The Nigerian Exchange Limited (NGX) sustained its positive momentum on Thursday, October 23, 2025, marking the fourth consecutive trading session of gains as the All-Share Index (ASI) advanced by 0.49% to close at 154,489.90 points.
The market capitalization of listed equities appreciated by ₦478 billion, rising from ₦97.58 trillion to ₦98.06 trillion, driven by strong performances in industrial and consumer goods stocks.
Market Summary
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All-Share Index (ASI): 154,489.90 (+0.49%)
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Deals: 30,703
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Volume: 926.92 million shares
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Value: ₦26.95 billion
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Equity Market Capitalization: ₦98.06 trillion
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Bond Market Capitalization: ₦51.39 trillion
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ETF Market Capitalization: ₦31.19 billion
Market activity improved significantly compared to the previous session, with total traded volume up 57.3%, transaction value up 12.2%, and total deals rising 7.8%.
Top Gainers
| Company | Previous (₦) | Current (₦) | Change (₦) | % Change |
|---|---|---|---|---|
| PZ Cussons Nigeria Plc | 39.00 | 42.90 | +3.90 | +10.00% |
| TIP | 13.00 | 14.30 | +1.30 | +10.00% |
| Aso Savings & Loans Plc | 0.55 | 0.60 | +0.05 | +9.09% |
| CAP Plc | 68.00 | 74.00 | +6.00 | +8.82% |
| Lafarge Africa Plc (WAPCO) | 138.50 | 150.45 | +11.95 | +8.63% |
The session’s positive close was mainly attributed to WAPCO (+8.63%), CAP (+8.82%), and PZ (+10.00%), which led gains in the industrial goods sector.
Strong buying interest in building materials and chemical manufacturing stocks lifted the overall market performance, while TIP rebounded sharply following previous profit-taking.
Top Losers
| Company | Previous (₦) | Current (₦) | Change (₦) | % Change |
|---|---|---|---|---|
| Lotus Halal ETF 15 | 90.00 | 81.10 | -8.90 | -9.89% |
| John Holt Plc | 7.20 | 6.50 | -0.70 | -9.72% |
| Multiverse Mining & Exploration Plc | 13.90 | 12.55 | -1.35 | -9.71% |
| Stanbic IBTC Holdings Plc | 118.00 | 107.20 | -10.80 | -9.15% |
| Nigerian Breweries Plc | 75.95 | 70.00 | -5.95 | -7.83% |
The decliners’ chart was dominated by profit-taking, particularly in financials and consumer staples.
Stanbic IBTC (-9.15%) and Nigerian Breweries (-7.83%) recorded notable losses following previous session gains, while Lotus Halal ETF 15 (-9.89%) reversed earlier advances amid volatility in ETF-linked instruments.
Top Traded Stocks
| Company | Volume (shares) | Value (₦) |
|---|---|---|
| Japaul Gold & Ventures Plc | 436,045,944 | 1,090,645,473.31 |
| Fidelity Bank Plc | 77,297,448 | 1,534,978,942.20 |
| Lafarge Africa Plc (WAPCO) | 46,371,434 | 6,982,912,019.75 |
| Access Holdings Plc | 32,611,609 | 804,763,669.75 |
| NASCON Allied Industries Plc | 17,922,604 | 1,986,135,765.40 |
Trading was largely concentrated in industrial goods and banking equities.
WAPCO dominated the value chart, accounting for over 25% of total market value, while Japaul Gold recorded the highest volume traded, supported by retail investors’ increased activity in low-priced equities.
Bond Market
| Instrument | Previous (₦) | Current (₦) | Change (₦) |
|---|---|---|---|
| DAN2029S2TB | 100.00 | 100.00 | 0.00 |
| DIF2029S1TA | 100.00 | 100.00 | 0.00 |
| FG162029S1 | 98.00 | 98.00 | 0.00 |
| FG172035S1 | 20.00 | 20.00 | 0.00 |
| FG182042S1 | 100.00 | 100.00 | 0.00 |
The bond segment closed flat across all listed government instruments, reflecting yield stability in the fixed-income market.
Exchange-Traded Funds (ETFs)
| ETF | Previous (₦) | Current (₦) | Change (₦) |
|---|---|---|---|
| VSPBONDETF | 207.00 | 210.00 | +3.00 |
| VETBANK | 16.00 | 16.40 | +0.40 |
| GREENWETF | 415.00 | 415.00 | 0.00 |
| MERGROWTH | 347.00 | 347.00 | 0.00 |
| SIAMLETF40 | 470.00 | 470.00 | 0.00 |
The ETF market ended mixed, with VSPBONDETF (+1.45%) and VETBANK (+2.50%) advancing, while other instruments closed unchanged.
Day-on-Day Comparison (October 22 vs. October 23, 2025)
| Indicator | Oct 22, 2025 | Oct 23, 2025 | Change |
|---|---|---|---|
| ASI (Points) | 153,736.25 | 154,489.90 | +0.49% |
| Market Cap (₦) | 97.58 trillion | 98.06 trillion | +₦478 billion |
| Volume (Shares) | 589.49 million | 926.92 million | +57.3% |
| Value (₦) | 24.01 billion | 26.95 billion | +12.2% |
| Deals | 28,485 | 30,703 | +7.8% |
Market Interpretation
The market maintained its four-day winning streak on the back of broad-based gains in industrial and banking equities.
WAPCO, CAP, and PZ emerged as key market movers, with institutional accumulation observed in building materials and FMCG stocks.
The sustained improvement in volume and value indicates renewed liquidity inflows, suggesting continued interest from both domestic institutional and foreign portfolio investors.
Meanwhile, the decline in Stanbic IBTC and Nigerian Breweries highlights targeted profit-taking in select large-cap counters.
Market Outlook
Analysts expect moderate profit-taking in the next session after four consecutive bullish closes. However, overall sentiment remains positive, buoyed by:
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Optimism ahead of Q3 earnings releases,
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Renewed confidence in industrial and banking stocks,
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Stable FX conditions at the investors’ and exporters’ window, and
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Improved participation from institutional investors.
If the current momentum holds, the NGX All-Share Index could test the 155,000-point resistance level, positioning the market for a potentially strong month-end close.
Summary
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ASI: 154,489.90 (+0.49%)
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Market Cap: ₦98.06 trillion
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Volume: 926.92 million shares
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Value: ₦26.95 billion
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Deals: 30,703
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Trend: Bullish for fourth consecutive session