Nigerian equities market staged a strong rebound on Wednesday, November 12, 2025, posting a N2.6 trillion gain in market capitalisation, after Nigerian authorities said it was going to consider the complaints of the capital market community over the contentious Capital Gains Tax (CGT).
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, had pledged that the Federal Government would adopt a cautious and consultative approach in implementing the recently enacted tax reform laws, particularly the contentious capital gains tax (CGT) on securities transactions.
The Minister’s assurance seemed to have addressed the fears of jittery investors who had embarked on a strident sell-off of their shares to escape the tax hammer expected to be implemented in January 2026.
It was not surprising, therefore, that perception is key to stock market ecosystem hence, the quick rebound on Wednesday, gaining a whopping N2.6 trillion in market capitalisation, which rose from N90.833 trillion to close at N93.455 trillion, indicating a 2.89 per cent increase. The benchmark All Share Index surged by a similar percentage to close at 145,405.39 points, up from 141,327.30 points the previous day.
The rebound marks a quick reversal of Tuesday’s bearish trend, as investors engaged in bargain-hunting on fundamentally strong stocks perceived to have been oversold. Analysts said the rally reflects improved sentiment following assurances of fiscal discipline from the government and growing optimism about a more stable macroeconomic outlook.
The banking index surged 7.51%, the highest among sectoral performers, buoyed by strong demand for tier-one lenders. GTCO, Zenith Bank, Access Holdings, and Ecobank Transnational Incorporated (ETI) all appreciated by the maximum 10% each, reflecting renewed investor appetite for financial stocks with robust third-quarter results and consistent dividend track records.
Analysts at Cowry Asset Management noted that the rally in banking counters was driven by attractive valuations and expectations of strong year-end earnings. “The sharp rebound in tier-one banks suggests that investors are re-entering positions ahead of anticipated final-quarter performance,” the firm stated in its market insight.
The consumer goods index climbed 2.25 per cent, buoyed by renewed interest in Nigerian Breweries, which also gained 10 per cent, alongside buying pressure in PZ Cussons and Dangote Sugar. The recovery in this segment reflects investors’ optimism about consumer demand resilience despite elevated inflation.
Similarly, the oil and gas index advanced 4.35 per cent, driven by renewed accumulation in Oando Plc and other energy stocks, amid improving global oil prices and expectations of stronger sector earnings.
The insurance and industrial indices also gained 6.72 per cent and 1.15 per cent, respectively, underscoring the broad-based nature of the market’s recovery.