The Nigerian Change wrapped up October 2025 on a powerful be aware, gaining 8% and increasing the bullish run that started in April.
Tracked by the NGX All-Share Index, the market opened the month at 142,713.1 factors and closed at 154,126.4 factors, with over 12 billion shares traded as investor exercise stayed robust.
This spectacular efficiency makes October the second-best month of 2025 thus far, trailing solely the strong 16.57% rally recorded in July.
To this point this 12 months, the NGX has posted just one damaging month, a modest 1.99% dip in March, bringing its year-to-date return to a formidable 49.74%, with the second half alone contributing 28.46% already.
The robust momentum was pushed by sharp positive aspects in particular person shares and optimistic sector-wide efficiency, as traders probably reacted to a flood of upbeat Q3 earnings.
Up subsequent, we take a better take a look at the sectors and shares that powered this October surge.
Industrial shares lead the cost
The NGX Industrial Items Index dominated sectoral efficiency in October, delivering a formidable 17.50% return.
Opening at 5,068.7 factors, the index climbed steadily to shut at 5,955.8 factors, with over 352 million shares traded as traders rotated strongly into industrial shares.
A lot of this bullish momentum got here from the cement giants that anchor the sector.
- Dangote Cement led the cost, hovering 25.69%, adopted by BUA Cement with a 12.50% acquire, and Lafarge Africa up 11.91%.
- Collectively, these shares accounted for many of the sector’s upward drive given their heavy index weighting.
Past the large three, different industrial counters additionally posted optimistic strikes — Berger Paints rose 8.97%, Cutix gained 4.44%, whereas Chemical & Allied Merchandise superior 2.82%.
Oil and gasoline shares observe carefully
The NGX Oil and Fuel Index adopted carefully with a powerful 15.45% improve month-to-date in October, marking its greatest month of 2025 thus far.
Beginning the month at 2,523.1 factors, the index jumped to 2,912.8 factors as bullish sentiment strengthened throughout the sector, with 212 million shares traded.
Heavyweights similar to Aradel Holdings surged 27.15%, whereas Seplat Power superior 10.00%, each benefiting from the optimistic sentiment presently within the oil and gasoline sector.
Oando Plc additionally added 4.46%, recording its most bullish month since July 2025 as traders probably priced in its bettering fundamentals.
Shopper Items prolong positive aspects
The NGX Shopper Items Index was the third-best performing sector in October, rising 4.85% on a market quantity of 615 million shares.
Beginning at 3,370.9 factors, the index crossed the three,500 mark to settle at 3,534.3 factors, marking its seventh consecutive month of positive aspects since April.
- Many of the positive aspects have been powered by BUA Meals, which rose 9.97%.
- As the biggest inventory on the alternate by market capitalization, BUA Meals’ efficiency alone was sufficient to maintain the sector within the inexperienced regardless of value declines in a number of different shopper names.
Supporting performers included PZ Cussons Nigeria (+20.29%), Vitafoam Nigeria (+17.79%), NASCON Allied Industries (+14.58%), Unilever Nigeria (+5.48%), and Nestlé Nigeria (+2.41%), which collectively strengthened the sector’s regular upward trajectory.
Insurance coverage shares maintain uptrend
The NGX Insurance coverage Index prolonged its positive aspects in October, rising 3.37% as traders continued to favor the sector’s low-priced, high-volume shares. Buying and selling was robust, with greater than 2.1 billion shares exchanged through the month.
The index, which opened at 1,191.0 factors, added 40.2 factors to shut at 1,231.2 factors, supported by broad-based positive aspects throughout key tickers.
Sovereign Belief Insurance coverage led the cost with a powerful 30% improve, whereas AIICO Insurance coverage (+11.71%) and NEM Insurance coverage (+10.91%) additionally posted robust advances.
Different contributors included Consolidated Hallmark (+9.22%), Common Insurance coverage (+5.26%), Regency Alliance (+2.50%), and Cornerstone Insurance coverage (+1.65%), all including to the sector’s optimistic momentum.
Banking sector ends within the pink
The NGX Banking Index was the one main sector to shut in damaging territory, falling 3.15% in October, as weak point throughout tier-one names offset positive aspects in choose mid-tier lenders.
- 4 of the 5 FUGAZ shares ended the month within the pink, whereas First HoldCo closed flat.
Regardless of notable positive aspects in Wema Bank (+20.29%), Ecobank (+8.19%), and Stanbic IBTC (+2.75%), losses among the many FUGAZ banking names dragged the index decrease.