The Nigerian Exchange (NGX) closed the month of October on a bullish note as the equities market sustained a positive trajectory, buoyed by renewed investor confidence, upbeat third-quarter corporate earnings, and improved foreign portfolio inflows. Market data from the NGX showed that the All-Share Index (ASI) rose from 142,710.48 points on September 30, to 154,126.46 points as of October 31, representing a monthly gain of 8.0 per cent. Similarly, market capitalization increased by about N6.98 trillion, from N90.851 trillion to N97.829 trillion, reflecting strong investor appetite for equities despite the tight monetary policy environment and elevated benchmark interest rate of 27 per cent. Analysts attributed the sustained uptrend to a combination of factors, including impressive financial performance by listed companies, dividend declarations in the oil and gas and banking sectors, as well as expectations of policy consistency following recent macroeconomic adjustments by the Federal Government.
The rally in October was largely driven by banking and premium board stocks, which attracted significant buy-side activity. The NGX Banking Index climbed from 1,514.11 points on September 30 to 1,466.38 points by October 31, reflecting sector rotation as investors locked in profits mid-month before rebounding in the final trading week. Similarly, the NGX Premium Index advanced from 13,682.97 points to 15,720.46 points, representing a notable gain of 14.9 per cent, driven by price appreciation in large-cap stocks, particularly within the telecommunications and industrial goods segments. The NGX Main Board Index also surged Mutiat Lawore Experts, advocates and media professionals recently gathered to discuss how to unlock women’s economic power in Nigeria. The conversation spotlighted an urgent need to recognize, value, and structure the care economy as a cornerstone for national productivity and women’s empowerment.
Opening the session, Adeola Alli, a multi-licensed pharmacist and founder of One Health, a digital pharmacy im- proving last-mile access to medicines across Nigeria and Africa, shed light on the economic and social realities of unstructured care work. She noted that about 70% of care work in Nigeria — including raising children, caring for the sick, and supporting the elderly — goes unpaid, with the majority done by women. According to her, this imbalance represents both from 7,026.94 points to 7,354.43 points, indicating renewed interest in mid-tier companies and stocks with strong fundamentals.
The NGX 30 Index, which tracks the 30 most capitalized and liquid equities, increased from 5,211.19 points to 5,650.90 points, supported by sustained rallies in key banking and consumer goods stocks. Market watchers noted that investors maintained a cautious but optimistic stance, balancing the im- pact of high fixed-income yields with opportunities for capital appreciation in equities. Across the various sec- toral indices, performance in October was broadly positive. The NGX Consumer Goods Index appreciated from 3,370.91 points to 3,534.32 points, buoyed by buying interest in brewery and food manufacturing stocks following positive Q3 results and stable input cost outlooks.
The NGX Oil and Gas In- dex advanced from 2,523.00 points to 2,912.80 points, reflecting renewed investor confidence in energy firms amid steady oil prices and government commitment to deregulate the down- stream sector. Likewise, the NGX Industrial Index rose from 11,871.16 points to 11,974.07 points, driven by modest gains in cement and building materials stocks. The NGX Pension Index, a key barometer for institutional investors, climbed from 6,724.36 points to 7,006.59 points, indicating increased accumulation of blue-chip stocks by pension fund administrators (PFAs). Meanwhile, the NGX ASeM Index, which measures activity among small and medium enter- prises, improved slightly to 1,392.88 points at monthend.
Dividend-focused investors also found opportunities in October, as the NGX AFR Dividend Yield Index gained from 22,176.23 points to 21,956.45 points, maintaining strong interest in high-yield equities. The NGX MERI Value Index closed higher at 13,080.69 points, up from 13,361.63 points, underscoring a strong bias for undervalued yet fundamentally sound stocks. In the same vein, the NGX Growth Index appreciated from 7,015.77 points to 7,068.40 points, while the NGX Sovereign Bond Index remained relatively stable at 668.40 points, reflecting subdued trading activity in debt-related instruments amid higher yields in government securities. Market analysts believe the October rally signals improved confidence in Nigeria’s equities market despite macroeconomic headwinds.
They noted that corporate resilience, supported by strong earnings releases from banks, cement manufacturers, and telecom operators, spurred optimism among domestic investors. However, they cautioned that sustained growth in November and December will depend on the balance between tight monetary policy and fiscal reforms.
With the Central Bank of Nigeria maintaining the Monetary Policy Rate at 27 per cent, liquidity in the system remains constrained, potentially dampening near-term risk appetite. Looking ahead, analysts expect market direction in November to be shaped by the ongoing earnings season, inflation data, and investor response to government fiscal policies. “We anticipate that the equities market will maintain a positive bias in the coming month, supported by portfolio rebalancing and year-end positioning,” said analysts at CardinalStone Securities.
