end of November 28, 2025.

Similarly, the Nigerian Exchange (NGX) Limited All-Share Index (ASI) declined by 6.88 per cent from 153,126.46 on October 31, 2025 to 143,520.53 points on November 28, 2025.

The sharp selloff was driven mainly by intensified profit-taking triggered by mounting investor apprehension.

Speaking on market performance in November, investment banker & stockbroker Tajudeen Olayinka said the drop in market capitalisation was against the backdrop of Trump’s threat and other factors.

The vice chairman of HighCap Securities, David Adonri, said, “Short-term market adjustments are standard in a dynamic market like Nigeria’s.
“The underlying fundamentals remain strong, and the year-to-date performance highlights the resilience and depth of our capital markets.”

The chief operating officer of InvestData Consulting Limited, Mr Ambrose Omordion, said, “The Nigerian equities market ended the month under sustained selling pressure, as investors continued to lock in profits amid rising macroeconomic uncertainties.”

According to him, the pullback reflects a broader wave of caution that has swept through the market this week, driven by mixed sectoral performances, waning risk appetite, and renewed emphasis on value rotation.

On market outlook, Omordion noted that “looking ahead, we anticipate a continuation of mixed trading patterns as investors bargain-hunt selectively while remaining sensitive to macro cues such as inflation expectations, FX market direction, crude oil price movements, and fiscal policy signals.

“The market may experience a short-term relief bounce if buyers resurface to take advantage of cheaper valuations, but overall sentiment is likely to stay cautious until a clearer direction emerges.

“Corporate earnings expectations for Q4 remain a key driver to watch, as they could reshape sector preferences and spark fresh positioning in fundamentally strong counters.”