Investors Pocket Massive ₦7.25 Trillion Gain in October — Despite a Late-Month Selloff
October 2025 turned out to be a blockbuster month for investors on the Nigerian Exchange (NGX), as the market added a remarkable ₦7.25 trillion in value within just 31 days.
The market capitalization—which represents the total value of all listed stocks—surged from ₦90.58 trillion in September to ₦97.83 trillion by the end of October. This stellar performance came on the back of renewed investor interest, strong corporate earnings, and sustained optimism around high-performing blue-chip stocks.
Index Performance: A Strong Month with a Soft Landing
The NGX All Share Index (ASI) climbed 7.9% in October, closing at 154,126.45 points from 142,710.48 points in September.
This brought the year-to-date (YtD) gain to an impressive 49.74%, reaffirming equities as one of Nigeria’s best-performing asset classes in 2025.
However, the final week of October saw a slight pullback as investors engaged in profit-taking, ending the week 0.97% lower, translating to a loss of about ₦963 billion.
Why the Dip?
Analysts attribute the weekly decline to:
• Profit-taking in stocks that had recorded significant rallies earlier in the month.
• Higher interest rates in the fixed-income market diverting funds away from equities.
• Inflationary pressures and cautious investor sentiment.
• Weak risk appetite amid slow corporate earnings momentum in select sectors.
Despite these headwinds, trading activity improved notably:
• Average trading volume rose 102.7% week-on-week
• Average trading value increased 12.2% week-on-week
Sector Performance
The week’s performance was mixed across sectors:
• Banking Index: -2.1%
• Consumer Goods Index: -2.7%
• ️ Industrial Goods Index: -1.0%
• ️ Insurance Index: -3.5%
• ️ Oil & Gas Index: +0.3% (the only gainer)
Analysts’ Outlook
Analysts from Cordros Research expect choppy trading in the coming weeks as investors track company-specific developments and monitor movement in fixed-income yields.
Similarly, InvestData Consulting projects that the market will remain mixed in the short term, shaped by:
• Macroeconomic data releases
• Movement in fixed-income yields
• Investor reactions to Q3 earnings reports
However, they foresee selective accumulation in fundamentally sound stocks, particularly in the banking and energy sectors, as value-seeking investors take advantage of current price corrections.
Bottom Line
While the market took a breather toward month-end, October 2025 still stands out as a historic month of wealth creation on the NGX.
Investors who stayed invested through the earlier rallies were the biggest winners — proving once again that in the stock market, patience often beats panic.
October 2025 turned out to be a blockbuster month for investors on the Nigerian Exchange (NGX), as the market added a remarkable ₦7.25 trillion in value within just 31 days.
The market capitalization—which represents the total value of all listed stocks—surged from ₦90.58 trillion in September to ₦97.83 trillion by the end of October. This stellar performance came on the back of renewed investor interest, strong corporate earnings, and sustained optimism around high-performing blue-chip stocks.
Index Performance: A Strong Month with a Soft Landing
The NGX All Share Index (ASI) climbed 7.9% in October, closing at 154,126.45 points from 142,710.48 points in September.
This brought the year-to-date (YtD) gain to an impressive 49.74%, reaffirming equities as one of Nigeria’s best-performing asset classes in 2025.
However, the final week of October saw a slight pullback as investors engaged in profit-taking, ending the week 0.97% lower, translating to a loss of about ₦963 billion.
Why the Dip?
Analysts attribute the weekly decline to:
• Profit-taking in stocks that had recorded significant rallies earlier in the month.
• Higher interest rates in the fixed-income market diverting funds away from equities.
• Inflationary pressures and cautious investor sentiment.
• Weak risk appetite amid slow corporate earnings momentum in select sectors.
Despite these headwinds, trading activity improved notably:
• Average trading volume rose 102.7% week-on-week
• Average trading value increased 12.2% week-on-week
Sector Performance
The week’s performance was mixed across sectors:
• Banking Index: -2.1%
• Consumer Goods Index: -2.7%
• ️ Industrial Goods Index: -1.0%
• ️ Insurance Index: -3.5%
• ️ Oil & Gas Index: +0.3% (the only gainer)
Analysts’ Outlook
Analysts from Cordros Research expect choppy trading in the coming weeks as investors track company-specific developments and monitor movement in fixed-income yields.
Similarly, InvestData Consulting projects that the market will remain mixed in the short term, shaped by:
• Macroeconomic data releases
• Movement in fixed-income yields
• Investor reactions to Q3 earnings reports
However, they foresee selective accumulation in fundamentally sound stocks, particularly in the banking and energy sectors, as value-seeking investors take advantage of current price corrections.
Bottom Line
While the market took a breather toward month-end, October 2025 still stands out as a historic month of wealth creation on the NGX.
Investors who stayed invested through the earlier rallies were the biggest winners — proving once again that in the stock market, patience often beats panic.