The Nigerian Exchange (NGX) began October on a positive footing, with the All-Share Index (ASI) edging higher by 0.19% to close at 142,979.46 points, up from 142,710.50 in the previous session. The modest gain extends the market’s year-to-date performance to +38.91%, reinforcing the bullish sentiment that has defined much of 2025.
What stood out, however, was the extraordinary market liquidity. Trading volume surged to 6.23 billion shares, a fivefold increase from 1.24 billion shares traded in the prior session. The bulk of this momentum was powered by Cornerstone Insurance, which alone accounted for 5.4 billion shares and ₦25.06 billion in value, cementing its position as the day’s most active and most valuable stock.
Market capitalization inched up to ₦90.75 trillion across 32,682 deals, compared with ₦90.5 trillion in the previous session.
On the performance board, PZ Cussons (+10.00%) and Eterna Plc (+9.94%) led the gainers, while RT Briscoe (-9.89%) and Thomas Wyatt (-9.82%) topped the losers’ list. Notably, the session highlighted renewed appetite for mid-cap stocks, which dominated both the gainers’ and losers’ charts.
Among the banking heavyweights (FUGAZ stocks), GTCO gained 2.13% and AccessCorp added 0.58%, while Zenith Bank closed flat. First Bank Holdings fell 1.59% and UBA slipped 0.46%, reflecting a mixed picture for the sector.
The Stocks Worth Over One Trillion Naira (SWOOTs) also showed a split performance: Nigerian Breweries (+1.71%), MTNN (+0.47%), and Aradel (+0.07%) posted marginal gains, while Lafarge Africa (-0.08%) closed slightly lower.
Market Outlook
Analysts note that while the headline index gain was modest, the breadth of activity signals heightened investor positioning ahead of Q3 earnings season. The strong liquidity—particularly Cornerstone’s outsized trades—suggests a rotation into financials and select industrial names.
With the index hovering just below the 143,000 mark, sustained momentum in bellwether stocks could propel the NGX toward 145,000 points in the near term, provided earnings surprises and macro indicators align positively.
