Market Update For October, 24 2025
The Nigerian Exchange (NGX) wrapped up the week on a firmly bullish note, extending its winning streak for the fifth consecutive session as investors maintained optimism across key sectors. The market’s performance reflected sustained confidence in fundamentally strong stocks, supported by improved liquidity and renewed positioning by both institutional and retail investors. The persistent buying momentum underscored the resilience of the domestic equities market despite macroeconomic headwinds, foreign exchange volatility, and elevated inflationary pressures that have continued to shape the investment landscape.
Throughout the week, investors remained upbeat, driven by positive sentiment from recent corporate disclosures, stable oil prices, and expectations of improved earnings from blue-chip companies. The rally was broad-based, with major sectors witnessing notable price appreciation. The industrial goods, oil and gas, and consumer goods sectors emerged as the biggest contributors to the week’s gains, buoyed by sustained bargain-hunting and strategic accumulation of undervalued stocks.
Friday’s session particularly reflected the dominance of the bulls as market activity was lifted by sustained demand in heavyweight counters. Stocks such as ARADEL Holdings, Nigerian Breweries, Dangote Sugar Refinery, PZ Cussons, Custodian Investment, Dangote Cement, Oando, BUA Cement, and MTN Nigeria all closed higher, driving the overall market performance. The positive sentiment also spilled into the financial services sector, where moderate gains were recorded in tier-one banking stocks including AccessCorp, GTCO, and Zenith Bank. This renewed momentum, coming ahead of the release of third-quarter earnings, highlighted improved investor confidence in the market’s long-term potential.
Market activity levels strengthened considerably, with both total volume and value traded reflecting heightened investor participation. The total volume of shares exchanged during the week rose by 24.14% to 1.15 billion units, while total value traded surged to ₦30.13 billion across 29,158 deals. Fidelity Bank emerged as the most actively traded equity for the session, accounting for 71.34% of total traded volume and 53.56% of total traded value, with over 820.91 million units worth ₦6.98 billion changing hands. The stock’s performance reflected increased interest from institutional investors positioning ahead of its expected earnings release. Sovereign Insurance and Tantalizer followed on the activity chart, contributing 3.95% and 2.84% respectively, underscoring increased participation from retail investors in the low-cap segment of the market.
Among the day’s top-performing stocks, ARADEL Holdings Plc led with a robust 6.76% gain. The company, one of Nigeria’s leading integrated energy firms, continues to enjoy investor patronage following its strategic restructuring, diversification into refining and downstream operations, and recent strong earnings performance. ARADEL’s consistent growth in both revenue and profit has positioned it as a key player in Nigeria’s indigenous oil and gas sector. Investors’ renewed confidence in the stock is also reflective of a broader shift toward energy plays, following improved sentiment in the global oil market.
Nigerian Breweries Plc followed closely with a 6.43% increase, sustaining its recent positive momentum. As Nigeria’s largest brewer and a subsidiary of Heineken N.V., Nigerian Breweries commands a strong presence in the consumer goods sector through its flagship brands such as Star Lager, Gulder, and Maltina. The company’s improved operational efficiency and steady recovery in consumer spending have contributed to the renewed demand for its shares. Market participants remain optimistic about the firm’s performance outlook amid expectations of a gradual rebound in purchasing power.
Dangote Sugar Refinery Plc also gained 4.55% on Friday, reflecting continuous investor interest in the consumer staples segment. The company, one of Africa’s largest sugar producers, has continued to advance its backward integration project aimed at boosting local cane production and supporting Nigeria’s self-sufficiency agenda in sugar. The positive sentiment surrounding Dangote Sugar was driven by expectations of improved margins and steady revenue growth, particularly amid the federal government’s renewed focus on food security.
Similarly, PZ Cussons Nigeria Plc advanced by 4.08% as investors continued to take position ahead of its quarterly financial results. The multinational company, which specializes in personal care and home care products, has seen increased investor attention following its operational restructuring and focus on profitability improvement. PZ Cussons’ strong brand portfolio and sustained dividend history have continued to make it a favorite among investors seeking stable long-term returns in the consumer goods space.
On the flip side, Union Dicon Salt Plc emerged as the session’s worst-performing stock, leading the losers’ chart after shedding value due to mild profit-taking activities. The company, a long-standing player in Nigeria’s salt manufacturing and food seasoning industry, witnessed a pullback after a short rally earlier in the week. The decline, however, appeared to be a temporary market adjustment rather than a fundamental weakness, suggesting the possibility of a rebound once bargain-hunting resumes in the small-cap segment.
The bullish sentiment in the local bourse was also supported by developments in the global commodities market. Oil prices extended Thursday’s rally on Friday as the market reacted to new U.S. sanctions on Russia’s largest oil producers, Rosneft and Lukoil. The sanctions, imposed due to Russia’s continued aggression in Ukraine, reignited fears of global supply shortages, leading to an upward push in prices. Brent crude futures rose 0.2% to $66.12 per barrel, while U.S. West Texas Intermediate (WTI) gained 0.1% to $61.85 per barrel. Both benchmarks were set for a 7% weekly gain, their strongest performance since mid-June. The oil market also reverted to backwardation—a situation where near-term prices trade higher than longer-dated contracts—signaling tightening supply and strengthening demand conditions. This development further buoyed investor sentiment toward Nigeria’s energy-linked stocks such as ARADEL and Oando, which stand to benefit from elevated crude prices.
Technically, the NGX All-Share Index (ASI) maintained a strong bullish structure throughout the week. The index traded well above its 20-day and 50-day moving averages, a clear indication of sustained short- to medium-term upward momentum. The Relative Strength Index (RSI) closed around 68, suggesting that the market remains in a bullish zone though nearing overbought levels. Similarly, the Moving Average Convergence Divergence (MACD) remained above its signal line, reinforcing the prevailing upward momentum. These technical indicators point to a continuation of the bullish trend in the near term, though intermittent profit-taking is expected as traders lock in gains from recent rallies.
At the close of Friday’s trading session, the NGX All-Share Index gained 0.75% to settle at 155,650.20 points, up from 154,489.90 points recorded previously. Market capitalization appreciated by ₦736.48 billion to close at ₦98.80 trillion, while the year-to-date (YTD) return further expanded to 51.22%. The positive performance was driven by gains recorded in ARADEL, Nigerian Breweries, Dangote Sugar, PZ Cussons, and Custodian Investment. ASO Savings topped the gainers’ chart, while Union Dicon Salt led the decliners. Total traded volume increased by 24.14% to 1.15 billion units, valued at ₦30.13 billion across 29,158 deals, with Fidelity Bank accounting for the majority of both volume and value traded.
With market breadth and sentiment still positive, the outlook for the coming week remains bullish, though cautious profit-taking may temper gains in the short term. The sustained uptrend, supported by improving earnings expectations, rising crude oil prices, and renewed domestic participation, suggests that the market could maintain its current momentum. Investors are, however, advised to remain selective, focusing on fundamentally strong and dividend-paying stocks while monitoring global developments that could influence oil prices, foreign inflows, and inflation dynamics.
