The Nigerian Exchange Limited (NGX) closed October 2025 on a bullish note, gaining 8 per cent 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 seems to reflect investor confidence in Nigeria’s corporate earnings outlook, alongside sustained fiscal and monetary policy reforms aimed at stabilising growth.
October ranked as the second-best-performing month of the year, behind July’s 16.57 percent surge. The market has returned 49.74 percent year-to-date, with the second half alone contributing 28.46 percent.
Except for a modest 1.99 percent pullback in March, every other month in 2025 has ended in positive territory.
Analysts attribute the rally to upbeat third-quarter earnings, renewed foreign portfolio inflows, and policy reforms that have strengthened liquidity and investor sentiment.
Temi Popoola, GMD/CEO of Nigerian Exchange Group (NGX Group), said the performance reflected “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,” Popoola stated.
“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% to 5,955.8 points, driven by Dangote Cement (+25.69%), BUA Cement (+12.5%), and Lafarge Africa (+11.91%).
The Oil & Gas index recorded its strongest monthly gain of the year, rising 15.45%, supported by firm crude oil prices and strong earnings from Aradel Holdings (+27.15%) and Seplat Energy (+10%).
The Consumer Goods sector extended its winning streak to a seventh consecutive month, advancing 4.85%, with BUA Foods (+9.97%), PZ Cussons Nigeria (+20.29%), and Vitafoam Nigeria (+17.79%) among the top gainers.
The Insurance index climbed 3.37%, lifted by Sovereign Trust Insurance (+30%) and AIICO Insurance (+11.71%). The Banking Index was the only laggard, dipping 3.15% as sell-offs in major tier-one lenders outweighed gains from others such as Wema Bank (+20.29%).
Commenting on the outlook, Jude Chiemeka, CEO of Nigerian Exchange Limited (NGX), said, “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 focusing on corporate guidance and macroeconomic stability to gauge whether the positive momentum can be sustained into 2026.
