The Nigerian stock market recorded a massive rebound last week, adding about N4.32tn to its total value as renewed investor confidence lifted trading activity across major sectors. The Nigerian Exchange Limited (NGX) All-Share Index climbed by 4.48 per cent to close at 155,645.05 points, while market capitalisation hit N98.79tn, marking the strongest performance in several months.
Data from the Exchange showed that investors traded a total of 3.695 billion shares worth N129.889bn in 148,077 deals, a significant jump from 2.422 billion shares valued at N76.618bn exchanged in 126,591 deals the previous week. Market analysts said the surge was driven by increased activity in financial and energy stocks, which have attracted both local and foreign investors in recent weeks.
The Financial Services Industry dominated trading with 2.362 billion shares worth N54.38bn traded in 63,561 deals, representing 63.91 per cent of total turnover volume and 41.87 per cent of total market value. The Oil and Gas Industry followed with 551.517 million shares valued at N19.208bn in 10,539 deals, while the Consumer Goods sector ranked third with 180.904 million shares worth N13.276bn in 19,428 deals.
Market activity was largely driven by transactions in Fidelity Bank Plc, Japaul Gold and Ventures Plc, and Access Holdings Plc. The three companies jointly accounted for 1.808 billion shares worth N27.893bn in 10,817 deals, representing 48.94 per cent of total trading volume and 21.47 per cent of total value.
Daily data from NGX revealed consistent momentum throughout the week. On Monday, October 20, investors traded 415.04 million shares worth N26.96bn in 31,486 deals. On Tuesday, trading volumes rose to 551.91 million shares valued at N20.54bn, while Wednesday saw 589.43 million shares worth N23.97bn change hands. The bullish run continued on Thursday with 926.91 million shares valued at N26.94bn traded in 30,685 deals, before ending the week on a strong note as 1.21 billion shares worth N31.48bn were exchanged on Friday, October 24.
In the Exchange-Traded Products (ETP) segment, a total of 206,880 units valued at N28.016m were traded in 651 deals, compared with 336,046 units worth N282.928m exchanged in 24 deals the previous week. Similarly, 448,601 units valued at N381.846m were traded in 46 deals, showing mixed investor sentiment in that segment.
Despite the general market rally, some indices closed in the red. The Banking, Insurance, AFR Bank Value, AFR Dividend Yield, NGX MERI Value, and NGX Sovereign Bond indices declined by 1.35 per cent, 1.10 per cent, 1.89 per cent, 1.12 per cent, 0.03 per cent, and 0.18 per cent respectively. However, all other indices recorded gains, highlighting a broad-based positive trend across the equities market.
Price movement data revealed that 44 equities appreciated during the week, fewer than 52 recorded the previous week. Meanwhile, 49 equities declined, up from 41 the week before, while 53 equities remained unchanged, the same as the prior week.
In a regulatory update, the NGX lifted the suspension on trading in the shares of Aso Savings & Loans Plc. The company had been under suspension since July 2017 due to delays in filing its financial statements. According to the Exchange, Aso Savings has now submitted all outstanding reports, meeting the requirements of Rule 3.3 of the Default Filing Rules, which mandates lifting of suspension upon submission of the necessary financials. Consequently, trading in the company’s shares resumed on Wednesday, October 22, 2025.
Additionally, the Exchange activated a trading code for VFD Group Plc’s Rights Issue, offering 5,067,396,400 ordinary shares of 50 kobo each at N10.00 per share. The offer, managed by Africa Prudential Registrars, opened on October 15 and will close on November 15, 2025. The Rights Issue is expected to strengthen VFD’s capital base and enhance its expansion plans, offering existing shareholders two new shares for every three held as of August 8, 2025.
Market analysts described the N4.32tn market gain as a reflection of strong investor optimism following months of cautious trading. They attributed the uptrend to improved macroeconomic conditions, strong bank earnings, and renewed foreign portfolio inflows. Many stakeholders believe the bullish momentum could extend into the coming weeks if economic stability and policy reforms continue to support the investment climate.
