A 8 per cent growth was recorded by the Nigerian Exchange (NGX) Limited in October as a result of confidence in the policy reforms of the federal government and encouraging Q3 2025 earnings outlook.
Last month was the second-best performing month of the year, behind July’s 16.57 per cent surge, as the year-to-date return stood at 49.74 per cent, with the second half alone contributing 28.46 per cent.
Except for a modest 1.99 per cent pullback in March, every other month in 2025 has ended in positive territory, demonstrating the market’s resilience amid shifting global and domestic dynamics.
The upward momentum raised the All-Share Index (ASI) from 142,713.1 points at the start of the month to 154,126.4 points at the close, with more than 12 billion shares exchanged.
Analysts attribute the rally to upbeat third-quarter earnings, renewed foreign portfolio inflows, and policy reforms that have strengthened liquidity and investor sentiment.
The market’s advance was broad-based, with most sectors closing in positive territory. The industrial goods sector was the standout performer, soaring 17.5 per cent to 5,955.8 points. Heavyweights like Dangote Cement (+25.69 per cent), BUA Cement (+12.5 per cent), and Lafarge Africa (+11.91 per cent) led the charge.
The energy index recorded its strongest monthly gain of the year, rising 15.45 per cent, driven by rising crude oil prices and robust company earnings, with Aradel Holdings (+27.15 per cent) and Seplat Energy (+10 per cent) as key drivers.
Meanwhile, the consumer goods sector extended its winning streak to a seventh consecutive month, advancing 4.85 per cent. BUA Foods, the bourse’s largest listed company, rose 9.97 per cent, while PZ Cussons Nigeria (+20.29 per cent) and Vitafoam Nigeria (+17.79 per cent) also posted significant gains.
The insurance index climbed 3.37 per cent, supported by strong performances from Sovereign Trust Insurance (+30 per cent) and AIICO Insurance (+11.71 per cent).
In a contrasting move, the banking index was the sole laggard, dipping 3.15 per cent as sell-offs in major tier-one lenders outweighed gains from others like Wema Bank (+20.29 per cent).
“The consistent market performance we are witnessing reflects a renewed sense of confidence in Nigeria’s economic direction. The combination of strong corporate earnings, improving liquidity conditions, and credible policy actions has provided a more predictable environment for investors.
“At NGX Group, we remain focused on deepening the ecosystem’s resilience and positioning our market as a platform for sustainable long-term growth,” the chief executive of NGX Group, Mr Temi Popoola, stated.
As the market looks ahead, the chief executive of NGX Limited, Mr Jude Chiemeka, noted, “The October rally highlights the depth of investor engagement across sectors. Our priority remains to enhance market efficiency and ensure the exchange remains a credible reflection of Nigeria’s economic resilience.”
With two months left in the year, market watchers are now focusing on corporate guidance and macroeconomic stability to gauge if the positive momentum can be sustained into 2026.