Nigerian Exchange Limited, NGX, maintained its bullish momentum in October 2025, advancing 8% on the back of strong corporate earnings, renewed foreign portfolio inflows and market-friendly policy reforms that continue to bolster investor confidence.
The NGX All-Share Index, ASI, rose from 142,713.1 points at the beginning of the month to 154,126.4 points at the close, with more than 12 billion shares traded during the period.
The performance marked October as the second best month of the year, trailing only July’s 16.57 percent increase. Year-to-date, the market has appreciated 49.74 percent, driven by strong second-half momentum and resilient investor confidence.
Except for a marginal 1.99 percent drop in March, every two months in 2025 ended in green.
This underlines the sustained optimism around the Nigerian stock market amid ongoing fiscal and monetary reforms.
Temi Popoola, Group Managing Director and CEO of Nigerian Exchange Group, said the market performance reflects growing investor confidence in Nigeria’s economic trajectory.
“The consistent market performance we are witnessing reflects a renewed sense of confidence in Nigeria’s economic direction.
“The combination of strong corporate earnings, improved liquidity conditions and credible policy actions has created a more predictable environment for investors,” Popoola said.
He added that at NGX Group, management is focused on deepening market resilience and positioning our platform for long-term sustainable growth.”
Sectoral performance was largely positive, with the Industrial Goods Index emerging as the best performer, rising 17.5 percent to 5,955.8 points. Cement giants Dangote Cement, up 25.69 percent; BUA Cement, up 12.5 percent; and Lafarge Africa, with an increase of 11.91 percent, led the trend.
The oil and gas index posted its biggest monthly gain of the year, rising 15.45 percent on the back of firm crude oil prices and impressive gains from Aradel Holdings, up 27.15 percent, and Seplat Energy, up 10 percent.
The Consumer Goods Index advanced 4.85 percent, marking its seventh consecutive monthly increase, led by BUA Foods, with an increase of 9.97 percent; PZ Cussons, up 20.29 percent; and Vitafoam, 17.79 percent more.
The insurance index rose 3.37 percent, boosted by sovereign trust insurance, up 30 percent, and AIICO insurance, up 11.71 percent, while the banking index was the only laggard, losing 3.15 percent due to profit-taking by top-tier lenders.
Commenting on the outlook, Jude Chiemeka, CEO of Nigerian Exchange Limited, said the October rally underlines the depth and resilience of the market.
“Our priority remains to improve market efficiency and ensure that the Exchange continues to reflect Nigeria’s economic strength and growth potential,” he said.
With two months left in the year, analysts say investors will closely monitor corporate guidance and macroeconomic stability indicators to determine whether the rebound can extend into 2026.
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