GABS FINANCIAL MARKET REPORT FOR WEEK ENDED 28 NOVEMBER 2025

WEEKLY MACRO ECONOMIC ACTIVITIES

• CBN Keeps Interest Rate at 27% to Support Stability

The Central Bank of Nigeria (CBN) maintained its benchmark rate at 27% to consolidate gains in price stability, exchange rates, and capital flows. The CBN highlighted macro stability, market transparency, and benefits from Nigeria’s removal from the FATF grey list in boosting investment and remittances.

• Capital Market Moves to T+2 Settlement Cycle Today

The equities segment of the Nigerian capital market on November 28, transitioned to a T+2 (trade date plus two days) settlement cycle as previously announced by the Securities and Exchange Commission (SEC). 

• AfDB Approves US$500m for Nigeria’s Energy Transition

The African Development Bank approved US$500m to fund the second phase of Nigeria’s Energy Transition Programme, aimed at improving electricity access, clean energy, and climate action. The programme focuses on Fiscal reforms and better public financial management. 

• SEC Orders Full Registration of Tradable Instruments by January 2026

The Securities and Exchange Commission (SEC) has directed all capital market operators to register every tradable instrument under their management in line with the Investments and Securities Act (ISA) 2025 by January 2026. 

EQUITY MARKET ACTIVITIES FOR WEEK ENDED 28 NOVEMBER 2025

The Nigerian Equities Market  continued its bearish streak into the fifth week, albeit marginally, despite gains in three trading sessions last week. The NGX All-Share Index (ASI) depreciated by 0.14%, closing at 143,520.53 points, down from 143,722.62 points the previous week. Market capitalisation decreased to N91.29trn from N91.41trn the week before, a 0.14% WTD decline. The NGXASI also closed bearish for the month-to-date, losing 6.88%.  

The sectoral performance for the week shows a positive close across several indices despite lingering month-to-date weakness driven by cautious investor sentiment. Marking a modest recovery after sustained pressure earlier in the month. However, its -6.03% month-to-date (MtD) performance indicates that sentiment remains fragile, with the index still adjusting to sell-offs driven by profit-taking. For the quarter, the index is down -6.23%, although it continues to retain a strong 40.79% YtD return, outperforming many traditional NGX benchmarks.

The float-adjusted index is showing better week-on-week recovery momentum, while the price-weighted index shows weakness in market heavyweights. Analysts see a continued resilience ahead, especially as market participants position ahead of upcoming macroeconomic disclosures and corporate actions.