The Nigerian equities market sustained its bullish run for the seventh consecutive month, closing October 2025 with a remarkable gain of ₦7.25 trillion. This rally was fuelled by robust demand for blue-chip stocks across the oil & gas, industrial, and consumer goods sectors, supported by strong corporate earnings and improving macroeconomic indicators.
Market capitalisation rose from ₦90.58 trillion at the start of October to ₦97.25 trillion by month-end. Similarly, the Nigerian Exchange (NGX) All-Share Index (ASI) climbed 8.0% to 154,126.46 points from 142,710.48 points recorded on September 30, lifting the year-to-date return to 49.7%.
Sectoral Performance
All major indices posted gains except the banking index, which dipped 3.2% month-on-month. The Industrial Goods and Oil & Gas sectors led the charge with increases of 17.5% and 15.4% respectively. The Consumer Goods and Insurance indices also advanced by 4.8% and 3.4%.
Investor sentiment strengthened further, with market breadth showing 55 gainers against 58 decliners, while 31 stocks remained unchanged.
Aso Savings & Loans topped the gainers’ chart with a 106% surge to close at ₦1.03 per share. Eunisell Interlinked followed with a 49.4% rise to ₦59.00, while Sovereign Trust Insurance gained 30% to finish at ₦3.90 per share.
Conversely, Living Trust Mortgage Bank led the losers’ list, declining 34.3% to ₦4.00 per share. John Holt fell by 32.1% to ₦5.40, and Thomas Wyatt Nigeria dropped 30.7% to ₦3.97 per share.
Analysts’ Insights
Managing Director and CEO of APT Securities and Funds Limited, Kasimu Garba Kurfi, projected that market capitalisation could exceed the ₦100 trillion mark before the end of 2025. He attributed the strong performance to foreign exchange stability, improved corporate fundamentals, and revived primary market activity.
Kurfi noted that listed companies recorded combined FX losses of ₦867 billion in 2023 and 2024, but 2025 has so far seen “zero FX losses,” significantly boosting investor confidence. He also highlighted that the passage of the Nigerian Insurance Industry Reform Act (NIIRA 25) has sparked renewed interest in insurance stocks, while the CBN’s bank recapitalisation programme has attracted over ₦2 trillion in 2024, with similar momentum expected this year.
Market Outlook
Analysts at Afrinvest Limited maintained a positive outlook for November, anticipating sustained buying interest in fundamentally strong stocks, driven by solid corporate earnings. However, they cautioned that brief rounds of profit-taking could introduce mild volatility in the coming weeks.
