The Nigerian Exchange Limited (NGX) extended its bullish momentum for the third consecutive session, with the All-Share Index (ASI) rising by 1.50% to close at 153,736.25 points on Wednesday, October 22, 2025, compared to 151,456.91 points on Tuesday.
Market capitalization appreciated by ₦1.45 trillion, from ₦96.13 trillion to ₦97.58 trillion, driven by renewed demand for industrial goods, aviation, and consumer-focused stocks.
Comparative Market Performance
| Metric |
Oct 21, 2025 |
Oct 22, 2025 |
Change |
Interpretation |
| ASI (pts) |
151,456.91 |
153,736.25 |
+2,279.34 (+1.50%) |
Broad-based buying sustained |
| Deals |
27,518 |
28,485 |
+967 (+3.5%) |
Slight rise in transactions |
| Volume (shares) |
551.92m |
589.49m |
+37.57m (+6.8%) |
Higher liquidity flow |
| Value (₦) |
20.54bn |
24.01bn |
+₦3.47bn (+16.9%) |
More high-value trades executed |
| Equity Cap (₦) |
96.13trn |
97.58trn |
+₦1.45trn |
Strong market-wide appreciation |
| Bond Cap (₦) |
51.43trn |
51.37trn |
-₦0.06trn |
Largely unchanged |
| ETF Cap (₦) |
31.22bn |
31.45bn |
+₦0.23bn |
Mild uptick on ETF gains |
The upward movement reflected a broad-based market rally, signaling consistent investor confidence across key sectors. The increase in both trading volume and value shows renewed participation from institutional investors, particularly in industrial, banking, and consumer goods stocks.
Top Gainers
| Company |
Prev (₦) |
Current (₦) |
Change (₦) |
% Change |
| Aso Savings & Loans Plc |
0.50 |
0.55 |
+0.05 |
+10.00% |
| Skyway Aviation Handling Plc |
90.05 |
99.05 |
+9.00 |
+9.99% |
| Lotus Halal ETF 15 |
82.00 |
90.00 |
+8.00 |
+9.76% |
| UPDC Real Estate Investment Trust |
7.35 |
7.95 |
+0.60 |
+8.16% |
| NASCON Allied Industries Plc |
103.00 |
110.00 |
+7.00 |
+6.80% |
The day’s rally was led by Skyway Aviation (+9.99%), reflecting renewed interest in the aviation and logistics sector amid expectations of earnings improvement.
Lotus Halal ETF recorded its third consecutive daily gain, rising 9.76% after rebounding from early-week losses, showing heightened appetite for Sharia-compliant investment instruments.
NASCON (+6.80%) sustained positive momentum on strong demand in the consumer goods segment following improved investor outlook on FMCG earnings.
Top Losers
| Company |
Prev (₦) |
Current (₦) |
Change (₦) |
% Change |
| FGSUK2033S6 |
100.00 |
94.00 |
-5.99 |
-5.99% |
| TIP |
13.79 |
13.00 |
-0.79 |
-5.73% |
| Legend Interlink Plc |
6.15 |
5.80 |
-0.35 |
-5.69% |
| Royal Exchange Plc |
2.31 |
2.20 |
-0.11 |
-4.76% |
| Champion Breweries Plc |
15.60 |
14.90 |
-0.70 |
-4.49% |
The losers’ chart was dominated by profit-taking and bond repricing, as seen in FGSUK2033S6 (-5.99%), which reflected weakness in sovereign-linked instruments.
Mild sell pressure in TIP (-5.73%) and Royal Exchange (-4.76%) signaled short-term corrections in small- and mid-cap stocks following early-week rallies.
Top Traded Stocks
| Company |
Volume (shares) |
Value (₦) |
| Fidelity Bank Plc |
94,744,896 |
1,876,423,346.35 |
| GTCO Plc |
79,451,739 |
7,394,312,927.75 |
| Access Holdings Plc |
59,418,579 |
1,470,104,812.95 |
| Zenith Bank Plc |
23,982,726 |
1,623,208,927.55 |
| Jaiz Bank Plc |
22,366,488 |
96,593,161.31 |
GTCO Plc dominated in value traded, accounting for nearly 31% of total market value, followed by Fidelity Bank Plc in volume terms, extending the financial sector’s dominance on the NGX.
The high liquidity in tier-one banking stocks indicated sustained institutional positioning ahead of Q3 earnings releases.
Fixed Income Market
| Instrument |
Prev (₦) |
Current (₦) |
Change (₦) |
| FGS202884 |
50.00 |
92.62 |
+42.62 |
| FGS202898 |
100.00 |
100.00 |
0.00 |
| LAB2031S4 |
80.00 |
80.00 |
0.00 |
| ADV2028S1A |
100.00 |
100.00 |
0.00 |
| DAN2028S1TC |
100.00 |
100.00 |
0.00 |
The bond segment was stable overall, except for FGS202884, which appreciated significantly (+85.24%) following new institutional positioning and lower secondary market yields.
Exchange-Traded Funds (ETFs)
| ETF |
Prev (₦) |
Current (₦) |
Change (₦) |
| VSPBONDETF |
206.07 |
207.00 |
+0.93 |
| VETBANK |
15.23 |
16.00 |
+0.77 |
| VETGOODS |
36.50 |
36.55 |
+0.05 |
| MERVALUE |
200.00 |
200.00 |
0.00 |
| GREENWETF |
415.00 |
415.00 |
0.00 |
ETF trading was broadly positive, led by VETBANK (+5.06%), reflecting optimism in the banking segment. The marginal rise in VSPBONDETF signaled modest demand for fixed-income-backed ETFs amid a stable yield curve.
Market Interpretation
The NGX maintained a consistent upward trajectory for the third straight session, adding a cumulative 2.53% in three days.
The performance was driven by broad-based buying across key sectors — industrial, consumer goods, aviation, and banking — supported by:
-
Improved investor confidence in Q3 earnings outlook,
-
Renewed interest in dividend-yielding equities,
-
Gradual stabilization of the naira at the I&E window, and
-
Moderating inflation expectations.
Despite minor corrections in select small-cap equities, market breadth remained strongly positive, signaling an extended bullish phase.
Day-to-Day Comparison (Oct 21 vs Oct 22)
| Indicator |
Oct 21 |
Oct 22 |
Direction |
| ASI |
151,456.91 |
153,736.25 |
⬆ Up (+1.50%) |
| Market Cap |
₦96.13trn |
₦97.58trn |
⬆ +₦1.45trn |
| Volume |
551.92m |
589.49m |
⬆ +6.8% |
| Value |
₦20.54bn |
₦24.01bn |
⬆ +16.9% |
| Deals |
27,518 |
28,485 |
⬆ +3.5% |
Market Outlook
With the NGX sustaining three straight sessions of growth, analysts anticipate mild profit-taking in Thursday’s session but expect overall bullish sentiment to persist, supported by:
-
Anticipated corporate earnings,
-
Institutional re-entry into undervalued blue chips, and
-
Positive performance in industrial and consumer goods sectors.
The 153,736.25 index level positions the market closer to the 154,000-point psychological barrier, a threshold that could attract additional technical buying momentum if breached.
Summary Snapshot
