The Stock Market was hit by a significant downturn in November?s first trading week as investors lost a whooping N2.8 trillion at the Nigerian Exchange Limited (NGX).

The market endured a bearish trading week, losing in all five trading sessions, November 3 to November 7.

This came on the heels of the US President Donald Trump?s military invasion threat on Nigeria which sparked jitters across the market and triggered a sell-off.

Trump had penultimate Friday, flagged Nigeria as a ?Country of Particular Concern,? and followed up with an invasion threat on Saturday.

The US President vowed to cut off all US aid to the nation if the government fails to act fast on the alleged genocide against Christians.

And ahead of trading this new week, there are fears that the US President?s fiery comments might raise the risk premium on Nigerian assets while threatening to erode recent gains achieved by the nation?s reforms.

On Monday, the first trading day after the weekend?s threat by Trump, the NGX All-Share Index and Market Capitalization dropped from Friday?s highs of 154,126.46 points and N97.829 trillion respectively to 153,739.11 points and N97.582 trillion.

The record dip in Nigeria?s stock market in the first trading day in November impacted its returns year-to-date (YtD) which stood lower at +49.37 percent

At the closing of the trading on Monday, the All-Share Index (ASI) declined by 0.25% to close at 153,739.11 points, wiping out about N244.9 billion in market value.

The downturn was driven by selloffs in medium and large-cap stocks across the banking, oil & gas, and consumer goods sectors.

Market capitalization fell from N97.8 trillion to N97.5 trillion, reflecting renewed investor caution after a strong rally in October.

The trend continued on Tuesday, November 4, 2025, as investors lost N611.96bn in five hours. On Wednesday, market also closed on a negative note with investors losing N1.31trn.

Investors shed N347.75bn at the close of trading on Thursday. And on Friday, equities market closed in the red zone as investors lost N318.78bn

During the week, a total turnover of 3.575 billion shares worth N107.011 billion in 146,429 deals was traded by investors on the floor of the Exchange, in contrast to a total of 7.479 billion shares valued at N145.429 billion that exchanged hands last week in 159,487 deals.

The Financial Services Industry (measured by volume) led the activity chart with 2.946 billion shares valued at N65.904 billion traded in 62,817 deals; thus contributing 82.39% and 61.59% to the total equity turnover volume and value respectively.

The Services Industry followed with 147.325 million shares worth N1.511 billion in 7,656 deals.

In third place was the Consumer Goods Industry, with a turnover of 147.307 million shares worth N11.195 billion in 18,644 deals.

Trading in the top three equities, namely Fidelity Bank Plc, FCMB Group Plc, and Aso Savings & Loans Plc (measured by volume), accounted for 1.288 billion shares worth N19.300 billion in 11,536 deals, contributing 36.03% and 18.08% to the total equity turnover volume and value respectively.

Twenty (20) equities appreciated in price during the week, lower than twenty-nine (29) equities in the previous week. Seventy-five (75) equities depreciated in price, higher than seventy (70) equities in the previous week, while fifty-one (51) equities remained unchanged, higher than forty-seven (47) recorded in the previous week.

NCR (Nigeria) Plc. recorded the biggest share price increase in percentage, gaining 20.94% followed by Eunisell Interlinked Plc, which increased its share price by 20.17% in the process.

Union Dicon Salt Plc also increased its share price by 9.93%.

On the flip side, Sovereign Trust Insurance Plc recorded the biggest decline in share prices by percentage, shedding 28.21% followed by C & I Leasing Plc, which shed 20.16% of its share prices.

Skyway Aviation Handling Company Plc also knocked off 18.99% of its share price.

The performance underscores continued investor concerns over market volatility, macroeconomic uncertainty and profit-taking activities across multiple sectors.

NGX records N4.64 billion new bond listing

Meanwhile, the NGX recorded a surge in capital market activity with the listing of the N4.64 billion infrastructure bond issued by Elektron Finance SPV Plc.

The 22.00% Series 1 Senior Guaranteed Fixed Rate Infrastructure Bond, listed on Monday, November 3, 2025, represents the first tranche under its N200 billion Bond Issuance Programme.

The 15-year bond, maturing in July 2040, carries a fixed coupon rate of 22% per annum, making it one of the most attractive long-term debt instruments currently traded on the NGX.

The issue was structured as a senior guaranteed bond, backed by the Infrastructure Credit Guarantee Company Plc (InfraCredit) and co-obligated by Victoria Island Power Limited.

The strong credit enhancement from InfraCredit has positioned the instrument as a low-risk, high-yield asset for institutional investors seeking stable returns amid volatile market conditions.

According to the NGX, the bonds listed at par value of N1,000 per unit will make semi-annual coupon payments on January 7 and July 7, commencing in July 2025.

Amortized redemption payments will begin 36 months after issuance, continuing until maturity in July 2040, ensuring disciplined repayment throughout the tenor.

The bond attracted strong institutional participation, reflecting renewed investor confidence in Nigeria?s growing infrastructure-backed debt market.

Vetiva Advisory Services Limited acted as the lead issuing house, supported by Anchoria Advisory Services, ARM Capital, CardinalStone Partners, FBNQuest Merchant Bank, and Iron Global Markets Limited as joint issuing houses.

Anchoria Securities Limited, Vetiva Securities Limited, and ARM Securities Limited served as joint stockbrokers, while Custodian Trustees Limited and Veritas Registrars Limited acted as the bond trustee and registrar, respectively.

Market analysts note that the listing of Elektron Finance?s Series 1 bond underscores the increasing importance of long-tenor corporate instruments in bridging Nigeria?s infrastructure financing gap.

With a robust 22% annual yield and InfraCredit?s guarantee, the bond provides a safe and rewarding investment alternative for pension funds, insurance firms, and asset managers.

MTN Nigeria share value drops by 8.3%

In a related development, MTN Nigeria Plc (Ticker: MTNN) lost 8.3% of its market value as investors trimmed shares held in the telecom company ahead of the interim dividend qualification date.

Sell pressures on the telecommunication company stock reduced its market value to N10.014 trillion, according to data obtained from the Nigerian Exchange.

The telecom company opened the trading session last week at N520.1 per share, its highest value in 52-week, but closed at N477, down by 8.3% week on week.

In 9M-2025, MTN Nigeria returned to profitability, achieving a 245% growth in profit after tax to N687 billion versus N474 billion loss after tax in the equivalent period in 2024.

Following its robust earnings performance in the period, its board of directors announced an interim dividend of N5 per 2 kobo ordinary share. The interim dividend will be paid to shareholders whose names appear in the Register of Members as at the close of business on 20 November 2025.

On 28 November 2025, dividends will be paid electronically to shareholders whose names appear on the Register of Members as at 20 November 2025, according to MTN Nigeria.

MTNN last paid a dividend two years ago, on the back of a negative equity position. However, the significantly improved earnings profile stopped the company?s dividend holiday.

According to separate analysts? views, the interim dividend signals MTN is on track to maintain a robust payout ratio.

Daily Trust reports that analysts have expressed concern over the threat by Trump despite being allegedly driven by negative narratives about the insecurity in Nigeria.

Economist, Dr. Muda Yusuf had said the comment by Trump ?risks undermining the country?s image as a stable investment destination, unsettling financial markets, and eroding confidence among both domestic and international investors.?

According to him, market volatility would likely intensify as investors reassess Nigeria?s risk profile. He stated that Nigeria should expect falling stock market valuations; rising country risk premiums and insurance costs and higher sovereign bond yields.

A market analyst, Adebayo Adeleke, said though the threat may likely play a major role in the downturn recorded last week, the Nigerian market is no longer foreign investors? dominated.

Analysts say the negative trend might persist due to sell-offs experienced in recent times.

?Amid persistent sell- pressure and a -2.6x market breadth, we expect sustained negative sentiment in the near term,? say analysts at AIICO Capital.

Adeleke, who is the former General Secretary of Independent Shareholders Association of Nigeria (ISAN), said, ?The market came down because there are more sellers than buyers. When more people are willing to sell than people willing to buy, then the price will crash.

?However, it?s an abnormal time for prices to actually crash at the NGX. Why? This is because we are just in the earning season. Companies are just reporting their third quarter earnings with the deadline of 30th of October. If there is anything at all this is the time the market should gather momentum and give positive rise in terms of appreciation to shareholders.

?So, you can?t rule it away from the economic and political uncertainty if the threat of Trump should materialize. But I think the market is not a place where people just jump out because somebody is coughing somewhere in the corner of the world. Things just don?t happen at the speed of light.

?I believe that it has played a very dominant role, that?s the so-called Trump?s threat perspective, in what we have seen in the market.?

He, however, said that in the long run, Nigeria?s market is no longer dominated by foreign investors.

?The kind of collapse that we saw around April, 2008 when our market was about 72 per cent dominated by foreign investors is not likely to happen now. This market is solidly in the hands of Nigerian investors and some institutional investors within Nigeria.

?So, we are not likely to see any serious damage in terms of the overall market index,? he said.

He projected that there will be a reversal of the losses during the new trading week.

?We may see the reversal this week latest by Wednesday. People will look at those assets again and begin to reprise them and there is likely going to be a major correction by the middle of this week,? the expert said. (Daily Trust)

Update news