The Nigerian Exchange Limited (NGX) delivered an impressive performance during the week under review, showcasing the resilience and dynamism of Nigeria’s capital market. The NGX All-Share Index (ASI), a key benchmark for the market’s performance, appreciated by 1.02 percent, closing at 143,584.04 points compared to 142,133.03 points recorded the previous week. Similarly, the Market Capitalisation, which reflects the total value of listed equities, rose by 1.31 percent to N91.135 trillion, up from N89.960 trillion in the prior week. This upward movement translated into a substantial gain of N1.175 trillion for equities investors over the course of the week, underscoring the market’s ability to generate significant wealth despite a shortened trading period.
The week was abbreviated to four trading days due to a public holiday declared by the Federal Government on Wednesday, October 1, 2025, to commemorate Nigeria’s Independence Day. Despite the reduced trading window, investor sentiment remained robust, driving the market’s strong performance. The gains in the All-Share Index and Market Capitalisation reflect a combination of positive macroeconomic sentiment, strategic investor activity, and the resilience of key sectors within the Nigerian economy. This performance further solidifies the NGX’s role as a critical platform for wealth creation and economic growth in Nigeria.
Broad-Based Gains Across Indices
The positive momentum was not confined to the headline indices. Most of the NGX’s sectoral and composite indices also recorded gains, reflecting broad-based investor confidence across various segments of the market. However, there were notable exceptions, with the NGX Premium Index declining by 0.05 percent, the NGX Insurance Index dropping by 2.02 percent, the NGX AFR Dividend Yield Index falling by 2.78 percent, and the NGX MERI Value Index decreasing by 0.81 percent. These declines indicate pockets of underperformance in specific sectors, likely driven by sector-specific challenges or investor caution in those areas.
In contrast, the NGX ASeM and NGX Sovereign Bond indices remained flat, showing no significant movement during the week. The stability of these indices suggests a balanced market environment, with investors maintaining positions in certain asset classes while actively seeking opportunities in others. The overall positive performance of most indices highlights the market’s resilience and its ability to weather external pressures, such as the shortened trading week and macroeconomic uncertainties.
The broad-based gains across indices reflect a market environment characterized by optimism and strategic positioning by investors. Sectors such as financial services, consumer goods, and information and communication technology (ICT) played a significant role in driving the market’s upward trajectory, as evidenced by the trading activity in these sectors. The performance of these indices also underscores the NGX’s role as a barometer of economic activity in Nigeria, with investor behavior reflecting confidence in the country’s growth prospects.
Surge in Trading Activity
Trading activity on the NGX saw a significant uptick in share volume, though the total value of transactions declined compared to the previous week. A total of 8.403 billion shares, valued at N115.501 billion, were traded across 115,801 deals. This compares to 7.684 billion shares worth N494.126 billion exchanged in 116,645 deals the previous week. The increase in share volume indicates heightened investor participation, with market participants actively buying and selling to capitalize on price movements. However, the decline in transaction value suggests a shift toward trading in lower-priced stocks or a more cautious approach to high-value transactions, possibly reflecting investor strategies to manage risk in a volatile economic environment.
The Financial Services Industry dominated trading activity, contributing an impressive 7.750 billion shares valued at N88.153 billion across 54,074 deals. This accounted for 92.24 percent of the total equity turnover volume and 76.32 percent of the total value traded. The sector’s dominance underscores its critical role in driving liquidity and market activity on the NGX, as well as its importance to Nigeria’s broader economy. Financial institutions, including banks and insurance companies, have long been a cornerstone of the Nigerian capital market, and their strong performance during the week highlights their continued appeal to investors.
The ICT Industry ranked second in trading activity, with a turnover of 181.005 million shares worth N4.077 billion in 9,364 deals. This sector’s performance reflects growing investor interest in technology-driven companies, which are increasingly seen as key drivers of innovation and growth in Nigeria’s economy. The Consumer Goods Industry came in third, recording a turnover of 126.554 million shares valued at N6.274 billion in 14,261 deals. The activity in this sector highlights the resilience of consumer demand in Nigeria, despite inflationary pressures and economic challenges.
The top three equities—Cornerstone Insurance Plc, Fidelity Bank Plc, and United Bank for Africa Plc—played a pivotal role in driving market turnover. These stocks accounted for 6.525 billion shares worth N52.699 billion in 8,820 transactions, contributing 77.66 percent to the total equity turnover volume and 45.63 percent to the total value traded. The dominance of these financial sector heavyweights underscores their influence on market dynamics and investor confidence, as well as the sector’s ability to attract significant capital flows.
Top Gainers and Losers
The week saw a notable improvement in market breadth, with 53 equities appreciating in price compared to 32 in the previous week. This increase in the number of gainers reflects a strengthening bullish sentiment among investors. Conversely, 43 equities depreciated in price, down from 51 the prior week, while 51 equities remained unchanged, compared to 64 in the previous week. The reduction in the number of losers and unchanged stocks further highlights the market’s positive momentum during the week.
The top five gainers for the week were Eterna, Nigerian Enamelware, PZ Cussons, Livingtrust Mortgage Bank, and Eunisell Interlinked. Eterna led the pack with an impressive 32.80 percent gain, adding N9.15 to its share price. This significant appreciation reflects strong investor confidence in the energy sector, particularly in companies with exposure to Nigeria’s oil and gas industry. Nigerian Enamelware followed with a 20.94 percent increase, gaining N7.35 per share, driven by positive sentiment in the manufacturing sector. PZ Cussons, a leading consumer goods company, appreciated by 20.87 percent, adding N7.20 to its share price, reflecting robust demand for its products. Livingtrust Mortgage Bank and Eunisell Interlinked gained 18.25 percent (94 kobo) and 17.56 percent (N5.90), respectively, highlighting opportunities in the financial services and industrial sectors.
On the other hand, the top five decliners for the week were Julius Berger, International Energy Insurance, Union Dicon Salt, AXA Mansard, and University Press. Julius Berger, a leading construction company, recorded the largest loss, declining by N26.60 per share, possibly due to concerns about project delays or rising input costs. International Energy Insurance followed with a 37-kobo drop, reflecting challenges in the insurance sector. Union Dicon Salt, AXA Mansard, and University Press lost 90 kobo, N1.60, and 59 kobo, respectively, indicating sector-specific headwinds or profit-taking by investors. Despite these declines, the overall market sentiment remained positive, as the number of gainers outpaced the number of losers.
Wema Bank’s Rights Issue Bolsters Market
A significant development during the week was the listing of an additional 14,143,244,747 ordinary shares of Wema Bank Plc on the Daily Official List of the NGX on Tuesday, September 30, 2025. The shares, each with a nominal value of 50 kobo, were issued as part of the bank’s Rights Issue, which involved the issuance of 14,286,785,417 ordinary shares at N10.45 per share. The Rights Issue was structured on the basis of two new shares for every three existing shares held as of the close of business on March 5, 2025.
With the successful listing of these additional shares, Wema Bank’s total issued and fully paid-up shares increased from 21,430,178,125 to 35,573,422,872 ordinary shares of 50 kobo each. This capital raise is expected to strengthen the bank’s financial position, enhance its capacity to support growth initiatives, and boost investor confidence in the stock. The listing also contributed to the overall increase in market capitalization, further solidifying the NGX’s position as a key driver of economic activity in Nigeria.
The successful completion of Wema Bank’s Rights Issue highlights the NGX’s role as a platform for capital formation, enabling companies to raise funds to support expansion, innovation, and operational efficiency. The increased share capital is likely to enhance Wema Bank’s ability to compete in the highly competitive financial services sector, while also providing investors with opportunities to participate in the bank’s growth story.
Sectoral Analysis and Economic Context
The dominance of the Financial Services Industry in trading activity reflects its central role in Nigeria’s economy. The sector, which includes commercial banks, insurance companies, and other financial institutions, has long been a cornerstone of the NGX, attracting significant investor interest due to its stability and growth potential. The strong performance of stocks like Cornerstone Insurance, Fidelity Bank, and United Bank for Africa underscores the sector’s resilience, even in the face of macroeconomic challenges such as inflation and currency volatility.
The ICT Industry’s performance highlights the growing importance of technology in Nigeria’s economy. As digital transformation accelerates across various sectors, companies in the ICT space are well-positioned to capitalize on increasing demand for technology-driven solutions. The Consumer Goods Industry, meanwhile, continues to benefit from Nigeria’s large and growing population, which drives demand for essential products despite economic headwinds.
The energy sector, represented by top gainer Eterna, also showed promise, reflecting investor optimism about Nigeria’s oil and gas industry. However, challenges such as global oil price volatility and domestic supply constraints continue to pose risks to the sector’s performance. Similarly, the manufacturing sector, represented by Nigerian Enamelware and PZ Cussons, demonstrated resilience, driven by strong domestic demand and strategic positioning by key players.
Market Outlook and Investor Considerations
The week’s performance reflects a robust and dynamic equities market, with strong investor participation and significant gains across multiple indices and stocks. The financial services sector’s dominance in trading activity highlights its critical role in the Nigerian economy, while the strong performance of select equities such as Eterna and Nigerian Enamelware underscores the opportunities available to investors in a bullish market environment.
However, challenges remain, as evidenced by the declines in certain indices, such as NGX Insurance and NGX AFR Dividend Yield, as well as the losses recorded by some equities. Investors will need to remain vigilant, balancing opportunities for gains with the risks posed by market volatility and macroeconomic uncertainties. Factors such as inflation, exchange rate fluctuations, and government policies will continue to influence market dynamics in the coming weeks.
The successful listing of Wema Bank’s additional shares is a positive signal for the market, as it demonstrates the ability of Nigerian companies to raise capital and support growth through the capital market. This development is likely to encourage other companies to explore similar capital-raising strategies, further deepening the NGX’s role as a hub for economic activity.
Looking ahead, the NGX’s performance will likely be shaped by a combination of domestic and global factors. Domestically, government policies aimed at stabilizing the economy, such as monetary policy decisions and infrastructure investments, will play a critical role in sustaining investor confidence. Globally, trends such as commodity price movements, interest rate changes, and geopolitical developments will also impact the market’s trajectory.
Conclusion
In conclusion, the Nigerian Exchange Limited delivered a stellar performance in the week under review, with significant gains in the All-Share Index and Market Capitalisation, robust trading activity, and strong performances by key equities. The market’s ability to generate N1.175 trillion in wealth for investors in just four trading days highlights its resilience and potential, even amidst a public holiday. The dominance of the financial services sector, coupled with strong performances in ICT, consumer goods, and energy, underscores the diversity and dynamism of the NGX.
As Nigeria continues to navigate economic challenges, the NGX remains a critical platform for wealth creation, capital formation, and economic growth. Investors will need to stay informed and strategic, leveraging opportunities in high-performing sectors while managing risks in a volatile environment. The successful listing of Wema Bank’s additional shares further reinforces the NGX’s role as a catalyst for corporate growth and investor wealth, positioning it as a cornerstone of Nigeria’s economic future.