The Nigerian Exchange (NGX) recorded a significant gain of N2.174 trillion in market capitalisation in the month of September 2025, marking one of its strongest monthly performances this year.
This sharp rise in investor confidence and asset value was underpinned by a combination of favorable macroeconomic conditions, improved corporate earnings, and continued foreign exchange market stability that helped ease investor concerns.
By the close of trading on Tuesday, September 30, the total market capitalization of listed equities rose to N90.580 trillion, up from N88.406 trillion recorded on Monday, September 1, 2025 representing N2.17 trillion or 2.4 per cent increase.
Also, the all-share index, which measures the performance of quoted copmpanies rose by 2,988.29 or 2.1 per cent from 139, 822.19 points to 142, 710.48 points.
This 2.4 per cent monthly increase reflects renewed bullish sentiment across several key sectors, particularly in consumer goods, banking and industrial stocks.
Operators attributed the market’s positive performance to a convergence of both domestic and external factors, noting that the sustained relative stability of the naira in recent months has reduced the volatility that previously plagued the equities market.
With reduced exchange rate uncertainty, institutional investors and portfolio managers found greater confidence in making medium- to long-term investment decisions.
Additionally, a strong wave of earnings recovery, particularly among companies in the fast-moving consumer goods (FMCG) and manufacturing sectors played a major role in boosting market sentiment.
Also, several firms posted improved half-year financial results, reversing losses recorded in the previous year. This has led to renewed investor interest in fundamentally sound stocks, many of which had been undervalued in earlier months due to macroeconomic headwinds.
The Central Bank of Nigeria’s recent policy interventions, including improved liquidity management and a more transparent FX pricing mechanism, also helped ease capital flight concerns.
These measures not only stabilized the naira but also encouraged a modest return of foreign portfolio inflows, particularly into blue-chip equities.
Stocks like Nestlé Nigeria, Nigerian Breweries, Cadbury, Dangote Sugar, and several Tier-1 banks were among the top performers in September, attracting strong buy interest from both retail and institutional investors.
The banking sector in particular benefited from positive investor reaction to improved interest margins and loan growth, while FMCG companies rallied on the back of strong revenue rebounds and profitability in their half-year results.
President of Independent Shareholders Association of Nigeria, Moses Igbrude said the NGX’s N2.174 trillion gain in September reflects a broader shift in investor sentiment, driven by policy stability, corporate earnings growth, and a more favorable macroeconomic backdrop.
According to him, If these trends continue, market watchers believe the NGX could sustain its upward momentum into the final quarter of 2025.Igbrude pointed out that the recent performance of the market is a direct result of improved investor confidence, which has been buoyed by the government’s commitment to economic reforms, particularly in areas such as foreign exchange liberalisation, removal of fuel subsidies, and efforts to tackle inflation.
He added that these policy decisions, though initially challenging, are gradually restoring both local and foreign investors’ trust in the Nigerian economy.
He also emphasised the role of listed companies in driving market growth, noting that several firms have reported strong earnings in the last two quarters, reflecting improved operational efficiencies and resilience in the face of macroeconomic pressures.
