Nigeria’s Stock Market Extends Winning Streak, Up 49.7% Year-to-Date

The Nigerian Exchange Limited (NGX) closed October 2025 on a strong bullish note, posting an 8 per cent monthly gain and extending the positive momentum that has defined much of the year’s trading activity.

According to a statement released by the Exchange on Wednesday, the All-Share Index rose from 142,713.1 points at the beginning of the month to 154,126.4 points at the close, with over 12 billion shares traded during the period. The NGX attributed the uptrend to growing investor confidence in Nigeria’s corporate earnings outlook, as well as ongoing fiscal and monetary policy reforms aimed at strengthening economic stability.

Market analysts linked the sustained rally to robust third-quarter earnings, renewed foreign portfolio inflows, and policy measures that have enhanced liquidity and improved investor sentiment. The GMD/CEO of Nigerian Exchange Group Plc noted that the consistent performance reflects renewed confidence in Nigeria’s economic direction. He said, “The combination of strong corporate results, improved liquidity, and credible policies has created a more predictable environment for investors. At NGX Group, we remain committed to deepening market resilience and positioning our Exchange for sustainable long-term growth.”

October ranked as the second-best performing month of 2025, behind July’s 16.57 per cent surge. Year-to-date, the market has gained 49.74 per cent, with 28.46 per cent of that coming in the second half of the year. Except for a mild 1.99 per cent dip in March, every other month has ended positive, underscoring the market’s strength amid both local and global headwinds.

The rally was broad-based across most sectors. The Industrial Goods index led the pack with a 17.5 per cent rise to 5,955.8 points, driven by Dangote Cement (+25.69%), BUA Cement (+12.5%), and Lafarge Africa (+11.91%). The Oil & Gas index surged 15.45 per cent on the back of firm crude prices and strong earnings from Aradel Holdings (+27.15%) and Seplat Energy (+10%). The Consumer Goods sector extended its seven-month winning streak with a 4.85 per cent gain, led by BUA Foods (+9.97%), PZ Cussons Nigeria (+20.29%), and Vitafoam Nigeria (+17.79%).

The Insurance index also advanced by 3.37 per cent, supported by Sovereign Trust Insurance (+30%) and AIICO Insurance (+11.71%). However, the Banking index was the lone laggard, slipping 3.15 per cent due to sell-offs in major tier-one lenders, despite notable gains by Wema Bank (+20.29%).

NGX CEO Jude Chiemeka commented that the October rally demonstrated strong investor participation across all segments, affirming the Exchange’s role as a credible reflection of Nigeria’s economic resilience. With two months left in the year, attention now turns to corporate guidance and macroeconomic trends that will determine whether the market can sustain its momentum into 2026.

Earlier in the year, the NGX had maintained an upward trajectory, with market capitalisation climbing by N22.14tn in the first half of 2025 — from N62.92tn in January to N85.46tn by July, representing a 35.78 per cent rise. During the same period, the All-Share Index surged from 103,180.14 points to 135,166.51 points, delivering a 31.02 per cent year-to-date return to investors.

The NGX Group Plc serves as the holding company for a diversified portfolio within Nigeria’s financial market ecosystem and is the successor to the former Nigerian Stock Exchange, which demutualised in March 2021.