Nigerian Stocks extended losing streak with at least ₦2.8 trillion wiped out in market value.
NewsOnline Nigeria reports that the Nigerian stock market continued its downward slide on Thursday, November 7, as the All-Share Index (ASI) fell by 501.7 points to close at 149,524.8 points, marking the fifth consecutive day of losses.
The 0.33% dip from the previous day’s close of 150,026.6 points extended the weekly decline to 2.11%, erasing a total of ₦2.8 trillion in market capitalization within the week.
ALSO: NDLEA Secures 21-Year Jail Term for Five International Drug Traffickers Arrested at Lagos Airport
Market activity slowed further, with 527 million shares traded, compared to 619 million on Thursday, while equity capitalization slipped to ₦94.9 trillion across 24,637 deals, down from ₦95.3 trillion in the prior session.
Investors who spoke with NewsOnline attributed the selloffs to panic reactions over the Federal Government’s proposed 25% capital gains tax, expected to take effect in January 2026, targeting profits above ₦150 million.
Adding to investor anxiety are geopolitical tensions following reports of U.S. President Donald Trump’s threat of military action against Nigeria, which analysts say could trigger further foreign portfolio exits.
On the gainers’ list, NCR and MCNICHOLS led with 9.94% and 9.82% increases, respectively. Conversely, BERGER and CILEASING topped the losers’ chart, dipping 10.00% and 9.86%.
In terms of trading volume, WEMABANK and CONHALLPLC recorded the highest transactions for the day.
Details later…
