In the first week of trading in November, the Nigerian stock market saw a big drop, with investors losing a staggering N2.8 trillion at the Nigerian Exchange Limited (NGX).
According to Daily Trust, the market had a bad week of trading, falling in all five sessions from November 3 to November 7.
This happened right after US President Donald Trump threatened to invade Nigeria with the military, which made the market nervous and caused a sell-off.
On the last Friday before the last Friday, Trump called Nigeria a “Country of Particular Concern” and then threatened to invade it on Saturday.
The President of the United States said that if the government doesn’t act quickly on the claimed genocide against Christians, the US will stop all help to the country.
And before trading starts this week, they are worried that the US President’s angry statements could raise the risk premium on Nigerian assets and threaten to undo the progress made by the country’s reforms.
The NGX All-Share Index and Market Capitalization fell from their highs of 154,126.46 points and N97.829 trillion on Friday to 153,739.11 points and N97.582 trillion on Monday, the first trading day after Trump’s ultimatum over the weekend.
The historic drop in Nigeria’s stock market on the first trading day of November affected its year-to-date (YtD) returns, which were lower at +49.37 percent.
The All-Share Index (ASI) fell by 0.25% to 153,739.11 points at the end of trading on Monday, which was worth around N244.9 billion less in the market.
The drop was caused by people selling off medium- and large-cap stocks in the banking, oil and gas, and consumer goods sectors.
Market capitalization dropped from N97.8 trillion to N97.5 trillion. This shows that investors are becoming more careful following a big gain in October.
On Tuesday, November 4, 2025, investors lost N611.96bn in just five hours, continuing the trend. The market likewise closed on a bad note on Wednesday, with investors losing N1.31 trillion.
At the end of trade on Thursday, investors lost N347.75 billion. And on Friday, the stock market closed in the red zone, losing N318.78bn for investors.
During the week, investors on the Exchange traded 3.575 billion shares worth N107.011 billion in 146,429 deals. This is less than the 7.479 billion shares worth N145.429 billion that changed hands previous week in 159,487 deals.
The Financial Services Industry (measured by volume) had the most activity, with 2.946 billion shares worth N65.904 billion moved in 62,817 deals. This accounted for 82.39% of the total stock turnover volume and 61.59% of the total equity turnover value.
The Services Industry came in second with 147.325 million shares worth N1.511 billion in 7,656 deals.
The Consumer Goods Industry came in third, with 147.307 million shares changing hands for N11.195 billion in 18,644 deals.
Trading in the three biggest stocks by volume—Fidelity Bank Plc, FCMB Group Plc, and Aso Savings & Loans Plc—accounted for 1.288 billion shares worth N19.300 billion in 11,536 deals. This was 36.03% of the overall equity turnover volume and 18.08% of the total equity turnover value.
Twenty (20) stocks went up in value this week, which is less than twenty-nine (29) stocks that went up in value the week before. Seventy-five (75) stocks lost value, which is more than the seventy (70) stocks that lost value the week before. Fifty-one (51) stocks stayed the same, which is more than the forty-seven (47) stocks that stayed the same the week before.
NCR (Nigeria) Plc saw the greatest percentage increase in share price, going up 20.94%. Eunisell Interlinked Plc came in second, with a 20.17% increase.
Union Dicon Salt Plc’s stock price likewise went up by 9.93%.
On the other hand, Sovereign Trust Insurance Plc saw the greatest drop in share prices by percentage, losing 28.21%. C & I Leasing Plc came in second with a 20.16% drop.
Skyway Aviation Handling Company Plc likewise lost 18.99% of its share price.
The performance shows that investors are still worried about market volatility, macroeconomic uncertainty, and profit-taking in several industries.
NGX lists a new bond worth N4.64 billion.
The listing of the N4.64 billion infrastructure bond issued by Elektron Finance SPV Plc, on the other hand, led to a rise in capital market activity on the NGX.
The 22.00% Series 1 Senior Guaranteed Fixed Rate Infrastructure Bond, which was listed on Monday, November 3, 2025, is the first part of its N200 billion Bond Issuance Programme.
The 15-year bond, which matures in July 2040, has a fixed coupon rate of 22% per year. This makes it one of the most appealing long-term debt securities on the NGX right now.
The Infrastructure Credit Guarantee Company Plc (InfraCredit) backed the issue as a senior guaranteed bond, and Victoria Island Power Limited was also responsible for it.
The substantial credit enhancement from InfraCredit has made the instrument a low-risk, high-yield asset for institutional investors that want predictable returns in a market that is always changing.
The NGX says that the bonds with a par value of N1,000 per unit would start making semi-annual coupon payments on January 7 and July 7, 2025.
Amortized redemption payments will start 36 months after the bond is issued and will continue until it matures in July 2040, making sure that payments are made on time throughout the term.
The bond drew a lot of interest from institutions, showing that investors are once again confident in Nigeria’s burgeoning debt market backed by infrastructure.
Vetiva Advisory Services Limited was the main issuing house, whereas Anchoria Advisory Services, ARM Capital, CardinalStone Partners, FBNQuest Merchant Bank, and Iron Global Markets Limited were all joint issuing houses.
Anchoria Securities Limited, Vetiva Securities Limited, and ARM Securities Limited were all stockbrokers. Custodian Trustees Limited and Veritas Registrars Limited were the bond trustee and registrar, respectively.
Market experts say that the listing of Elektron Finance’s Series 1 bond shows how important long-term corporate bonds are becoming for filling Nigeria’s infrastructure finance shortfall.
The bond is a safe and profitable investment option for pension funds, insurance companies, and asset managers because it has a strong 22% annual yield and InfraCredit’s guarantee.
The value of MTN Nigeria shares lowers by 8.3%.
In a similar turn of events, MTN Nigeria Plc (Ticker: MTNN) saw its market value drop by 8.3% as investors sold off shares in the telecom company before the day when they could qualify for an interim dividend.
The Nigerian Exchange says that sell pressures on the telecommunications company’s stock brought its market value down to N10.014 trillion.
Last week, the telecom business started trading at N520.1 per share, which was its highest value in 52 weeks. However, it ended the week at N477, which was an 8.3% drop from the week before.
MTN Nigeria made money again in 9M-2025, with a profit after tax of N687 billion, which was 245% more than the N474 billion loss after tax in the same period in 2024.
After a strong earnings quarter, the company’s board of directors declared an interim dividend of N5 for every 2 kobo ordinary share. Shareholders whose names are on the Register of Members as of the end of business on November 20, 2025, will get the interim dividend.
MTN Nigeria says that on November 28, 2025, dividends would be sent electronically to stockholders whose names are on the Register of Members as of November 20, 2025.
MTNN last paid a dividend two years ago, when company was in a bad equity position.
But the company’s dividend holiday came to an end since its profitability profile had improved so much.
Different analysts agree that the interim dividend shows MTN is on pace to keep a strong payout ratio.
Analysts are worried about Trump’s warning, even though it is said to be based on unfavorable stories about Nigeria’s lack of security.
Dr. Muda Yusuf, an economist, stated that Trump’s comment “risks hurting the country’s reputation as a stable place to invest, upsetting financial markets, and lowering confidence among both domestic and foreign investors.”
He said that market volatility would probably get worse as investors reevaluate Nigeria’s risk profile. He said that Nigeria could expect stock market values to go down, country risk premiums and insurance costs to go up, and sovereign bond yields to go up.
Adebayo Adeleke, a market analyst, said that the threat may have played a big part in the market’s drop last week, but the Nigerian market is no longer controlled by foreign investors.
According to analysts, the bearish trend could continue because of recent sell-offs.
Analysts at AIICO Capital said, “With ongoing selling pressure and a -2.6x market breadth, we expect negative sentiment to last for a while.”
Adeleke, who used to be the General Secretary of the Independent Shareholders Association of Nigeria (ISAN), remarked, “The market went down because there are more sellers than buyers.” The price will drop when there are more people who want to sell than those who want to purchase.
“But it’s not common for prices to really drop at the NGX. Why? This is because it’s the time of year when people make money. Companies are only now reporting their earnings for the third quarter, which is due on October 30. If anything is going to happen, now is the time for the market to pick up speed and provide stockholders a good return on their investment.
So, you can’t rule it out because of the economic and political uncertainties that could happen if Trump becomes a threat. But I don’t think the market is a place where people just leave because someone is coughing in a corner of the world. Things don’t happen that fast.
“I think that it has played a very big part in what we have seen in the market, which is what people call Trump’s threat perspective.”
He did, however, say that foreign investors no longer control Nigeria’s market in the long run.
The market was roughly 72% foreign investors in April 2008, and we saw a collapse like that. That kind of collapse is not likely to happen again currently. Nigerian investors and some institutional investors in Nigeria have a strong hold on this market.
“So, we probably won’t see any major damage to the overall market index,” he said.
He thought that the losses would turn around in the upcoming trading week.
“We might see the reversal this week, at the latest by Wednesday.” “People will look at those assets again and start to sell them again. By the middle of this week, there will probably be a big correction,” the analyst added.
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