By Peter Egwuatu
The Nigerian equities market staged a sharp rebound on Wednesday, November 12, 2025, as investors responded positively to reassurances from the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, regarding the government’s position on Capital Gains Tax (CGT) in the capital market.
The clarification helped restore confidence across the investment community, reversing the sharp decline of the previous session and fueling renewed optimism among both institutional and retail investors.
Further bolstering investor sentiment were insights shared on X (formerly Twitter) by Mr. Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, who provided additional context on the government’s intent. He emphasized that the policy review was not designed to stifle market activity but to promote fairness, transparency, and sustainable growth within the capital market ecosystem.
The All-Share Index (ASI) surged by 2.88%, lifting the market’s year-to-date return to 41.27%, while equities market capitalization rose by N2.6 trillion to close at N92.48 trillion, compared to N89.88 trillion in the previous session.
Trading activity was equally vibrant, with total value traded up 72.66% to N50.74 billion, while volume climbed 22.93% to 806.36 million units across 24,490 deals. Market breadth improved significantly to 5.42x, reflecting broad-based buying momentum as 65 stocks advanced against 12 decliners.
Top trades by value were led by ARADEL, GTCO, MTNN, Zenith Bank, and Stanbic IBTC, signaling renewed interest in blue-chip and fundamentally strong stocks.
Speaking on the development, Temi Popoola, GMD/CEO, NGX Group, said, “The rebound witnessed today reflects renewed investor confidence and underscores the inherent resilience of Nigeria’s capital market. Recent policy engagements and assurances from fiscal authorities are easing concerns and restoring momentum across key sectors. At NGX Group, our focus remains on constructive advocacy and deep policy engagement to ensure alignment between fiscal direction and market realities. This synergy is crucial for unlocking sustainable growth, enhancing liquidity, and aligning private capital with national development priorities. With continued collaboration and policy consistency, we are confident the market is well-positioned to close the year on a strong note.”
Also commenting, Jude Chiemeka, CEO, Nigerian Exchange Limited (NGX), noted that the day’s performance demonstrated the strength of Nigeria’s market operations, “Today’s strong rebound underscores the efficiency and responsiveness of our market infrastructure. The breadth of participation and surge in trading activity point to renewed investor appetite and growing confidence in the transparency and depth of our market operations. We remain committed to providing a world-class trading environment that supports liquidity, enhances efficiency, and facilitates seamless access to capital for issuers and investors alike.”
The rally follows a week marked by profit-taking pressures and macroeconomic uncertainties. However, the swift turnaround reinforces the Nigerian market’s resilience and its ability to respond positively to policy signals that foster clarity and investor trust.
As of Wednesday, the Month-to-Date return stood at 5.66%, with the Year-to-Date performance maintaining a strong 41.27%, placing Nigeria among the top-performing markets globally in the frontier and emerging market categories.
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