The Nigerian Exchange Limited (NGX) witnessed a strong bullish run last week as renewed investor interest in financial stocks propelled the market to a ₦1.27 trillion gain in market capitalization, closing the week on a positive note.
At the end of Friday’s trading session, the All-Share Index (ASI) rose by 1.35 per cent to 148,977.64 points, while the market capitalisation appreciated by 1.36 per cent to settle at ₦94.56 trillion, up from ₦93.29 trillion the previous week.
This marks one of the most significant weekly rallies in the fourth quarter, driven by robust activities in the financial stocks segment.
Financial Stocks Dominate Trading Volume
Market data from the Exchange revealed that the Financial Services Industry maintained its dominance, accounting for 68.65 per cent of the total equity turnover by volume.
During the week, investors traded 1.662 billion shares valued at ₦32.56 billion across 56,253 deals.
The performance reaffirmed the sector’s critical role as a key driver of market liquidity and investor sentiment.
The Information and Communications Technology (ICT) industry followed with 184.88 million shares worth ₦8.66 billion in 11,500 deals, while the services sector ranked third with 154.54 million shares valued at ₦1.07 billion exchanged in 5,975 deals.
Among the top-traded equities were Consolidated Hallmark Holdings Plc, Fidelity Bank Plc, and Access Holdings Plc, which collectively accounted for 618.55 million shares worth ₦9.22 billion across 9,277 deals.
These transactions represented 25.54 per cent of the total equity turnover volume and 12.03 per cent of total market value.
Trading Momentum and Investor Confidence Rise
The strong rally in financial stocks was underpinned by positive investor sentiment driven by improved earnings forecasts, anticipation of better dividend payouts, and policy optimism from the Central Bank of Nigeria’s monetary reforms.
Overall, investors exchanged a total of 2.42 billion shares worth ₦76.62 billion in 126,591 deals during the week—an increase from the 2.29 billion shares valued at ₦90.28 billion traded in 138,177 deals the previous week.
Exchange Traded Products (ETPs) and bonds also posted notable activity, with 202,526 units of ETPs worth ₦24.91 million traded in 556 deals, while 448,601 bond units valued at ₦381.85 million were exchanged in 46 deals.
Sector Performance Review
The NGX sectoral analysis showed a generally upbeat performance as most indices closed positive, except for the Banking, Consumer Goods, AFR Bank Value, AFR Dividend Yield, MERI Growth, and NGX MERI Value indices, which recorded marginal declines ranging from 0.13 per cent to 2.08 per cent.
Despite these minor dips, market breadth remained positive, with 52 gainers compared to 51 the previous week.
Similarly, 41 equities declined, while 53 remained unchanged.
Leading the week’s gainers’ chart was Sovereign Trust Insurance Plc, which rose by 11.21 per cent from ₦3.21 to ₦3.57 per share.
Royal Exchange Plc followed with an 11.11 per cent gain, closing at ₦2.40 per share from ₦2.16. Other top performers included Eunisell Interlinked Plc (+10%), SFS Real Estate Investment Trust (+9.88%), and Omatek Ventures Plc (+9.49%).
Blue-chip firms such as Transcorp Power Plc, Stanbic IBTC Holdings Plc, and Vitafoam Nigeria Plc also advanced by 8.92 per cent, 8.26 per cent, and 7.41 per cent, respectively.
Analysts noted that the strong performances among these firms reflected renewed institutional investor interest in financial stocks and energy-related equities.
Decliners and Market Adjustments
On the flip side, Tripple Gee and Company Plc led the losers’ table, shedding 18.84 per cent to close at ₦4.91 per share from ₦6.05.
Academy Press Plc followed with a 17.92 per cent decline to ₦7.88 per share after marking its ex-dividend and a one-for-five bonus issue.
Other notable decliners included Regency Assurance Plc (-13.94%), LivingTrust Mortgage Bank Plc (-13.46%), and Industrial & Medical Gases Nigeria Plc (-9.87%).
Despite the losses, analysts believe the overall correction was healthy and expected after weeks of sustained rallies in certain mid-tier and growth stocks.
NGX Regulatory Updates and Market Outlook
During the week, the NGX also announced key regulatory changes, including the delisting of Smart Products Nigeria Plc following its inability to meet migration criteria after the closure of the ASEM Board.
Meanwhile, Juli Plc successfully transitioned to the Growth Board effective October 13, 2025, reflecting NGX’s commitment to deepening corporate governance and listing transparency.
Market analysts say the N1.27 trillion market rally underscores growing optimism as investors anticipate third-quarter financial statements, particularly from leading financial stocks.
They predict that the sector’s performance will remain a key determinant of market direction heading into the year-end trading cycle.
“The rally in financial stocks is largely driven by expectations of stronger balance sheets and better interest margins,” said Chika Nwosu, an investment analyst with AlphaEdge Partners.
“Investors are positioning early for dividend season and the possibility of monetary easing before year-end.”
With inflation moderating and improved policy signals from fiscal authorities, analysts project that the equities market will sustain positive momentum into the final quarter of 2025.
However, they cautioned that global uncertainties, particularly around U.S.-China trade tensions and oil price volatility, could trigger intermittent pullbacks.
As the NGX continues to consolidate its record-breaking performance this year, attention will remain on financial stocks, which have emerged as the backbone of investor confidence and capital growth in Nigeria’s capital market.
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