The Nigerian Exchange (NGX) closed the week ended October 3, 2025, on a positive note as robust activity in energy, consumer goods and financial stocks bolstered the market.
The All-Share Index (ASI) appreciated by 1.02% to close at 143,584.04 points, while the market capitalization advanced by ₦1.175 trillion to settle at ₦91.135 trillion.
The market operated for four trading sessions due to the October 1 Independence Day public holiday declared by the Federal Government.
Market Activity Overview
Market turnover expanded notably as investors exchanged 8.403 billion shares valued at ₦115.501 billion across 115,801 deals, compared to 7.684 billion shares worth ₦494.126 billion in 116,645 deals the previous week.
The Financial Services Industry dominated trading with 7.75 billion shares valued at ₦88.153 billion in 54,074 deals, contributing 92.24% and 76.32% to total equity turnover volume and value, respectively.
The ICT sector followed with 181.01 million shares worth ₦4.08 billion, while the Consumer Goods sector recorded 126.55 million shares valued at ₦6.27 billion.
The trio of Cornerstone Insurance Plc, Fidelity Bank Plc, and United Bank for Africa Plc were the most traded equities, accounting for 6.525 billion shares valued at ₦52.70 billion, representing 77.66% and 45.63% of total weekly volume and value, respectively.
Market Breadth and Investor Sentiment
Market sentiment turned broadly positive, with 53 equities appreciating, higher than 32 in the previous week, while 43 equities declined, compared to 51 a week earlier.
51 equities remained unchanged, showing mild consolidation across mid-cap counters.
This week’s market performance was driven by strong rallies in oil & gas, manufacturing, and financial services, which collectively absorbed prior week losses and positioned the NGX for a stable Q4 opening.
Top 10 Price Gainers
| Company | Open (₦) | Close (₦) | Change (₦) | % Change |
|---|---|---|---|---|
| Eterna Plc | 27.90 | 37.05 | +9.15 | +32.80% |
| Nigerian Enamelware Plc | 35.10 | 42.45 | +7.35 | +20.94% |
| PZ Cussons Nigeria Plc | 34.50 | 41.70 | +7.20 | +20.87% |
| LivingTrust Mortgage Bank Plc | 5.15 | 6.09 | +0.94 | +18.25% |
| Eunisell Interlinked Plc | 33.60 | 39.50 | +5.90 | +17.56% |
| Aradel Holdings Plc | 560.00 | 650.10 | +90.10 | +16.09% |
| Chams Holding Company Plc | 3.40 | 3.85 | +0.45 | +13.24% |
| Fidelity Bank Plc | 18.45 | 20.50 | +2.05 | +11.11% |
| UACN Plc | 67.00 | 73.70 | +6.70 | +10.00% |
| SFS Real Estate Investment Trust | 315.05 | 346.55 | +31.50 | +10.00% |
Key Drivers:
Energy stocks, particularly Eterna and Aradel Holdings, drove the week’s bullish momentum, supported by renewed foreign and institutional interest in the oil and gas sector.
Similarly, consumer goods companies such as PZ Cussons and Nigerian Enamelware benefited from improved retail demand and inventory restocking ahead of the festive quarter.
Top 10 Price Decliners
| Company | Open (₦) | Close (₦) | Change (₦) | % Change |
|---|---|---|---|---|
| Julius Berger Plc | 149.50 | 122.90 | -26.60 | -17.79% |
| International Energy Insurance Plc | 3.34 | 2.97 | -0.37 | -11.08% |
| Union Dicon Salt Plc | 9.00 | 8.10 | -0.90 | -10.00% |
| AXA Mansard Insurance Plc | 16.00 | 14.40 | -1.60 | -10.00% |
| University Press Plc | 5.99 | 5.40 | -0.59 | -9.85% |
| Learn Africa Plc | 7.20 | 6.50 | -0.70 | -9.72% |
| Sovereign Trust Insurance Plc | 3.04 | 2.75 | -0.29 | -9.54% |
| John Holt Plc | 7.95 | 7.20 | -0.75 | -9.43% |
| Guinea Insurance Plc | 1.55 | 1.42 | -0.13 | -8.39% |
| Prestige Assurance Plc | 1.75 | 1.62 | -0.13 | -7.43% |
Observations:
Decliners were concentrated in the insurance and publishing segments, suggesting mild sectoral correction following earlier rallies.
Profit-taking was evident in AXA Mansard and Sovereign Insurance, while Julius Berger suffered the steepest decline due to thin liquidity and portfolio rebalancing in construction-linked equities.
Exchange-Traded Products (ETPs)
Activity in the ETP market increased slightly, with 189,351 units valued at ₦17.28 million traded in 272 deals, compared to 154,584 units valued at ₦23.31 million in 222 deals last week.
Top performers included LOTUSHAL15 (+₦5.04m turnover), VETINDETF, and STANBICETF30, reflecting a renewed focus on sharia-compliant and large-cap equity baskets.
Bonds Market
The fixed-income market witnessed moderate investor participation, with 64,033 units worth ₦77.67 million traded in 13 deals, down from 75,196 units valued at ₦73.98 million in 27 deals the prior week.
The most active instruments were FGS202766 and FGSUK2033S6, reflecting interest in sovereign savings-linked bonds amid softening yields in the primary market.
Index Performance Summary
The NGX All-Share Index rose 1.02% W/W, while market capitalization gained 1.31%, closing at ₦91.135 trillion.
All sectoral indices finished higher except for:
Both the NGX ASeM and Sovereign Bond Index closed flat.
Market Outlook
The Nigerian equity market continues to exhibit resilience amid macroeconomic uncertainties, with liquidity rotation favoring the energy, consumer, and banking sectors.
Institutional demand for Aradel Holdings, Eterna, and PZ Cussons underscores sustained confidence in earnings stability heading into Q4 2025.
However, weak performance in the insurance segment signals short-term profit-taking and sectoral rebalancing.
Analysts expect cautious optimism in the coming week, as investors monitor September inflation figures, CBN policy directions, and corporate earnings releases.