The Nigerian stock market witnessed a sharp and sustained downturn last week as investors reacted to heightened geopolitical tensions following U.S. President Donald Trump’s recent warning to Nigeria.
Investors at the Nigerian Exchange Limited (NGX) recorded a staggering loss of N2.8 trillion between November 3 and 7, 2025, marking one of the most turbulent trading periods of the year.
Market data shows that equity capitalisation plunged to N94.9 trillion during the week, while the All-Share Index (ASI) dipped by 2.99 per cent, slipping from 154,126.46 points to 149,524.81 points. The market remained bearish throughout the five-day trading period.
The sell-offs were severe across all sessions. On Monday alone, investors lost N245.88 billion. The decline deepened on Tuesday with an additional N611.96 billion wiped off market value. Wednesday saw the steepest fall, recording a massive N1.31 trillion slump — the highest daily loss for the week.
Losses continued on Thursday and Friday, with declines of N347.75 billion and N318.78 billion respectively, bringing total losses for the week to N2.8 trillion.
Trading activity also slowed as investors adopted caution. A total of 3.575 billion shares valued at N107.011 billion exchanged hands in 146,429 deals, sharply lower than the 7.479 billion shares worth N145.429 billion traded in the previous week.
The financial services sector maintained dominance, accounting for 2.946 billion shares valued at N65.904 billion in 62,817 transactions. Fidelity Bank Plc, FCMB Group Plc, and Aso Savings & Loans Plc led trading by volume with a combined 1.288 billion shares valued at N19.3 billion, representing 36.03 per cent of the total trading volume and 18.08 per cent of overall value.
Market breadth weakened as only 20 stocks appreciated, down from 29 in the previous week. Meanwhile, 75 equities declined compared to the earlier week’s 70, while 51 stocks closed unchanged.
Top gainers included NCR (Nigeria) Plc with a 20.94 per cent rise, Eunisell Interlinked Plc with 20.17 per cent, and Union Dicon Salt Plc at 9.93 per cent.
On the losers’ list, Sovereign Trust Insurance Plc led with a 28.21 per cent drop, followed by C & I Leasing Plc falling 20.16 per cent, and Skyway Aviation Handling Company Plc down 18.99 per cent.
The heightened market volatility follows President Donald Trump’s recent announcement designating Nigeria a “Country of Particular Concern” over alleged persecution of Christians.
Trump subsequently warned of possible military action, a development analysts say may have shaken investor confidence.
The geopolitical tension, combined with ongoing macroeconomic pressures and profit-taking activities, contributed to the sharp sell-offs witnessed during the week.
Market watchers say investors will closely monitor upcoming domestic policy signals, diplomatic engagements, and global reactions before returning to aggressive positions in Nigerian equities.
