Nigerian Exchange Limited
Nigerian Exchange Rally for Second Consecutive Session, ASI Up 1.01%
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% |