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:
Thomas Wyatt Nigeria Plc, a leading paper products manufacturer, occupies the 8th spot with a 111.17% gain in Q3.
Company shares opened the quarter at N1.88, trading 102.4 million, and climbed steadily to N3.19 by the end of July.
August saw a mild 5.96% pullback, but the stock bounced back sharply in September with a 32.33% surge, breaking past N3.50 and closing the quarter at N3.97.
- The N1.88 opening in Q3 reflected the final stage of a dip from N2.70 in December 2023, which had persisted through H1 2025.
- Investors likely saw the low price as an attractive entry point, taking advantage of improving fundamentals.
By the end of Q3, the stock had achieved a year-to-date gain above 100%.
