The Nigerian Exchange Limited (NGX) sustained its upward momentum on Tuesday, October 21 2025, with the All-Share Index (ASI) advancing by 1.01% to close at 151,456.91 points, compared to 149,940.81 points recorded on Monday.
Market capitalization rose by ₦962.3 billion, from ₦95.171 trillion to ₦96.134 trillion, marking the second consecutive bullish session driven by gains in BUA Foods Plc, industrial counters, and renewed interest in select growth stocks.
Comparative Market Performance
| Metric |
Oct 20 2025 |
Oct 21 2025 |
Change |
Interpretation |
| ASI (pts) |
149,940.81 |
151,456.91 |
+1,516.10 (+1.01%) |
Continued upward trend |
| Deals |
31,522 |
27,518 |
-4,004 (-12.7%) |
Fewer transactions despite rising index |
| Volume (shares) |
415.35 m |
551.92 m |
+136.57 m (+32.9%) |
Improved market breadth and liquidity |
| Value (₦) |
27.16 bn |
20.54 bn |
-6.62 bn (-24.4%) |
More trades in low-priced equities |
| Equity Cap (₦) |
95.171 trn |
96.134 trn |
+0.963 trn |
Wealth expansion on blue-chip gains |
| Bond Cap (₦) |
51.442 trn |
51.425 trn |
-0.017 trn |
Stable fixed-income segment |
| ETF Cap (₦) |
31.526 bn |
31.220 bn |
-0.306 bn |
Minor correction after prior uptick |
The market recorded higher volume but lower value, indicating that trading activity shifted toward mid- and low-cap equities even as large-cap stocks such as BUA Foods Plc and SCOA Plc powered the overall index higher.
Top Gainers
| Company |
Prev (₦) |
Current (₦) |
Change (₦) |
% Change |
| SCOA Plc |
6.59 |
7.10 |
+0.51 |
+7.74 % |
| Omatek Ventures Plc |
1.47 |
1.58 |
+0.11 |
+7.48 % |
| Consolidated Hallmark Holdings Plc |
4.48 |
4.78 |
+0.30 |
+6.70 % |
| BUA Foods Plc |
650.00 |
692.50 |
+42.50 |
+6.54 % |
| Lotus Halal ETF 15 |
77.00 |
82.00 |
+5.00 |
+6.49 % |
The 1.01% index gain was largely attributed to BUA Foods Plc (+6.54%), whose rise followed sustained institutional demand in the consumer-goods segment.
The rebound of Lotus Halal ETF (+6.49%), after a -9.42% fall on Monday, signaled renewed appetite for Islamic-compliant investment instruments.
Top Losers
| Company |
Prev (₦) |
Current (₦) |
Change (₦) |
% Change |
| LivingTrust Mortgage Bank Plc |
4.44 |
4.00 |
-0.44 |
-9.91 % |
| FGSUK2031S4 |
82.15 |
76.20 |
-5.94 |
-7.23 % |
| Conoil Plc |
202.50 |
190.70 |
-11.80 |
-5.83 % |
| Afriland Properties Plc |
14.95 |
14.10 |
-0.85 |
-5.69 % |
| Sovereign Trust Insurance Plc |
3.80 |
3.65 |
-0.15 |
-3.95 % |
Profit-taking dominated banking and insurance counters, while Conoil Plc extended its losing streak amid weak sentiment in the downstream oil segment. LivingTrust Mortgage Bank Plc (-9.91%) led decliners, reflecting mild correction after earlier rallies.
Top Traded Stocks
| Company |
Volume (shares) |
Value (₦) |
| Fidelity Bank Plc |
59,116,710 |
1,179,063,838.10 |
| VFD Group Plc |
39,309,370 |
424,662,874.55 |
| Japaul Gold & Ventures Plc |
37,742,474 |
94,941,210.43 |
| Access Holdings Plc |
37,364,218 |
950,063,143.95 |
| GTCO Plc |
31,363,733 |
2,918,276,424.15 |
The financial sector continued to dominate turnover, with Fidelity Bank Plc maintaining leadership for a second straight session. However, GTCO Plc posted the highest value, driven by institutional accumulation.
Fixed-Income Market
| Instrument |
Prev (₦) |
Current (₦) |
Change (₦) |
| FGS202760 |
95.00 |
99.90 |
+4.90 |
| FGS202766 |
124.99 |
124.99 |
0.00 |
| MCI2026S1 |
100.00 |
100.00 |
0.00 |
| ABC2027S0 |
100.00 |
100.00 |
0.00 |
| ADV2031S1B |
100.00 |
100.00 |
0.00 |
A mild rebound in FGS202760 (+5.16%) reflected shifting demand toward medium-tenor savings bonds, while the broader fixed-income segment remained stable.
Exchange-Traded Funds (ETFs)
| ETF |
Prev (₦) |
Current (₦) |
Change (₦) |
| STANBICETF30 |
520.00 |
539.99 |
+19.99 |
| VETBANK |
15.23 |
15.23 |
0.00 |
| VETINDETF |
54.00 |
54.00 |
0.00 |
| VETGOODS |
36.50 |
36.50 |
0.00 |
| VSPBONDETF |
206.07 |
206.07 |
0.00 |
ETF activity was stable, with STANBICETF30 (+3.8%) outperforming the segment, reflecting bullish sentiment in the underlying blue-chip portfolio.
Day-to-Day Comparison (Oct 20 vs Oct 21)
-
Market Breadth: Improved — number of gainers increased, led by industrial and consumer goods stocks.
-
Liquidity: Up — volume rose 33% even as value fell 24%, implying heavier participation from retail investors.
-
Sector Performance: Industrial goods (BUA Foods, SCOA) and ICT (Omatek) outperformed, while energy (Conoil) and insurance (Sovereign Trust) weakened.
-
ETF Trend: Recovery in Lotus Halal ETF and STANBICETF30 reflected renewed confidence in diversified instruments.
-
Momentum: The two-day cumulative gain of 1.66% pushed total market capitalization above ₦96 trillion — its highest level since early September.
Market Outlook
The NGX’s sustained rally demonstrates growing institutional demand for industrial and consumer goods stocks, coupled with defensive positioning in blue-chip names ahead of Q3 earnings releases.
Analysts expect short-term profit-taking in small-cap equities, but broader sentiment remains bullish, supported by:
-
Stable naira at the investors’ and exporters’ window,
-
Moderating inflation expectations, and
-
Anticipated dividend guidance from key listed companies.
If buying momentum persists in BUA Foods and BUA Cement, the NGX ASI could test the 152,000-point threshold in the next session.
Summary Snapshot
| Indicator |
Oct 20 |
Oct 21 |
Direction |
| ASI |
149,940.81 |
151,456.91 |
⬆ Up (+1.01%) |
| Market Cap |
₦95.171 trn |
₦96.134 trn |
⬆ Up (+₦963 bn) |
| Volume |
415.35 m |
551.92 m |
⬆ +33% |
| Value |
₦27.16 bn |
₦20.54 bn |
⬇ -24% |
| Deals |
31,522 |
27,518 |
⬇ -13% |
