Nigerian stocks faced an unprecedented shock in November 2025.
It lost ₦6.54 trillion in market capitalisation, marking the steepest monthly decline in history.
The looming 30% Capital Gains Tax (CGT) sparked investor anxiety.
Many rushed to sell shares, hoping to secure profits before the tax takes effect.
Market Drop
By the end of November, total market capitalisation had fallen to ₦91.29 trillion.
This was down from ₦97.83 trillion in October, a 6.69% drop.
The All-Share Index (ASI) mirrored the decline, falling 6.88% to 143,520.53 points.
This represented the sharpest monthly fall since October 2022, far surpassing previous losses.
Nigerian Stocks Losses Shake Investor
The sell-off reached its peak on November 11, when the ASI fell 5.01% in one day.
Investors sold aggressively, wiping ₦4.6 trillion from the market.
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Confusing CGT announcements deepened uncertainty, prompting institutional investors to exit positions quickly.
Finance Minister Wale Edun’s visit briefly restored confidence, regaining ₦2.6 trillion, but the relief was short-lived.
By the end of the month, losses had accumulated to nearly ₦7 trillion.
Sector Losses
Every major index declined during November.
Industrial Goods fell 13.80%, hitting cement and construction stocks hardest.
Insurance dropped 12.07%, while the Premium Index lost 10.44%, affecting large-cap companies.
Oil & Gas fell 7.33%, Banking 5.77%, and Consumer Goods 3.20%, showing relative resilience.
Outlook
Despite November’s losses, the market remains positive for 2025.
It has added ₦28.57 trillion year-to-date, a 45.45% rise since January.
The ASI also gained 39.44% so far this year.
Nevertheless, the heavy November losses have dampened optimism.
With the CGT deadline approaching, investors are expected to remain cautious, potentially slowing year-end momentum.
