Market Update For October 22, 2025
The Nigerian equities market sustained its upward trajectory on Wednesday, marking a third consecutive session of gains as investors repositioned into large-cap and liquid stocks amid improving market sentiment. The sustained optimism reflects a combination of renewed interest in blue-chip equities, positive sectoral drivers, and external support from rising oil prices. The NGX All-Share Index (ASI) advanced 1.50% to close at 153,736.25 points, up from 151,456.91 points in the previous session. The gain lifted total market capitalization to N97.58 trillion, while year-to-date returns now stand at an impressive 49.37%, highlighting the market’s resilience despite lingering macroeconomic pressures and global uncertainties.
Market breadth favored gainers, with 32 equities closing higher against 29 decliners, underscoring selective but confident buying in key sectors. Trading activity reflected this trend, as total volume rose 6.81% to 589.49 million units, valued at N24.01 billion across 28,485 deals. Fidelity Bank Plc led in traded volume with 94.74 million units, representing 16.07% of total market activity, while Guaranty Trust Holding Company Plc (GTCO) recorded the highest traded value at N7.39 billion, or 30.80% of overall turnover. Access Holdings Plc (ACCESSCORP) also contributed significantly to total volume, accounting for 10.08% of units traded, signaling continued investor focus on highly liquid financial stocks. The concentration of trading in a few major banks and industrials highlights the selective nature of the current rally and suggests that investors are prioritizing fundamentally strong equities with sustained liquidity.
From a sectoral perspective, the rally was broad-based but led by financial services, consumer goods, and industrials. Banking stocks remained the mainstay of market activity, with high trading volumes in Fidelity Bank, GTCO, and Access Holdings Plc. Positive sentiment in the sector was underpinned by robust Q3 earnings reports, healthy liquidity levels, and improved investor confidence in banking fundamentals. Consumer goods and industrials also contributed to the index’s rise, as investors targeted stocks benefiting from domestic demand recovery, infrastructure spending, and ongoing construction activities. Dangote Cement Plc, Dangote Sugar Refinery Plc, and Aradel Holdings Plc emerged as top performers in these sectors, reflecting optimism around their market dominance, stable earnings, and ability to capitalize on domestic economic activity.
Brent crude rose 1.9% to $62.51 per barrel, while U.S. West Texas Intermediate (WTI) crude increased 2.2% to $58.48 per barrel. Oil prices advanced amid reports that the United States and India are nearing a long-stalled trade agreement that would reduce tariffs on Indian imports from 50% to 15–16%, potentially reshaping global trade flows and crude sourcing patterns. Analysts suggest that India could gradually reduce purchases of Russian crude, increasing demand for other grades of oil, while the deal also signals improved global trade sentiment. The rising oil market not only supports energy-linked equities but also improves investor confidence in broader emerging markets, providing indirect support to the domestic equities market.
The NGX All-Share Index (ASI) technical indicators signal continued bullish momentum. The index has remained above key short-term moving averages, while momentum oscillators such as the relative strength index (RSI) and moving average convergence divergence (MACD) suggest room for further upside. Nevertheless, traders should anticipate intermittent profit-taking as the index approaches resistance levels, which may create minor retracement opportunities. Volume concentration in top-performing counters remains a key signal for monitoring the market’s direction, as shifts in volume often precede changes in price momentum.
Among the top gainers, ASOSAVINGS Plc led with a 6.80% increase, opening at N1.25 and closing at N1.34. The company is a leading microfinance and savings institution that emphasizes retail banking and financial inclusion, particularly targeting underserved populations. Dangote Cement Plc (DANGCEM) rose 6.50%, opening at N260.00 and closing at N276.50, benefiting from its status as Africa’s largest cement manufacturer and strong domestic construction activity. Transcorp Hotels Plc (TRANSCOHOT) gained 6.26%, opening at N5.10 and closing at N5.42, driven by anticipated growth in domestic tourism and event bookings. Aradel Holdings Plc (ARADEL) advanced 5.98%, opening at N1.68 and closing at N1.78, reflecting investor confidence in industrial and infrastructure projects. Dangote Sugar Refinery Plc (DANGSUGAR) increased 5.66%, opening at N23.90 and closing at N25.25, benefiting from stable domestic demand and a favorable pricing environment.
On the downside, Triple Gee & Company Plc (TIP) led the losers, opening at N3.85 and closing at N3.60, as investors engaged in selective profit-taking after recent rallies. Other minor decliners were mainly small-cap equities in the consumer and industrial sectors, reflecting targeted sell-offs rather than broad-based market weakness. This pattern indicates that while market momentum remains strong, careful stock selection continues to be critical for investors seeking to maximize returns while managing risk exposure.
Looking ahead, the market’s outlook remains cautiously positive. Sustained interest in large-cap and blue-chip equities, coupled with favorable oil market movements and strong performance in banking, consumer goods, and industrial sectors, is likely to keep the NGX ASI trending higher in the near term. Investors should monitor volume trends in top-performing counters, sector-specific catalysts, and macroeconomic developments for indications of momentum shifts or potential volatility. Oil price developments, in particular, will continue to influence sentiment in energy-linked equities and the broader market. Strategically positioning in fundamentally strong and liquid stocks across key sectors remains the optimal approach for managing risk while capturing opportunities in the current bullish environment.
