The Nigerian stock market closed the last trading day of the week on a positive note, as the benchmark NGX All-Share Index (ASI) gained 0.29% to settle at 154,126.43 points on Friday, October 31, 2025. The performance reflects renewed investor optimism, with notable buying interests in blue-chip and mid-tier stocks helping the market to close in green territory despite a mixed week of trading.
At the close of transactions, investors exchanged a total of 525.62 million shares valued at ₦23.05 billion in 30,587 deals. The figures represent a 6% increase in trading volume, a 22% decline in turnover, and a 6% rise in the number of deals compared to the previous day’s session. The total market capitalisation of listed equities currently stands at ₦97.8 trillion, underscoring the steady growth trajectory of the Nigerian Exchange (NGX) in 2025.
Market Breadth Turns Slightly Negative
Out of the 129 equities that participated in trading, 31 stocks appreciated, while 35 declined, with the remaining counters closing flat.
Leading the gainers’ chart was Julius Berger Nigeria Plc, which recorded a 10% price appreciation to close at ₦151.80 per share, driven by sustained investor confidence in its project execution strength and consistent earnings performance. Learn Africa Plc also posted a 10% gain, followed closely by Cornerstone Insurance Company Plc (+9.82%) and Aso Savings & Loans Plc (+9.57%).
On the flip side, Eterna Plc topped the losers’ list after shedding 10% to close at ₦36.00 per share, reflecting profit-taking by investors. McNichols Plc, Deap Capital Management & Trust Plc, and Sunu Assurances Nigeria Plc also suffered significant losses, each declining by nearly 10%.
Banking Stocks Dominate Market Activity
In terms of volume, banking and energy stocks continued to dominate investors’ attention. Guaranty Trust Holding Company (GTCO) led trading with 66.4 million shares, followed by Access Holdings with 46.6 million shares. Oando Plc and Universal Insurance Company Plc trailed with 32.1 million shares and 27.5 million shares, respectively.
Analysts attribute the sustained activity in banking stocks to renewed investor positioning ahead of the release of third-quarter financial statements, as well as expectations of improved earnings following the Central Bank of Nigeria’s recent monetary tightening measures.
Sectoral Indices Reflect Mixed Sentiment
The broader market indices reflected mixed performance across sectors. The NGX Industrial Index emerged as the best performer, rising by 1.06% on the back of gains in major industrial stocks. It was followed by the NGX Banking Index (+0.83%) and the NGX Pension Index (+0.56%), both buoyed by sustained institutional demand.
Similarly, the NGX Top 30 Index gained 0.42%, while the NGX Main Board Index and NGX Premium Index rose 0.32% and 0.23%, respectively.
Despite the positive close, most of the indices recorded marginal weekly losses, with the ASI posting a 0.98% decline for the week, even though it sustained a 7.34% gain in four weeks and an impressive 49.74% year-to-date (YTD) growth.
Analysts Maintain Bullish Outlook
Market analysts maintain that the sustained YTD gain of nearly 50% underscores strong resilience and investor confidence in Nigerian equities, despite macroeconomic headwinds such as inflationary pressure and exchange rate volatility.
They noted that with the earnings season nearing completion and investors repositioning for year-end dividend declarations, market sentiment is likely to remain broadly positive in the near term. However, profit-taking and selective trading may continue to shape short-term movements.
In summary, Friday’s trading session highlighted the market’s cautious optimism, with robust volume activity suggesting sustained investor participation even amid volatility. With a total market capitalisation nearing ₦100 trillion, the Nigerian equities market continues to rank among the top-performing exchanges in Africa for 2025.
