The Nigerian equities market suffered a major setback recently, extending its losing streak for the seventh consecutive session as intense selloffs in heavyweight stocks triggered a sharp decline across the board.
The NGX All-Share Index (ASI) plunged 5.01% to close at 141,327.30 basis points, wiping out 4.61 trillion naira from investors’ wealth to settle market capitalisation at 89.88 trillion naira.
The dip dragged the year-to-date return down to 37.31%, from over 40% at the start of the November middle week. The sharp drop was largely driven by steep declines in market bellwethers — Dangote Cement, MTN Nigeria, and BUA Cement, which all fell by the maximum daily limit of 10%.
The sell pressure was broad-based, spanning all key sectors, with the Industrial Goods Index leading the losses at -8.55%, followed by Banking at (-7.27%), oil and gas (-4.65%), insurance (-4.33%) and consumer goods (-2.20%), all losing a good chunk.
On the performance board, Academy Press and BUA Cement topped the losers’ chart with a 10% dip each, while NCR and Berger Paints emerged as the only notable gainers, rising by 9.8% and 2.3%, respectively, followed by FCMB and AXA Mansard, which saw 0.96% and 0.25% increases in share value.
Despite the bearish tone, trading activity surged significantly, a reflection of heightened institutional activity. Total trade volume climbed 80.03% to 655.95 million units, while turnover value soared 158.87% to N29.39 billion. However, deal count fell 9.23% to 29,588 trades, suggesting large block transactions rather than widespread retail participation. FBN Holdings led the activity chart by volume with 68.27 million shares exchanged, while Geregu Power dominated by value at 4.42 billion naira.
According to analysts, the combination of aggressive selloffs in top-cap stocks, pervasive sectoral weakness, and concentrated trading patterns, which led to the equities market freefall, also points to heightened de-risking by institutional investors amid worsening sentiment.
The steep market correction also reflects cautious investor positioning ahead of key macroeconomic indicators and corporate earnings reports expected later in November 2025.