Nigerian Equities Fall After Seven-Month Winning Streak

The Nigerian stock market closed November 2025 on a negative note, falling 6.88% and ending a seven-month winning streak that had lasted since April, according to market data. The downturn was tracked by the All-Share Index (ASI), which opened the month at 154,126.5 points but declined to 143,520.5 points by the close, reflecting significant market pressure.

Trading activity in November remained robust, with more than 11 billion shares exchanged across various sectors. Despite the high turnover, investor sentiment was subdued, as market participants reacted to a combination of domestic and global economic factors. Analysts attributed the slump to profit-taking by investors following months of consistent gains, as well as concerns over inflation and interest rate policies affecting corporate earnings.

Market capitalization also suffered during the month, dropping from N97.8 trillion at the beginning of November to N91.28 trillion at the end. The decline marked November as the worst-performing month of 2025 to date, underscoring volatility in the Nigerian equities market. Prior to November, the only other month that recorded a negative performance was March, highlighting the overall resilience of the market earlier in the year.

READ ALSO: Tinubu Praises Nigerian Forces for Thwarting Benin Coup

The downturn affected multiple sectors, with financial services, consumer goods, and industrial stocks experiencing the most notable declines. Brokers and market analysts suggest that investors were cautious in reallocating portfolios ahead of year-end, contributing to the broad-based sell-off. Additionally, ongoing concerns about fiscal policies, exchange rate fluctuations, and global economic uncertainty influenced market dynamics.

Despite the negative close, some market experts remain optimistic about the medium-term outlook, noting that equities in Nigeria still offer attractive long-term value, particularly for investors with a focus on fundamentally strong companies. The market’s resilience over the past seven months, prior to November’s setback, demonstrates underlying investor confidence in key sectors such as banking, telecommunications, and energy.

November’s performance also serves as a reminder of the cyclical nature of equity markets, where periods of gains are often followed by corrections. Financial analysts have urged investors to maintain diversified portfolios and avoid panic selling, emphasizing that temporary declines can present opportunities for strategic entry into high-performing stocks.

The Nigerian Stock Exchange (NSE) continues to monitor market developments closely and has reiterated its commitment to transparency, liquidity, and the protection of investors’ interests. Stakeholders are also looking ahead to corporate earnings reports for December and 2026, which are expected to influence market direction and investor sentiment further.

As the market prepares for the final month of 2025, all eyes will be on domestic economic policies, corporate performance, and global market trends, which are likely to shape trading activity and market performance in the near term. November’s decline, while notable, may offer investors a chance to reassess and strategically position themselves for potential gains in the coming months.