The Nigerian Exchange Limited (NGX) extended its bullish momentum on Tuesday as renewed investor confidence pushed the equities market to new heights, lifting total market capitalization to N93.8 trillion. The continued uptrend marks one of the longest positive streaks in recent months, driven by sustained buying interest in high-cap stocks and improved investor sentiment following upbeat macroeconomic indicators.
At the close of trading, the All-Share Index (ASI) advanced by 0.32 percent to settle at 165,784.62 points, compared to 165,256.11 points recorded in the previous session. The growth added approximately N302 billion to investors’ wealth, extending a rally that has dominated the market since the start of the month.

Market analysts attributed the positive performance to bargain-hunting activities in blue-chip stocks across the banking, industrial, and consumer goods sectors. Investor appetite for dividend-paying stocks also remained strong, as expectations of robust third-quarter earnings reports continued to drive sentiment.
The banking sector led the charge, buoyed by gains in Zenith Bank, Guaranty Trust Holding Company (GTCO), and Access Holdings. The stocks recorded moderate price appreciations following positive sentiment around the sector’s profitability and stability despite tightening monetary conditions. The industrial goods sector also performed strongly, supported by renewed interest in Dangote Cement, BUA Cement, and Lafarge Africa.
In contrast, the insurance and oil & gas sectors recorded mild declines due to profit-taking in a few mid-tier equities. Analysts noted that while short-term traders were booking profits after recent gains, overall market breadth remained positive, with more stocks closing in the green than in the red.
Trading activity remained robust, reflecting strong investor participation. Total volume traded stood at 515.8 million shares, valued at N11.27 billion, exchanged in 8,436 deals. This represented a moderate increase from 468.3 million shares valued at N9.81 billion traded in the previous session. Top traded stocks by volume included FBN Holdings, UBA, and Transcorp, which jointly accounted for over 40 percent of total turnover.
Among the top gainers, Dangote Sugar Refinery rose by 9.76 percent to close at N76.90 per share, while Dangote Cement added 7.12 percent to end at N792.00. Flour Mills of Nigeria gained 6.05 percent to close at N56.80, and Transcorp advanced 5.67 percent to settle at N13.40 per share. Conversely, losses in Champion Breweries (-9.84%), Regency Alliance (-9.09%), and Mutual Benefits Assurance (-8.82%) slightly trimmed overall gains.
Market experts believe the current rally is being supported by a combination of strong corporate earnings, improved liquidity in the capital market, and growing investor optimism about the broader economy. Recent policy stability in the foreign exchange market and gradual moderation in inflation have also boosted investor confidence in equities.
A senior investment analyst at Lagos-based Financial Derivatives Company, Ifeoma Ajayi, noted that institutional investors have become more active in recent weeks. She said, “The equities market is experiencing renewed interest from fund managers who are reallocating portfolios from fixed-income assets into equities due to attractive valuations and improving macroeconomic fundamentals. If inflation continues to moderate, we could see even stronger participation in the coming weeks.”
Similarly, retail investor participation has risen sharply, with trading volumes in mid-cap stocks and penny shares showing sustained growth. Analysts attribute this to improving digital access to market platforms and growing confidence among small-scale investors in the resilience of the local bourse.
The market capitalization, which measures the total value of listed equities, has now gained over N3.2 trillion month-to-date and approximately N17.5 trillion year-to-date, underscoring the depth of the current rally. The NGX has outperformed several emerging market indices in 2025, reflecting strong corporate fundamentals and improving foreign participation following policy reforms aimed at attracting offshore investors.
The Central Bank of Nigeria’s (CBN) continued efforts to stabilize the naira and ensure liquidity in the foreign exchange market have also improved investor confidence. This, coupled with signs of economic recovery in key sectors such as agriculture, manufacturing, and energy, has enhanced optimism in the capital market.
Despite the positive momentum, some analysts have advised caution, warning that profit-taking could trigger short-term pullbacks. They emphasized the importance of watching global market developments, particularly fluctuations in oil prices and interest rate adjustments in advanced economies, which could influence foreign investor behavior in emerging markets.
However, the medium-term outlook remains upbeat. Many analysts project that the NGX could maintain its upward trajectory into the last quarter of the year, driven by improved corporate earnings and stronger domestic participation. They predict that as inflation continues to ease and macroeconomic reforms deepen, more investors will shift focus from fixed-income instruments to equities for higher returns.
In a note to investors, Meristem Securities said, “The Nigerian equities market remains one of the best-performing in Africa this year. While intermittent corrections are possible, the overall bias remains positive, supported by earnings strength and policy consistency.”
As the rally continues, the NGX management has reiterated its commitment to enhancing market transparency, expanding product offerings, and deepening liquidity. The Exchange recently announced new initiatives to attract listings from growth-oriented firms and promote green and digital finance instruments.
With investor optimism building and the market showing resilience amid global economic headwinds, stakeholders expect the Nigerian capital market to remain an attractive destination for both local and foreign investors in the months ahead.
For now, the bullish sentiment remains intact, and the NGX’s rise to N93.8 trillion in market value reinforces growing confidence that Nigeria’s equities market is entering a new phase of sustained growth and stability.
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