The Nigerian Exchange (NGX) closed the week deep in the red as the All-Share Index (ASI) fell for the fifth straight session, settling at 149,524.8 points on November 7, a decline of 501.7 points from the previous day.
This downturn erased roughly N2.8 trillion in market value, translating to a 2.11% weekly loss for investors.
Friday’s session saw another 0.33% dip after a sluggish trading day with 527 million shares exchanged across 24,637 deals, compared to 619 million shares traded on Thursday.
Consequently, market capitalization slipped to N94.9 trillion from N95.3 trillion, highlighting persistent bearish sentiment.
Analysts attribute the sustained selloffs to mounting investor anxiety over the federal government’s proposed 25% capital gains tax on profits exceeding N150 million, slated to begin in January 2026.
The market also faced headwinds from geopolitical tensions, following reports of U.S. President Donald Trump’s warning of possible military action against Nigeria, a factor prompting some foreign investors to withdraw funds.
Despite the broader decline, NCR and MCNICHOLS led the gainers’ chart, advancing by 9.94% and 9.82%, respectively. Conversely, BERGER and CILEASING posted the steepest losses, shedding 10.00% and 9.86%. Among the most actively traded stocks, WEMABANK and CONHALLPLC recorded the highest trading volumes for the day.
