The Nigerian equities market posted a 1.7 percent weekly loss as major fund managers offloaded holdings in response to proposed increases in capital gains tax (CGT) set for implementation in early 2026.
The NGX All-Share Index closed Friday at 147,013.59 points, down from 149,524 points the prior week, while total market value shed more than ₦1.497 trillion to end at ₦93.501 trillion from ₦94.998 trillion.
Sentiment shifted midweek after Finance Minister Wale Edun met with exchange stakeholders and promised to address objections to the tax changes. The commitment sparked a recovery from Wednesday through Friday, easing earlier losses and lifting spirits among both large-scale and individual traders.
Weekly transactions reached 7.325 billion shares valued at ₦156.425 billion across 134,383 trades, compared to 3.575 billion units worth ₦107.011 billion in 146,429 deals the week before.
Banking stocks dominated activity, with 6.497 billion shares worth ₦87.381 billion changing hands in 56,148 deals—representing 88.69 percent of volume and 55.86 percent of value. Consumer staples ranked second with 180.775 million shares at ₦12.015 billion in 16,378 trades, followed by services at 138.365 million shares valued at ₦2.402 billion in 7,869 deals.
The three most active stocks—Cornerstone Insurance, Access Holdings, and Zenith Bank—together moved 4.752 billion shares worth ₦41.132 billion in 14,304 trades, accounting for 64.87 percent of volume and 26.29 percent of value.
Market experts at InvestData Consulting noted that the late-week rally gained traction from easing interbank liquidity, hopes that the Central Bank of Nigeria will hold interest rates steady to support growth, and signals of stronger government spending that could lift corporate earnings in upcoming periods.
