The Nigerian Exchange (NGX) closed positive on Tuesday, September 30, 2025, sustaining its rebound from the previous session.
The All-Share Index (ASI) advanced by 0.23% to 142,710.48 points, while market capitalisation climbed to ₦90.58 trillion, adding approximately ₦465.9 billion in value.
Market Snapshot
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ASI: 142,710.48 (+0.23%)
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Deals: 28,009
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Volume: 1.24bn
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Value: ₦29.82bn
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Equity Cap: ₦90.58tn
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Bond Cap: ₦51.14tn
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ETF Cap: ₦29.95bn
Market activity surged, with over 1.24 billion shares traded, largely driven by high turnover in Fidelity Bank Plc, which alone accounted for 64% of total volume.
Top Gainers
The session was led by broad-based demand in real estate, industrial, and oil & gas stocks:
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UPDC Plc topped with a 9.98% rise to ₦6.61, reflecting renewed appetite for property-linked plays.
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Nigerian Enamelware Plc gained 9.97% to ₦38.60, while Eterna Plc advanced 9.95% to ₦33.70, extending its recovery.
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Aradel Holdings Plc surged 9.82% to ₦615.00, boosted by institutional inflows.
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The Initiates Plc (TIP) rose 9.77% to ₦14.60.
Top Losers
Sell pressure persisted in consumer and financial equities:
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Union Dicon Salt Plc declined 10.00% to ₦8.10, the session’s biggest loser.
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Champion Breweries Plc fell 7.09% to ₦13.75, while Royal Exchange Plc shed 5.96% to ₦2.05.
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Wema Bank Plc retreated 5.56% to ₦17.00, continuing weakness in banking names.
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Custodian Investment Plc dropped 5.12% to ₦40.80.
Most Traded Stocks
Trading activity was dominated by banking equities:
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Fidelity Bank Plc accounted for the bulk of activity with 793.04m shares valued at ₦15.88bn, highlighting aggressive institutional positioning.
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NCR Plc followed with 66.77m units worth ₦1.07bn.
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Zenith Bank Plc traded 49.41m units valued at ₦3.42bn, while SterlingNG and FCMB completed the list with ₦220.55m and ₦269.88m respectively.
Bonds and ETFs
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Bonds: Activity was flat across all listed sovereign bonds, with no price changes recorded.
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ETFs: The segment showed mild activity. VetINDETF rose 5.56% to ₦47.50, while NewGold ETF closed marginally higher at ₦51,200.04. Other ETFs remained unchanged.
Critical Analysis
Tuesday’s performance underscores a split market dynamic:
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On one hand, index-heavy counters like Aradel, Eterna, and Enamelware provided the upward thrust needed to push the ASI higher.
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On the other, financials, particularly Wema Bank and Custodian, continued to weigh on breadth.
The dominance of Fidelity Bank’s trades in turnover suggests market concentration, with liquidity disproportionately skewed to one counter. This raises concerns about the sustainability of the rally, as a pullback in Fidelity or Aradel could trigger sharp downside pressure.
Moreover, the uptick in ETFs like VetINDETF signals investor hedging behaviour, as portfolio managers balance equity risk with structured instruments.
Market Outlook
The NGX has now posted back-to-back gains, but the narrow breadth highlights fragile sentiment. Analysts expect continued sector rotation into oil & gas, real estate, and industrial goods, while banking and insurance stocks may face further sell pressure.
The ASI is likely to hover around the 142,500–143,000 range short-term, with volatility driven by institutional block trades and month-end portfolio adjustments.