October 23, (THEWILL) — The Nigerian Exchange Limited (NGX) sustained its bullish momentum on Thursday, October 23, 2025, as renewed interest in medium- and large-cap stocks lifted key performance indicators.
The All-Share Index (ASI) climbed by 0.49 per cent to close at 154,489.90 points, up from 153,736.25 points recorded on Wednesday. Likewise, market capitalisation gained about ₦480bn, rising from ₦97.59tn to ₦98.07tn.
Market Breadth and Activity
Market sentiment was mixed, as 34 stocks appreciated while 37 declined at the close of trading. Investors maintained cautious optimism, taking positions in equities with strong third-quarter earnings prospects and solid fundamentals.
Top Gainers
- The Initiates Plc (TIP) rose by 10.00% from ₦13.00 to ₦14.30.
- PZ Cussons Nigeria Plc (PZ) gained 10.00% from ₦39.00 to ₦42.90.
- ASO Savings and Loans Plc (ASOSAVINGS) appreciated by 9.09% from ₦0.55 to ₦0.60.
- CAP Plc (CAP) increased by 8.82% from ₦68.00 to ₦74.00.
- Lafarge Africa Plc (WAPCO) advanced by 8.63% from ₦138.50 to ₦150.45.
Top Losers
- John Holt Plc (JOHNHOLT) fell by 9.72% from ₦7.20 to ₦6.50.
- Multiverse Mining & Exploration Plc (MULTIVERSE) dropped by 9.71% from ₦13.90 to ₦12.55.
- Stanbic IBTC Holdings Plc (STANBIC) shed 7.83% from ₦75.95 to ₦70.00.
- Nigerian Breweries Plc (NB) lost 7.83% from ₦75.95 to ₦70.00.
- Oando Plc (OANDO) depreciated by 6.44% from ₦45.00 to ₦44.50.
Unchanged Stocks
Stocks that closed flat include Custodian Investment Plc, Conoil Plc, BUA Foods Plc, Deap Capital Plc, and Eterna Plc.
Investor Sentiment and Market Outlook
The positive close reflected sustained investor confidence in select industrial and consumer goods stocks, buoyed by improved corporate earnings and easing inflationary pressures.
Although the number of gainers was slightly lower than that of losers, market sentiment remained cautiously upbeat as investors positioned ahead of key policy announcements and corporate earnings.
The industrial goods sector was the main driver of the day’s gains, led by Lafarge Africa and CAP Plc, while profit-taking in banking and consumer goods stocks, especially Nigerian Breweries, moderated overall performance.
Analysts expect the market to maintain a mildly bullish outlook in the near term, as investors continue to favour fundamentally strong equities with consistent dividend records and earnings stability.
Ogochukwu Onwaeze
