The Nigerian Exchange (NGX) suffered heavy losses this week, with the All-Share Index (ASI) dropping for the fifth consecutive day to close at 149,524.8 points on November 7 — down 501.7 points from the previous session. The week’s decline wiped out about N2.8 trillion in market value, marking a 2.11% weekly loss.
Friday’s 0.33% drop followed a sluggish trading session that saw 527 million shares exchanged across 24,637 deals, compared to 619 million shares traded on Thursday. Market capitalization also slipped to N94.9 trillion from N95.3 trillion, reflecting the continued bearish sentiment.
Analysts attributed the selloffs to investor concerns over the federal government’s proposed 25% capital gains tax on profits above N150 million, expected to take effect in January 2026. Some foreign investors are also reportedly exiting due to rising geopolitical risks, including U.S. President Donald Trump’s recent thre@t of possible military action against Nigeria.
Despite the general downturn, NCR and MCNICHOLS topped the gainers’ chart, rising by 9.94% and 9.82%, respectively. On the losers’ end, BERGER and CILEASING shed 10.00% and 9.86%. In trading activity, WEMABANK and CONHALLPLC recorded the highest volumes for the day.
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