Nigeria’s stock market suffered its worst trading day ever on Tuesday, November 11, 2025, as panic-driven sell-offs wiped out a staggering N4.6 trillion in market value. The All-Share Index (ASI) plummeted by 5.01% to close at 141,327.30 points, while market capitalization tumbled from N94.5 trillion to N89.9 trillion.
The historic crash extends a bearish streak that began last week, driven by fears over impending capital gains tax enforcement and geopolitical uncertainty following U.S. President Donald Trump’s threat of military action against Nigeria. The sell-off reflects deep investor anxiety amid shifting global and domestic financial conditions.
Blue-Chip Meltdown
Eight heavyweight stocks bore the brunt of the market rout, dragging the index to its lowest level in more than three months. MTN Nigeria plunged by the maximum daily limit of 10% to N429.30, erasing hundreds of billions of naira from market value. Dangote Cement, a major market driver, also dropped 10% to N594.00, while BUA Cement fell by the same margin to N162.00 per share.
Transcorp Plc slumped 10% to N39.60, while Aradel Holdings declined 9.67% to N648.10. Oando Plc and Custodian Investment Plc both shed 10%, closing at N36.00 and N34.20, respectively. Cadbury Nigeria Plc joined the list of major losers, falling 9.99% to N56.30, while Zenith Bank Plc slipped 9.40% to N54.00, amplifying losses in the banking sector.
Market Sentiment and Activity
Market sentiment turned deeply negative as 60 stocks declined while only three advanced. The few gainers, Berger Paints (+2.56%), FCMB (+0.96%), and AXA Mansard Insurance (+0.25%), were exceptions in an otherwise blood-red session. Despite the sell-off, trading activity surged, with volumes soaring 800% as investors rushed to rebalance portfolios.
Total market value traded climbed by N158.9 billion, reflecting strong investor participation despite the widespread panic. Analysts say the rush to exit positions signals aggressive risk-off behavior ahead of fiscal policy changes in early 2026.
Sectoral Breakdown
The Industrial Goods sector was the hardest hit, led by steep losses in Dangote and BUA Cement. The Telecoms sector also suffered heavily from MTN’s 10% slump, while the Banking sector recorded sharp declines from major lenders such as Zenith Bank and GTCO. Losses in Insurance and Conglomerates, including Custodian and Transcorp, further deepened market weakness.
Outlook
Despite the carnage, the market still shows resilience over the long term. The All-Share Index remains up 37.31% year-to-date, while total market capitalization is still 43.21% higher than at the start of the year, reflecting the strong rallies recorded earlier in 2025.
Analysts attribute the correction to a mix of profit-taking, tax policy uncertainty, and geopolitical tension, as investors weigh risks of potential U.S. sanctions and the shifting tone of Trump’s foreign policy toward Nigeria. With inflation easing but fiscal pressures rising, many fund managers are tilting toward fixed-income instruments offering double-digit returns.
Bottom Line
The Nigerian equity market is undergoing one of its most aggressive corrections in years. While blue-chip stocks like MTN and Dangote Cement maintain solid fundamentals, near-term volatility is expected to persist as investors reassess risk ahead of the January 2026 capital gains tax implementation and evolving global market sentiment.
