The Nigerian Exchange continued its bullish momentum on October 9, 2025, as the All-Share Index (ASI) climbed 485.2 points to close at 146,204.3. This marks a 0.33% gain from the previous session’s 145,719.1 and solidifies an impressive year-to-date return of 42.05%. Despite a slowdown in overall market activity, investor sentiment remained positive, driven largely by heavyweight stocks, particularly Dangote Cement.
Market capitalization mirrored the index’s rise, closing at approximately ₦92.79 trillion across 24,691 deals. The achievement reaffirms the market’s resilience and continued investor confidence, especially in large-cap equities that have underpinned the rally through most of the year.
However, trading momentum moderated compared to the previous session. Total volume traded stood at 346.9 million shares, declining from 525.6 million. While lower turnover may signal cautious repositioning by investors, value-driven trades remained substantial, with institutional interest heavily concentrated in a few blue-chip stocks.
Dangote Cement Dominates in Value
Dangote Cement emerged as the most influential stock of the session, not only contributing to market stability but also leading the value chart with transactions worth ₦11 billion. The company’s stock appreciated by 1.89%, reinforcing its status as a bellwether equity. Dangote Cement’s strong participation was instrumental in lifting the broader market, particularly the industrial goods sector, which has been pivotal to recent index gains.
Other high-value tickers, including Nestlé Nigeria and MTN Nigeria, followed with ₦5.09 billion and ₦4.93 billion respectively in trade value. Aradel Holdings recorded ₦1 billion, while Fidelity Bank closed the top value list with ₦861.5 million.
Top Gainers and Losers
The session produced notable price movements, with significant advances among mid-cap stocks. EUNISELL and Caverton topped the gainers’ chart, each hitting the maximum allowable daily increase of 10%. EUNISELL closed at ₦44.00, while Caverton ended at ₦6.93. Other strong performers included SUNU Assurance (+9.90% to ₦5.77), International Medical Group (IMG) (+9.10% to ₦35.95), and Mecure Industries (+8.81% to ₦28.40).
On the losing end, FTN Cocoa Processors declined by 6.67% to ₦5.60, emerging as the day’s highest laggard. Tantalizer fell 3.35% to ₦2.31, followed by Fidelity Bank (-2.38% to ₦20.50), PZ Cussons (-2.18% to ₦38.15), and Veritas Kapital (-1.90% to ₦2.06). The downward pressure on these stocks underscored pockets of profit-taking, even as the broader market advanced.
Most Active Stocks by Volume
Fidelity Bank led activity by volume, exchanging 42 million shares. It was followed closely by Dangote Cement with 20.9 million shares, reflecting strong institutional interest. Sterling Financial Holdings moved 19.8 million shares, while Jaiz Bank and Chams Holdings completed the top five with 19.4 million and 17.6 million shares respectively.
The presence of both banking and industrial giants on the activity charts illustrated the mixed-sector participation driving current market performance.
Performance of SWOOTs and Tier-One Banks
Stocks Worth Over One Trillion Naira (SWOOTs)—major blue-chip companies with substantial market capitalization—had a mixed outing. International Breweries gained 2.19%, continuing its recent turnaround. Dangote Cement added 1.89%, Nigerian Breweries rose 1.10%, Stanbic IBTC advanced 0.93%, Lafarge Africa climbed 0.70%, and MTN Nigeria managed a marginal increase of 0.02%. In contrast, BUA Cement slipped 0.63%, lagging behind its sector peers.
In the banking sector, tier-one lenders, commonly referred to as FUGAZ (Fidelity, UBA, GTCO, AccessCorp, Zenith), showed mostly positive sentiment. Guaranty Trust Holding Company (GTCO) advanced 1.06%, First Bank Holding Company (FirstHoldCo) gained 0.32%, and Zenith Bank added 0.29%. Access Holdings (AccessCorp) declined 0.76%, while United Bank for Africa (UBA) dipped 0.35%. The mixed performance reflects selective buying within the sector, influenced by dividend positioning and expectations for upcoming earnings releases.
Market Outlook
The Nigerian All-Share Index has firmly re-established its bullish trajectory, surpassing the 145,000 and 146,000 thresholds in quick succession. Sentiment remains buoyed by strong performances in high-cap stocks, ongoing corporate earnings releases, and sustained macroeconomic optimism.
Analysts suggest that the resilience of industrials and consumer goods, alongside renewed interest in the banking sector, could further support the rally. However, the decline in trading volume signals that investors may be adopting a more strategic approach, anticipating periods of consolidation after consecutive gains.
In the near term, attention will be focused on upcoming third-quarter financial reports, central bank policy cues, and global commodity price trends—all key variables with potential influence on market direction.
Institutional investors are expected to remain active, particularly in fundamentally strong equities. Retail participation may continue to fluctuate, influenced by short-term price swings and profit-taking opportunities.
Conclusion
October 9, 2025’s trading session reinforced the Nigerian market’s upward momentum, with gains led by major industrials such as Dangote Cement. The index’s 42.05% year-to-date growth highlights growing investor confidence and renewed capital market vibrancy. While moderate trading volumes indicate caution, strong value trades suggest that long-term investors remain engaged.
The balance between profit-taking and accumulation will likely define upcoming sessions. If current sentiment endures, the ASI may soon test new historic levels, supported by blue-chip stability, sector rotation, and macroeconomic improvements.
As earnings season approaches, market participants are poised for further equity revaluation, particularly in companies demonstrating solid financial performance and sustainable dividend potential.
