Nigerian Stock Market Gains 2.37% as Investors Trade ₦90.28bn Worth of Shares on NGX
Nigeria’s equities market closed on a bullish note this week, as investor sentiment tilted toward renewed optimism despite a slowdown in trading volume. Data from the Nigerian Exchange Limited (NGX) revealed that a total of 2.286 billion shares, valued at ₦90.28 billion, were traded across 138,177 deals during the week ended October 11, 2025.
While the total value of transactions dipped by 27.9% compared to the ₦115.50 billion traded the previous week, the market’s overall performance signaled growing confidence, with both the All-Share Index (ASI) and market capitalisation appreciating by 2.37%, closing at 146,988.04 points and ₦93.30 trillion, respectively.
Market Sentiment: Bullish Finish Despite Value Decline
The week’s performance underscores a classic paradox in the capital markets — declining trade value amid upward momentum. This suggests that institutional investors and retail traders selectively positioned in high-value counters, anticipating medium-term growth ahead of Q4 earnings season.
Sector-wise, the Financial Services Industry maintained its dominance, accounting for over 59.28% of total trading volume and 27.23% of traded value. The sector saw 1.355 billion shares worth ₦24.59 billion exchanged in 59,553 deals, with strong activity around Fidelity Bank Plc, UBA, and GTCO.
Sector Highlights: ICT, Agriculture, and Financials Drive the Week
The ICT sector followed, buoyed by sustained interest in tech-driven plays and digital transformation stories. It recorded 182.82 million shares valued at ₦7.81 billion across 12,597 deals — with investors closely watching Chams Holding Company Plc, which continued its strong momentum from last week.
The Agriculture sector, a dark horse in recent months, held steady with 181.50 million shares worth ₦3.55 billion, signaling renewed interest from both institutional funds and retail players betting on Nigeria’s agritech and commodity value chains.
Top traded equities — Ellah Lakes Plc, Chams Holding Company Plc, and Fidelity Bank Plc — collectively accounted for 430.97 million shares worth ₦5.60 billion in 10,254 deals, representing 18.86% of total turnover volume and 6.20% of total market value.
Index Movement: Market Indicators Stay Positive
The rally in the NGX All-Share Index (ASI) to 146,988.04 points reflects sustained buying interest in mid-to-large-cap stocks, particularly in the insurance, industrial, and consumer goods segments.
However, not all indices participated in the uptrend. The NGX Banking Index slipped by 0.41%, weighed down by profit-taking in Tier-1 counters. Similarly, the NGX ASeM and NGX AFR Bank Value Indices dropped by 9.44% and 1%, respectively.
All other indices, including NGX Oil & Gas, NGX Industrial, and NGX Insurance, closed higher — evidence of diversified sectoral strength supporting market resilience.
Market Breadth: 51 Gainers vs. 41 Losers
Market breadth remained moderately positive, with 51 equities appreciating compared to 41 decliners. The number of unchanged equities rose to 55, up from 51 in the previous week, signaling a cautious but stabilizing investor mood.
Top Gainers
- Sovereign Trust Insurance — up ₦0.46
- Omatek Ventures — up ₦0.15
- AXA Mansard Insurance — up ₦1.70
- Chams Holding Company — up ₦0.45
- Eunisell Interlinked — up ₦4.50
Top Losers
- LivingTrust Mortgage Bank — down ₦0.89
- Neimeth International Pharmaceuticals — down ₦0.74
- UH Real Estate Investment — down ₦5.75
- Meyer Plc — down ₦1.65
- Juli Plc — down ₦0.95
BRANDECONOMY ANALYSIS: Where Smart Money Is Moving
From a macro perspective, the Nigerian equities market is navigating a delicate balance between profit-taking and position-building. The modest uptick in the All-Share Index despite weaker transaction volumes points to strategic reallocation rather than speculative exits.
The Financial Services and ICT sectors remain the liquidity anchors of the NGX, accounting for nearly 70% of market activity. Analysts project that upcoming Q3 and Q4 earnings reports, especially from the banking and insurance sectors, could trigger fresh inflows as investors recalibrate portfolios for dividend capture and fiscal-year positioning.
Moreover, the resilience of key counters like Fidelity Bank, AXA Mansard, and Chams Holding suggests sustained institutional confidence in Nigeria’s financial digitalization story — a theme that will likely dominate the 2026 market narrative.
Market Outlook: Steady Momentum with Eyes on Macro Signals
With inflationary pressures moderating and the Central Bank maintaining a cautious monetary stance, equities are expected to maintain a measured uptrend through the next trading week. Investors will also be watching global cues — including U.S. Treasury yields and oil price movements — that often shape foreign portfolio inflows into Nigeria.
Market analysts foresee a short-term consolidation phase, with profit-taking likely in banking and consumer goods stocks, while mid-cap industrials and energy plays could see renewed accumulation.
“The market is quietly preparing for Q4 rally season,” said one Lagos-based portfolio manager. “Investors are watching earnings announcements closely and positioning for dividend-paying stocks.”
