The Nigerian Exchange wrapped up October 2025 on a strong note, gaining 8% and extending the bullish run that began in April.
Tracked by the NGX All-Share Index, the market opened the month at 142,713.1 points and closed at 154,126.4 points, with over 12 billion shares traded as investor activity stayed strong.
This impressive performance makes October the second-best month of 2025 so far, trailing only the solid 16.57% rally recorded in July.
So far this year, the NGX has posted only one negative month, a modest 1.99% dip in March, bringing its year-to-date return to an impressive 49.74%, with the second half alone contributing 28.46% already.
The strong momentum was driven by sharp gains in individual stocks and positive sector-wide performance, as investors likely reacted to a flood of upbeat Q3 earnings.
Up next, we take a closer look at the sectors and stocks that powered this October surge.
Industrial stocks lead the charge
The NGX Industrial Goods Index dominated sectoral performance in October, delivering an impressive 17.50% return.
Opening at 5,068.7 points, the index climbed steadily to close at 5,955.8 points, with over 352 million shares traded as investors rotated strongly into industrial stocks.
Much of this bullish momentum came from the cement giants that anchor the sector.
- Dangote Cement led the charge, soaring 25.69%, followed by BUA Cement with a 12.50% gain, and Lafarge Africa up 11.91%.
- Together, these stocks accounted for most of the sector’s upward drive given their heavy index weighting.
Beyond the big three, other industrial counters also posted positive moves — Berger Paints rose 8.97%, Cutix gained 4.44%, while Chemical & Allied Products advanced 2.82%.
Oil and gas stocks follow closely
The NGX Oil and Gas Index followed closely with a strong 15.45% increase month-to-date in October, marking its best month of 2025 so far.
Starting the month at 2,523.1 points, the index jumped to 2,912.8 points as bullish sentiment strengthened across the sector, with 212 million shares traded.
Heavyweights such as Aradel Holdings surged 27.15%, while Seplat Energy advanced 10.00%, both benefiting from the positive sentiment currently in the oil and gas sector.
Oando Plc also added 4.46%, recording its most bullish month since July 2025 as investors likely priced in its improving fundamentals.
Consumer Goods extend gains
The NGX Consumer Goods Index was the third-best performing sector in October, rising 4.85% on a market volume of 615 million shares.
Starting at 3,370.9 points, the index crossed the 3,500 mark to settle at 3,534.3 points, marking its seventh consecutive month of gains since April.
- Most of the gains were powered by BUA Foods, which rose 9.97%.
- As the largest stock on the exchange by market capitalization, BUA Foods’ performance alone was enough to keep the sector in the green despite price declines in several other consumer 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 reinforced the sector’s steady upward trajectory.
Insurance stocks sustain uptrend
The NGX Insurance Index extended its gains in October, rising 3.37% as investors continued to favor the sector’s low-priced, high-volume stocks. Trading was strong, with more than 2.1 billion shares exchanged during the month.
The index, which opened at 1,191.0 points, added 40.2 points to close at 1,231.2 points, supported by broad-based gains across key tickers.
Sovereign Trust Insurance led the charge with a strong 30% increase, while AIICO Insurance (+11.71%) and NEM Insurance (+10.91%) also posted strong advances.
Other contributors included Consolidated Hallmark (+9.22%), Universal Insurance (+5.26%), Regency Alliance (+2.50%), and Cornerstone Insurance (+1.65%), all adding to the sector’s positive momentum.
Banking sector ends in the red
The NGX Banking Index was the only major sector to close in negative territory, falling 3.15% in October, as weakness across tier-one names offset gains in select mid-tier lenders.
- Four of the five FUGAZ stocks ended the month in the red, while First HoldCo closed flat.
Despite notable gains in Wema Bank (+20.29%), Ecobank (+8.19%), and Stanbic IBTC (+2.75%), losses among the FUGAZ banking names dragged the index lower.
