November 03, (THEWILL) — Nigeria’s equities market ended October 2025 on a bullish note, extending its positive run as investors rebalanced portfolios ahead of third-quarter earnings and year-end positioning. The All-Share Index (ASI) appreciated by 8.12 percent in October to close at 154,126.46 points, while market capitalisation grew in tandem to N97.83 trillion, marking one of the best monthly performances in 2025.
The rally, driven largely by renewed interest in financials, oil and gas, and industrial goods, reflected stronger liquidity and investor confidence in blue-chip names despite lingering macroeconomic headwinds.
Trading activity surged across the month. A total of 7.479 billion shares worth N145.43 billion were exchanged in October, compared to 3.695 billion shares valued at N129.89 billion in September, underscoring a sharp rebound in market participation.
The Financial Services Industry dominated activity with 6.639 billion shares valued at N74.63 billion, contributing 88.77 percent and 51.32 percent to total equity turnover volume and value, respectively.
The Services Industry followed with 215.58 million shares worth N2.71 billion, while the Consumer Goods Industry ranked third with 125.93 million shares valued at N7.33 billion.
Top-traded equities for the month — Cornerstone Insurance Plc, Wema Bank Plc, and Guaranty Trust Holding Company Plc (GTCO) — accounted for 5.27 billion shares worth N48.96 billion, representing 70.43 percent of total turnover volume and 33.67 percent of value.
Leading October’s rally was Aso Savings and Loans Plc, which surged by 56.06 percent, closing at N1.03 from N0.66. Julius Berger Nigeria Plc advanced 13.28 percent to N151.80, while Oando Plc gained 11.87 percent to N48.05, buoyed by sustained investor demand in the energy sector.
Berger Paints Plc appreciated by 9.25 percent to N42.50, Ecobank Transnational Incorporated gained 8.19 percent to N38.95, while Meyer Plc, International Energy Insurance Plc, Okomu Oil Palm Plc, Stanbic IBTC Holdings Plc, and Tantalizers Plc also closed higher.
Top Price Decliners:
The month’s worst-performing stocks were led by Omatek Ventures Plc, which fell 21.94 percent to N1.21 from N1.55. John Holt Plc declined 16.92 percent to N5.40, and Caverton Offshore Support Group Plc shed 16.15 percent to N5.45.
Nigerian Aviation Handling Company (NAHCO) dropped 15.90 percent to N105.00, while E-Tranzact International Plc fell 15.33 percent to N12.70. Other notable laggards included AXA Mansard Insurance, Cadbury Nigeria, Chams Holding, Sunu Assurances, and Legend Internet Plc.
Market Breadth and Investor Sentiment:
Market breadth turned slightly negative as 29 equities gained in price, down from 44 in September, while 70 equities depreciated, compared to 49 the previous month. 47 equities remained unchanged.
Despite the mixed breadth, institutional demand for top-tier stocks and sustained liquidity in the banking sector underpinned overall market strength. Retail participation also improved, particularly in low-priced financial and insurance stocks.
Driving Factors:
1. Renewed Institutional Demand — Increased positioning by pension and asset managers in dividend-paying equities.
2. Pre-Earnings Momentum — Anticipation of strong Q3 results in the banking and industrial sectors.
3. Macroeconomic Adjustments — Slight FX stability and lower bond yields steered investors toward equities.
4. Policy Clarity — Market-friendly signals from the Central Bank boosted investor sentiment.
Outlook for November:
It is expected that the positive sentiment will continue into November, supported by third-quarter earnings releases, dividend declarations, and improving liquidity. However, intermittent profit-taking, inflationary pressure, and foreign exchange volatility could weigh on short-term performance.
Investors are advised to focus on fundamentally strong stocks in the banking, industrial goods, and energy sectors, where consistent earnings and dividend potential provide downside protection.
October’s rally reaffirmed the resilience of Nigeria’s capital market amid tightening global conditions. While near-term volatility remains possible, improving fundamentals and sustained institutional interest suggest a cautiously optimistic outlook for November.
Ogochukwu Onwaeze
