The insurance, industrial goods, and banking sectors showed strong resilience at the Nigerian Exchange (NGX) Limited in the third quarter of the year, while the consumer goods sector lagged behind with a negative showing in the review period.
According to the Q3 2025 Sector Performance Summary released by Bamboo, the insurance sector emerged as the top performer, recording a robust 61.50 per cent quarterly growth, followed by industrial goods sector, which posted a strong 43.80 per cent gain, and the banking sector advanced 39.46 per cent over the second quarter.
According to an infographic seen by Business Post, insurance sector gains were driven by impressive rallies from Mutual Benefits Assurance (+248.2 per cent) and AIICO Insurance (+120 per cent).
The sector’s surge underscores renewed investor confidence, buoyed by improved underwriting results, recapitalisation efforts, and growing demand for risk coverage amid Nigeria’s increasingly volatile business environment.
However, it was not all rosy during the period as NEM Insurance dropped by 9.9 per cent and Cornerstone Insurance slid 6.6 per cent. These indicated persistent competitive and operational pressures in parts of the industry.
In the industrial goods sector, the rally was buoyed by Beta Glass, which recorded a stellar 130 per cent rise and Enamelware Nigeria (+108.7 per cent).
Both of these firms benefited from increased demand for locally manufactured goods and currency-induced import substitution.
Conversely, Dangote Cement’s 20 per cent decline and Austin Laz with a 9.74 per cent fall weighed down the sector’s overall performance. Dangote’s drop signals subdued construction activity and rising input costs.
However, the sector’s double-digit growth points to Nigeria’s gradual industrial recovery, particularly as the government’s infrastructure push continues to attract investment inflows.
In the banking sector, the top gainers included Wema Bank (+162.6 per cent) and Stanbic IBTC (75.4 per cent), both benefitting from stronger balance sheets, digital banking adoption, and FX revaluation gains.
Other Tier-2 lenders like FCMB recorded gains (24.1 per cent) and Ecobank (27.0 per cent) also delivered steady growth, underlining broad-based resilience across the industry.
The banking sector’s rise to improved net interest margins following tighter monetary policy and increased investor appetite for financial stocks. The Central Bank of Nigeria (CBN) in September eased interest rates by 50 basis points to 27 per cent from 27.50 per cent after inflation moderated for five consecutive cycles.
In contrast, the consumer goods sector was the quarter’s weakest performer, sliding 2.90 per cent as inflationary pressures and weak consumer spending continued to erode profits.
Despite bright spots from Guinness Nigeria (108.9 per cent) and McNichols (56.5 per cent), the sector’s gains were offset by underperformers like Honeywell Flour Mills (2.33 per cent rise) and Vitafoam Nigeria (7.84 per cent slide).
Business Post reports that with inflation still hovering in double digits and household purchasing power under strain, many consumer goods companies are struggling to pass on higher costs to price-sensitive buyers.
Meanwhile, the oil and gas sector delivered a modest 5.5 per cent quarterly rise, reflecting a cautious rebound amid global price volatility.
The sector’s growth was anchored by rises in stocks of Aradel Holdings (160 per cent) and Eterna Plc (115 per cent), buoyed by improved local production and downstream expansion projects.
However, losses from Oando, which fell 12.1 per cent and Japaul Gold (-9 per cent) capped broader gains, as operational challenges and fluctuating crude prices continued to cloud the sector’s outlook.
The third quarter’s analysis showed that sectors tied to financial services and domestic manufacturing outperformed, while consumer-facing and oil-dependent industries faced ongoing macroeconomic headwinds.
The strong showing from insurance and banking signals renewed investor trust in Nigeria’s financial system backed by improving fiscal and monetary policies, while industrial goods’ rebound underscores the growing appeal of locally driven production.
Even as challenges persist, especially for consumer-facing industries, the gains across financial and industrial sectors provide a cautiously optimistic outlook for the remainder of the year.