Nigerian Bourse Increases Bullish Momentum On Sustained Investor Optimism, Impressive Earnings

EditorOctober 25, 2025

24 6 minutes read

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The Nigerian bourse extended its bull-run ahead of the last full trading week of October, as several indexes and highly priced stocks are setting up at key technical levels as more corporate numbers hit the market over the weekend and next week, a situation likely to speed up the ongoing rally or slow down the strength of expected scorecards. Even then, the numbers released so far remain impressive and healthy enough to support prices and payout at the end of the current financial year.

Meanwhile, interim dividend announcements continue to hit the market, the latest being from Ikeja Hotel.

At this point, price behaviour before earnings and after, matters more than the reports themselves, because price feeds on earnings in the short to long-run. Momentum behind prices on the Nigerian Exchange at this moment are important, looking at the increasing volume of trades in the market and on individual stocks as a reflection of the presence of smart money and institutional players.

NGXASI Daily Chart

Nigeria’s equity market kicked off the week on a positive note with the composite NGX All-Share Index rising 0.65% to 149,940.81 points on Monday, while market capitalisation improved by N611.34 billion to N95.17 trillion. The early rally was supported by gains in BUA Cement, UACN, and FBN Holdings, even while market breadth remained slightly negative, comprising of 28 gainers and 32 losers. Trading activities slowed down with volume dropping 13.65% to 415.35 million shares valued at N27.16 billion, led by investor interests in Fidelity Bank, while Geregu Power topped by value traded.

Momentum continued on Tuesday when the NGX ASI crossed the 150,000 basis points mark, closing at 151,456.91bps, a 1.01% increase, as market capitalisation expanded by N962.31 billion to N96.13 trillion, while pushing the year-to-date return to 47.15%. Gains in BUA Foods, Vitafoam, and Aradel underpinned the rally, despite yet another negative breadth of 26 gainers and 30 losers. Fidelity Bank again led in volume, with GTCO leading value traded.

The bullish trend strengthened on Wednesday, with the ASI climbing 1.50% to 153,736.25 points and market capitalisation rising by N1.45 trillion to N97.58 trillion, lifting the YTD return to 49.37%. NASCON, Dangote Cement, and Transcorp Hotels drove the market, while positive sentiment emerged with 32 gainers versus 29 losers. Fidelity Bank and GTCO maintained leadership in volume and value traded, respectively.

Thursday saw the market extending gains for a fourth straight session, as the ASI rose 0.49% to 154,489.90 points and market capitalisation growing fatter by N478.36 billion to N98.06 trillion. PZ, Lafarge, and Aradel led the rally, while market sentiment was mixed with 33 gainers and 36 losers. JapaulGold dominated volume traded, and Lafarge led value.

The week closed on a strong note Friday with the NGX ASI advancing 0.75% to 155,650.20 points, pushing market capitalisation up by N736.48 billion to N98.80 trillion. Aradel, NB, and Dangote Sugar recorded the largest gains, while Aso Savings led the winners and Union Dicon the losers. Fidelity Bank topped both volume and value traded.

For the week, investors exchanged a total of 3.70 billion shares worth N129.89 billion across 148,077 deals, surpassing last week’s 2.42 billion shares valued at N76.62 billion in 126,591 deals. The Financial Services sector dominated activities with 2.36 billion shares worth N54.38 billion in 63,561 deals, accounting for 63.91% of volume and 41.87% of value. The Oil & Gas sector followed with 551.52 million shares valued at N19.21 billion, while Consumer Goods contributed 180.90 million shares worth N13.28 billion. Fidelity Bank, Japaul Gold & Ventures, and Access Holdings led trading, collectively exchanging 1.81 billion shares valued at N27.89 billion in 10,817 deals, representing 48.94% of total volume and 21.47% of total value.

NGXASI Weekly Chart

Week-to-date, the benchmark NGX All-Share Index has gained 4.48%, with the NGX 30 rising by 4.66%. The Banking Index, however, recorded a loss of 1.35%, the Pension Index increased by 2.88%, the Insurance Index shed 1.10%, while the Consumer Goods Index notched 3.94%. Oil and Gas Index increased by 9.13%.

Year-to-date, the NGX All-Share Index is up 51.22%, while the NGX 30 has gained 49.34%, The Banking Index surged 38.12%, the Pension Index jumped 56.94%, the Insurance Index rose 77.63%, and the Consumer Goods Index posted a robust 109.82% increase. However, the Oil and Gas Index inclined by 7.09%. Market breadth is negative, with 44 stocks advanced and 49 declined.

ASO Savings & Loans Plc Chart

ASO Savings and Loans Plc, a leading Primary Mortgage Institution (PMI) in Nigeria, established to provide accessible mortgage financing solutions to Nigerians. led the week’s advancers, rising by 32% to close at ₦0.66. Aradel Holdings followed with a 25.20% gain to ₦790.00, while Eunisell Interlinked climbed 19.73% to ₦57.95. PZ Cussons advanced 14.19% to ₦44.65, and NASCON appreciated 12.77% to ₦113.90.

Living Trust Mortgage Bank Plc Chart

On the flip side, LivingTrust Mortgage Bank, formerly known as Omoluabi Mortgage Bank Plc, is a Nigerian financial institution specializing in mortgage banking services. The bank offers a range of products, including National Housing Fund loans, home improvement loans, personal loans, government employee loans, and residential mortgages, topped the decliners, closing at ₦4.01 each, after dropping 10.89% apiece. Juli Plc lost 9.94% to ₦8.06, RT Briscoe dipped 9.84% to ₦3.30, John Holt shed 9.72% to ₦6.50, while Multiverse Mining and Exploration fell 9.71% to ₦12.55.

Technical Analysis

The NGX ASI maintained a strong upward trend this week, breaking key resistance levels of 150,000 and 153,000 points, indicating sustained bullish momentum. Technical indicators show that the market is in an overbought zone, with the Relative Strength Index (RSI) nearing 72, suggesting caution for short-term traders. Support levels are identified around 152,000 and 150,000 points, which could provide pullback entry opportunities for investors.

Market Outlook

Investor sentiment is expected to remain positive in the near term, supported by continued gains by blue-chip stocks and increasing market liquidity. However, traders are advised to monitor key resistance levels and sector-specific developments, particularly in Financial Services and Consumer Goods, which continue to dominate trading activity. Any sharp corrections could present selective buying opportunities, while sustained bullish activity may propel the ASI toward the 158,000–160,000-point range in the coming weeks.

Trending in the Economy: Nigeria’s domestic airline capacity increased by 6% to 681,204 seats in October 2025, retaining its position as Africa’s second-largest aviation market after South Africa. While Tanzania and Algeria recorded the fastest growth rates, Ethiopia’s capacity fell by 8%. At the Lagos Murtala Muhammed International Airport, departing seats rose 6% to 409,005, solidifying its rank as West Africa’s busiest airport.

In the oil sector, the Nigerian National Petroleum Company Limited (NNPCL) recorded N4.27 trillion in revenue and N216 billion in profit for September 2025. Although crude and gas production slightly declined due to maintenance and asset recovery, operational performance stayed strong with 96% pipeline uptime and 77% fuel supply efficiency. Ongoing projects such as the AKK and OB3 pipelines continue to bolster Nigeria’s gas infrastructure expansion.

Global Market and Oil; U.S. stocks ended Friday on a strong note, with the Dow, S&P 500, and Nasdaq all closing at record highs after inflation data came in softer than expected. The Consumer Price Index rose 0.3% in September, slightly below the 0.4% forecast and matching August’s pace, fueling hopes for another interest rate cut by the Federal Reserve at its October 28–29 meeting.

The numbers show we’re far from the inflation crisis of 2022—prices are rising, but in a manageable way. That’s encouraging for those expecting more rate cuts,” said Callie Cox, Chief Market Strategist at Ritholtz Wealth Management. Markets are now pricing in two additional rate cuts before year-end, according to LSEG data.

Wall Street also got a lift from upbeat earnings. Ford shares jumped 12.2% after reporting stronger-than-expected third-quarter profits. Overall, analysts expect S&P 500 companies to post 10.4% year-on-year earnings growth for the quarter, up from 8.8% earlier this month.

At the close, the Dow Jones Industrial Average gained 472.51 points, or 1.01%, to 47,207.12; the S&P 500 rose 0.79% to 6,791.69; and the Nasdaq Composite climbed 1.15% to 23,204.87. The S&P 500 and Nasdaq logged their best weekly gains since August, while the Dow recorded its strongest weekly advance since June.

Global markets followed suit. The MSCI world index rose 0.63% to a record 1,002.96, while Europe’s STOXX 600 gained 0.23%, also reaching an all-time high. The dollar index was little changed at 98.92 as the euro edged up to $1.1629 and the yen weakened slightly to 152.8 per dollar.

U.S. Treasury yields were mostly steady, with the 10-year yield up 1.2 basis points to 4%. Oil prices eased after Thursday’s 5% surge—U.S. crude settled at $61.50 a barrel, while Brent slipped to $65.94—amid doubts over Washington’s enforcement of sanctions on Russian oil companies.

Meanwhile, anticipation builds for next week’s earnings reports from major tech players like Apple and Microsoft, part of the “Magnificent Seven” stocks that have driven much of this year’s market rally.

Sectorial Indexes Chart Position For The week

NGX Banking Index Chart