Nigerian Exchange (NGX) closed October 2025 on a bullish note, gaining 8% and extending the upward momentum that has defined much of the year’s trading.
The NGX All-Share Index rose 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. The advance reflects growing investor confidence in Nigeria’s corporate earnings outlook, alongside sustained fiscal and monetary policy reforms aimed at stabilising the national economy.
October ranked as the second-best performing month of the year, behind July’s 16.57% surge. The market has returned 49.74% year-to-date, with the second half alone contributing 28.46%. Except for a modest 1.99% pullback in March, every other month in 2025 has ended in positive territory, demonstrating the market’s resilience amid shifting global and domestic dynamics.
Analysts attribute the rally to upbeat third-quarter earnings, renewed foreign portfolio inflows, and policy reforms that have strengthened liquidity and investor sentiment.
Commenting on the performance, Temi Popoola, GMD/CEO of Nigerian Exchange Group (NGX Group), said: “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 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%), BUA Cement (+12.5%), and Lafarge Africa (+11.91%) led the charge.
The Oil & Gas index recorded its strongest monthly gain of the year, rising 15.45%. The rally was fueled by firm crude oil prices and robust company earnings, with Aradel Holdings (+27.15%) and Seplat Energy (+10%) as key drivers.
Meanwhile, the Consumer Goods sector extended its winning streak to a seventh consecutive month, advancing 4.85%. BUA Foods, the bourse’s largest listed company, rose 9.97%, while PZ Cussons Nigeria (+20.29%) and Vitafoam Nigeria (+17.79%) also posted significant gains.
The insurance index climbed 3.37%, supported by strong performances from Sovereign Trust Insurance (+30%) and AIICO Insurance (+11.71%).
In a contrasting move, the Banking Index was the sole laggard, dipping 3.15% as sell-offs in major tier-one lenders outweighed gains from others like Wema Bank (+20.29%).
As the market looks ahead, Jude Chiemeka, CEO of Nigerian Exchange Limited (NGX), 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.
