The Nigerian Exchange Limited (NGX) closed the week ended Friday, October 24, 2025, on a strong bullish note to extending its positive momentum for the second consecutive week.
The All-Share Index (ASI) appreciated by 4.48% week-on-week to close at 155,645.05 points, while the market capitalization increased by ₦4.23 trillion, from ₦94.561 trillion in the previous week to ₦98.793 trillion.
The market’s performance reflected sustained investor confidence, driven by robust buying interest in BUA Cement, Dangote Cement, MTN Nigeria, and select industrial counters.
Market Activity Overview
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Turnover Volume: 3.695 billion shares
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Turnover Value: ₦129.889 billion
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Deals: 148,077
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Previous Week: 2.422 billion shares worth ₦76.618 billion in 126,591 deals
Market activity improved sharply as both volume and value of trades rose 52.5% and 69.5%, respectively, compared to the preceding week.
The upsurge in turnover was attributed to increased trading in large-cap industrial and financial equities, reflecting sustained liquidity inflows from both domestic and institutional investors.
The Financial Services Industry remained dominant, contributing 63.91% and 41.87% to total equity turnover volume and value, respectively. The Oil and Gas Industry followed with 551.52 million shares worth ₦19.21 billion, while the Consumer Goods sector recorded 180.90 million shares worth ₦13.28 billion.
The top three traded equities — Fidelity Bank Plc, Japaul Gold & Ventures Plc, and Access Holdings Plc — accounted for 1.808 billion shares valued at ₦27.893 billion in 10,817 deals, representing 48.94% of total market volume and 21.47% of total value.
Market Performance by Indices
The positive sentiment was reflected across most major indices, with only a few sectors closing in the red.
| Index | Previous Close (Oct 17) | Current Close (Oct 24) | % Change (WtD) | YtD (%) |
|---|---|---|---|---|
| NGX All-Share Index | 148,977.64 | 155,645.05 | +4.48% | 51.22 |
| NGX Premium Index | 14,954.70 | 15,882.81 | +6.21% | 63.41 |
| NGX Industrial Goods Index | 5,440.11 | 6,017.23 | +10.61% | 68.45 |
| NGX Oil & Gas Index | 2,661.29 | 2,904.21 | +9.13% | 7.09 |
| NGX Lotus II | 12,618.11 | 13,819.80 | +9.52% | 98.68 |
| NGX Consumer Goods Index | 3,495.80 | 3,633.37 | +3.94% | 109.82 |
| NGX Banking Index | 1,518.39 | 1,497.95 | -1.35% | 38.12 |
| NGX Insurance Index | 1,289.59 | 1,275.41 | -1.10% | 77.63 |
| NGX AFR Bank Value Index | 3,515.16 | 3,448.78 | -1.89% | 39.77 |
| NGX Sovereign Bond Index | 666.25 | 665.07 | -0.18% | 10.56 |
Industrial goods, oil and gas, and premium stocks led market gains, offsetting mild declines in banking and insurance sectors.
The NGX Industrial Goods Index (+10.61%) recorded the highest weekly gain, propelled by sustained demand for BUA Cement (+12.50%) and Dangote Cement (+10.83%).
The Oil and Gas Index (+9.13%) also surged, supported by strong performance in Aradel Holdings (+25.20%) and Conoil’s rebound in early-week sessions.
Market Breadth
Market breadth was slightly negative as 44 equities advanced, lower than 52 in the previous week, while 49 equities declined, compared to 41 last week. 53 equities remained unchanged, same as the preceding week.
This indicates selective profit-taking, even as the overall index maintained its upward trajectory, highlighting a rotation from financials to industrial and oil-linked equities.
Top 10 Price Gainers
| Company | Open (₦) | Close (₦) | Change (₦) | % Change |
|---|---|---|---|---|
| Aso Savings & Loans Plc | 0.50 | 0.66 | +0.16 | +32.00% |
| Aradel Holdings Plc | 631.00 | 790.00 | +159.00 | +25.20% |
| Eunisell Interlinked Plc | 48.40 | 57.95 | +9.55 | +19.73% |
| PZ Cussons Nigeria Plc | 39.10 | 44.65 | +5.55 | +14.19% |
| NASCON Allied Industries Plc | 101.00 | 113.90 | +12.90 | +12.77% |
| BUA Cement Plc | 160.00 | 180.00 | +20.00 | +12.50% |
| Dangote Cement Plc | 600.00 | 665.00 | +65.00 | +10.83% |
| Skyway Aviation Handling Plc | 90.05 | 99.50 | +9.45 | +10.49% |
| Sovereign Trust Insurance Plc | 3.57 | 3.91 | +0.34 | +9.52% |
| MTN Nigeria Communications Plc | 474.40 | 515.00 | +40.60 | +8.56% |
The week’s top gainers were led by Aso Savings & Loans Plc (+32.00%), following the lifting of its trading suspension after eight years. The rally in Aradel Holdings Plc (+25.20%), BUA Cement, and Dangote Cement fueled overall market growth.
Strong performances by PZ Cussons, NASCON, and MTN Nigeria further supported gains in the consumer and telecom sectors, underscoring investor preference for high-cap, dividend-paying stocks.
Top 10 Price Decliners
| Company | Open (₦) | Close (₦) | Change (₦) | % Change |
|---|---|---|---|---|
| LivingTrust Mortgage Bank Plc | 4.50 | 4.01 | -0.49 | -10.89% |
| Juli Plc | 8.95 | 8.06 | -0.89 | -9.94% |
| R.T. Briscoe Plc | 3.66 | 3.30 | -0.36 | -9.84% |
| John Holt Plc | 7.20 | 6.50 | -0.70 | -9.72% |
| Multiverse Mining & Exploration Plc | 13.90 | 12.55 | -1.35 | -9.71% |
| Conoil Plc | 211.10 | 190.70 | -20.40 | -9.66% |
| Thomas Wyatt Plc | 3.01 | 2.72 | -0.29 | -9.63% |
| Stanbic IBTC Holdings Plc | 118.00 | 107.20 | -10.80 | -9.15% |
| Regency Assurance Plc | 1.42 | 1.30 | -0.12 | -8.45% |
| Guinea Insurance Plc | 1.49 | 1.37 | -0.12 | -8.05% |
The decliners’ chart was dominated by financial and consumer mid-cap stocks, led by LivingTrust Mortgage Bank (-10.89%), which extended losses for a second consecutive week.
Stanbic IBTC (-9.15%) and Conoil (-9.66%) reflected profit-taking pressure, while Juli Plc and Thomas Wyatt Plc also recorded declines after prior sessions of high speculative trading.
Key Market Highlights
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Aso Savings & Loans Plc resumed trading following the lifting of its long-standing suspension imposed in 2017 due to default in regulatory filings. Its return to active trading triggered a 32% gain, reflecting renewed investor optimism.
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The Industrial Goods Index (+10.61%) led sectoral performance, with BUA Cement and Dangote Cement accounting for over 70% of total sector gains.
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Oil and Gas stocks (+9.13%) benefited from improved crude oil prices and corporate earnings expectations.
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The Banking Index (-1.35%) fell due to mild sell-offs in GTCO, Stanbic IBTC, and AccessCorp, as investors rotated funds into industrial and consumer equities.
Market Outlook
The market’s strong performance underscores broad investor confidence ahead of Q3 earnings releases and year-end portfolio realignments.
Despite mild corrections in the financial and insurance sectors, the NGX continues to display robust upward momentum, driven by:
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Increased institutional inflows,
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Renewed interest in industrial and consumer goods,
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Stable FX conditions and improved liquidity in the I&E window, and
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Expectations of higher dividend yields into Q4.
Analysts expect moderate profit-taking in the new week, but overall market sentiment is projected to remain bullish, with the ASI likely to test the 156,000-point threshold if positive momentum in cement and telecom stocks continues.
Summary Snapshot
| Metric | This Week | Last Week | % Change |
|---|---|---|---|
| Volume | 3.695 billion | 2.422 billion | +52.5% |
| Value | ₦129.889 billion | ₦76.618 billion | +69.5% |
| Deals | 148,077 | 126,591 | +17.0% |
| ASI | 155,645.05 | 148,977.64 | +4.48% |
| Market Cap | ₦98.793 trillion | ₦94.561 trillion | +4.48% |
The Nigerian Exchange closed the week firmly bullish, supported by industrial and oil-driven equities. The lifting of Aso Savings’ suspension, coupled with strong performances by cement majors and telecoms, boosted investor confidence.
While short-term profit-taking may occur in select banking stocks, the broader market trajectory remains positive, positioning equities for a strong close to October.