By Charles Pemu 
LAGOS—The elite group of Nigerian Exchange (NGX) Stocks Worth Over One Trillion (SWOOTs) suffered a massive loss last week, shedding approximately ₦2.75 trillion in combined market capitalization between November 3 and November 10, 2025.
This major decline, representing a 3.2% contraction, saw the total market value of the 22 heavyweight stocks plummet to ₦83.337 trillion, down from ₦86.085 trillion as of October 31. This dramatic fall reflects a short-term bearish sentiment sweeping across Nigeria’s equities market. Despite the dip, these SWOOT stocks still command a dominant 88.16% of the NGX’s total equities capitalization.
The aggregate loss was primarily driven by profit-taking and price corrections across major high-cap sectors Market capitalization changes for the five stocks that contributed the most significant losses to the ₦2.75 trillion decline in the SWOOT group during the review period:
| Company | Sector | Market Cap Change (₦) | Percentage Change (%) | Key Reason for Drop |
| MTN Nigeria Plc | Telecommunications | $-904.91 billion$ | $-8.2%$ | Profit-taking, weak investor sentiment |
| International Breweries Plc | Consumer Goods | $-269.266 billion$ | $-12.7%$ | Sharp price correction, selloffs |
| Nigerian Breweries Plc | Consumer Goods | $-195.2 billion$ | $-8.81%$ | Sector-wide decline, contraction |
| GTCO Plc | Banking | $-182.13 billion$ | $-5.6%$ | Bearish sentiment, foreign investor exit fears |
| Access Holdings Plc | Banking | $-141.3 billion$ | $-10.83%$ | Steep correction, profit-taking |
Foreign Investors Pull Out Over Trump Threat
Commenting on the crashing trend, especially within the banking sector, Mr. Blakey Ijezie, a chartered accountant and investment expert, attributed the bearish sentiment not to the planned implementation of the Capital Gains Tax (CGT), but to political concerns.
“The bearish trend was triggered by Trump threat. Foreign institutional investors are pulling out,” Ijezie stressed, referring to the recent threats of military intervention in Nigeria by US President Donald Trump. He predicted that the trend will likely “continue till the nagging issues are resolved either way.”
Despite the week of heavy selloffs, experts note that the elite SWOOT counters dominated by telecoms, consumer goods, banking, cement, and energy giants remain the “heartbeat of the exchange,” dictating market sentiment and liquidity.