In the third quarter of 2025, the Nigerian stock market put on a strong show, with the All-Share Index returning 18.95% to investors.
The index opened the quarter at 119,980.4 points and gained 22,731.9 points to close at 142,710.5.
This was the market’s best quarter of the year so far, and the third strongest since 2020, behind only the 39.84% rally of January 2024 and the 50.05% surge in October 2020.
Although every month ended in the green, July carried most of the weight, driving a strong 16.57% gain as sectors across the board rallied.
- By performance, the NGX Insurance Index led with a 57.65% surge in Q3, followed by Industrial Goods at 39.32%.
- Consumer Goods climbed 27.89%, Banking advanced 18.25%, while Oil and Gas closed with a modest 3.51% gain.
With the broader market on a roll, the spotlight now turns to the top 10 stocks that fueled the rally.
Here they are:
Nigerian Enamelware Plc, a maker of enamel kitchenware, household items, plastics, and galvanized products, ranks 10th with a 108.65% gain in Q3 2025.
The stock opened at N18.50, traded 4.47 million shares, crossed N30, and closed at N38.60.
- Though September saw a decline, strong rallies in July and August led the gains, with July the standout month at 45.95%.
In results for the financial year ended April 30, 2025, the company swung from a N2.5 billion pretax loss in 2024 to a N24.9 million profit.
Analysts credit the rebound to clearing N2.6 billion in bad debts, better material sourcing, and WEMPCO (Western Metal Products Company) Group support.
Year-to-date, the stock is still up over 119%, despite Q1 trimming some gains.
