The Nigerian All-Share Index (ASI) closed the trading day of November 7th in negative territory, shedding 501.7 points to settle at 149,524.8 points. This marks the fifth consecutive day of losses, bringing the total market value erased during the week to N2.8 trillion.
Friday’s dip represents a 0.33% decline from the previous day’s close of 150,026.6 points, extending the weekly loss to 2.11%.
Market activity also slowed, with 527 million shares traded, down from 619 million shares exchanged on Thursday.
Equity capitalization mirrored the bearish sentiment, slipping to N94.9 trillion across 24,637 deals compared to N95.3 trillion in the previous session.
According to investors who spoke to Naijaonpoint, the panic selloffs are linked to the federal government’s proposed 25% capital gains tax set to take effect in January 2026, which will apply to profits above a N150 million threshold.
Additionally, geopolitical tensions following U.S. President Donald Trump’s threat of military action against Nigeria are being cited as a potential driver of foreign investor exits.
In terms of trading volume, WEMABANK and CONHALLPLC dominated the activity chart, exchanging the most shares for the day.
Details later…