The Nigerian Exchange (NGX) Stocks Worth Over One Trillion popularly called SWOOTs fell by approximately N2.75 trillion, or 3.2%, closing lower with a combined market capitalisation of N83.337 trillion as of November 10, 2025.
The N83.337 trillion represents a commanding 88.16% of the Nigerian Exchange (NGX) total equities capitalisation of N94.526 trillion, leaving only 11.84% for the remaining listed companies numbering over 100.
However, it was a major decline when compared with the N86.085 trillion total market capitalisation as of October 31, reflecting short-term bearish sentiment across Nigeria’s equities market in recent weeks.
In other words, between Monday, November 3 and Monday November 10, 2025, the combined market capitalisation of the 22 SWOOT stocks declined by approximately N2.75 trillion, or 3.2%, closing lower with a total market value of N83.337 trillion, down from N86.085 trillion as of October 31.
This aggregate loss reflects the combined impact of profit-taking, weakened investor sentiment, and price corrections in several high-cap counters, especially across telecommunications, banking, and consumer goods sectors.
The major drag came from:
A few gainers like Okomu Oil and Stanbic IBTC offered mild upside, but their gains were insufficient to offset sector-wide selloffs, underscoring short-term bearish sentiment across Nigeria’s equities market.
The Tier 1 banking stocks recorded a combined loss of N545.134 billion in six trading sessions, about 5.4% of their total market value wiped off in six trading days, from N10.113 trillion as of Oct.31, 2025, to N9.568 billion as of November 10, 2025.
Telecom stocks led the downturn in value terms, with MTN Nigeria and Airtel Africa together losing over N1.05 trillion.
Among industrial and energy majors, Lafarge Africa and Aradel Holdings suffered the heaviest declines.
The consumer goods sector saw sharp corrections across its key players.
In the agriculture sub-sector, Okomu Oil Palm Plc stood out with a N28.62 billion gain (+2.78%), closing the week at N1.058 trillion as the share price rose to N1,110.
Presco Plc remained stable at N1.48 trillion with no change in price.
All major power and hospitality stocks in the SWOOT family were unchanged. Transcorp Hotels Plc, Transcorp Power Plc, and Geregu Power Plc maintained their previous week’s values at N1.791 trillion, N2.565 trillion, and N2.853 trillion respectively, reflecting a week of low trading activity in the power sector.
By the end of trading on November 7, the total market capitalisation of the elite club of 22 companies stood at N83.91 trillion, down from N86.09 trillion the previous week — a N2.18 trillion or 2.53% weekly decline.
Despite the decline, the stock market remains firmly under the control of these heavyweight counters dominated by consumer goods, banking, cement, power, and telecoms giants. They continue to dictate market sentiment and liquidity.
Despite the decline, the stock market remains firmly under the control of these heavyweight counters dominated by consumer goods, banking, cement, power, and telecoms giants. They continue to dictate market sentiment and liquidity.
“These trillion-naira stocks are the heartbeat of the exchange. Their collective performance determines the market’s direction, liquidity, and investor confidence,” Idika Aja, Chief Analyst at Naijaonpoint, noted in a recent podcast.
Aja stated that the inclusion of non-traditional sectors like power and hospitality underlines the maturing depth of the NGX. “Power and energy stocks have become the new frontiers for value creation. They are now among the most actively traded stocks, signalling investors’ confidence in diversification beyond traditional sectors like cement and banking,” said Aja, who tracks market capitalisation movements.
Commenting on the crashing trend as it affects the banking stocks, Mr. Blakey Ijezie, a chartered accountant and Founder and Managing Partner, Okwudili Ijezie & Co, pointed out that the trend has nothing to do with the planned implementation of Capital Gains Tax, as some analysts and market observers believed.
He insisted that it was triggered by fears over President Trump’s threat, stressing that foreign institutional investors who are more informed are pulling out their investments.
“This current bear trend has nothing to do with the planned implementation of CGT. CGT (Capital Gains Tax) is if you have made up to N150 million and you’re taking cash. You’re not reinvesting. If you buy another stock, you will not pay CGT. The bearish trend was triggered by Trump threat. Foreign institutional investors are pulling out. From all indications, it will continue till the nagging issues are resolved either way,” said the investment and taxation expert.