The Nigerian stock market suffered its largest single‑day loss in history, erasing N4.6 trillion from investors’ wealth. Panic selling of major stocks, notably Dangote Cement and Oando, drove the decline. Data from the Nigerian Exchange Limited (NGX) show that total market capitalization fell from N94.526 trillion to N89.884 trillion, while the All‑Share Index (ASI) dropped 7,454.60 points, or 5.01 %, to 141,327.30 points. Market breadth was stark: 61 stocks closed lower and only four rose, marking one of the most dramatic single‑day losses on the NGX.
Dangote Cement and Oando were among the hardest hit, each sliding 10 % to N594 and N429.30 per share, respectively. In contrast, NCR Nigeria gained 9.8 % and topped the gainers’ list. Despite the losses, trading activity surged, with volume up 80 % and turnover up 159 %. A total of 655.9 million shares worth N29.4 billion were traded in 29,558 deals, compared with 364.4 million shares valued at N11.4 billion the day before. FBN HoldCo led in volume with 68.27 million shares, while GEREGU Power Plc recorded the highest turnover at N4.42 billion.
Analysts attribute the market’s weakness to several factors: weak third‑quarter earnings, investor panic over policy misinterpretations, and concerns about a proposed 30 % capital gains tax. David Adonri, Vice Chairman of Highcap Securities Ltd., noted that the market’s fragility was already evident last week and that comments by U.S. President Donald Trump on Nigeria’s reforms heightened uncertainty. He added that the planned capital gains tax increase has discouraged institutional and foreign investors, eroding confidence.
The steep loss underscores the need for investors to exercise caution and for policymakers to address the underlying causes of market volatility. As the NGX navigates these challenges, close monitoring of developments and strategic adjustments will be essential. Further declines could have significant implications for the Nigerian economy, making the exchange’s performance a focal point in the coming days.
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