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The Nigerian equity market closed the week on a positive note, as key market performance indicators (the NGX-ASI and Market Capitalization) both appreciated by 0.99%. The market rally was driven primarily by continued buying pressure and sustained bargain hunting amid positive trading momentum in medium and large cap stocks, across key market sectors. The Insurance sector and the Industrial goods sector contributed the most to the performance as they gained 2.52% and 2.28% respectively. Specifically, the market index (All-Share Index) added 1,916.20 basis points in today’s trading session, reflecting a 0.99% increase to close at 194,989.77. Likewise, Market Capitalization gained ₦1,299.10 billion, representing a growth of 0.99%, settling at ₦125.16 trillion. Hence, the overall market posted a bullish performance on a week-on-week basis. NGX-ASI gained +6.95%, while investors’ wealth also increased by approximately ₦8.1 trillion.
However, the Total Volume of trades and the Total Value traded declined by -8.68% and -26.38% respectively. Approximately 820.51 million units valued at ₦28,325.45 million were transacted across 63,507 deals. As regards volume, MBENEFIT generated 9.70% to emerge the most traded, followed by ZENITHBANK (5.40%), CHAMS (5.39%), AIICO (5.20%), and VERITASKAP with 4.42%. On value traded, ZENITHBANK generated 13.42% of the total value of trade, thereby making it the highest traded on the exchange.
Meanwhile, on the best performers’ chart, FIDSON, JAIZBANK, NPFMCRFBK led by generating +10.00% each, then trailed by DEAPCAP (+9.96%), ZICHIS (+9.94%), MBENEFIT (+9.94%), CUSTODIAN (+9.94%), FTNCOCOA (+9.91%), and forty-five others. A total of twenty-two (22) stocks depreciated. With a price depreciation of – 10.00%, NSLTECH topped the worst performers’ chart, followed by SOVRENINS (-9.73%), ELLAHLAKES (-7.91%), INTENEGINS (-5.56%), ABCTRANS (-5.26%), and LEARNAFRICA (-4.26%). Hence, the market breadth closed on a positive note as there were 53 gainers and 22 losers.
Lastly, the market sectoral performance was positive today as all five major market sectors appreciated. The Insurance sector increased by +2.52%, followed by the Industrial goods sector (+2.28%), the Banking sector (+1.43%), the Consumer goods sector (+1.23%), the Oil & Gas sector (+0.05%).
Following the recently rebased data released by NBS, the country’s GDP stood at 3.98% in Q3’2025, marking a 26bps decline from the 4.23% recorded in Q2 2025. However, on a year-on-year basis, the growth rate in the third quarter of the year reflects a 12bps improvement compared to the 3.86% posted in Q3, 2024. The country’s GDP growth during the period under review was supported by expansions in both the
Oil and Non-Oil sectors.
Non-Oil Sector Growth and Contribution Increases
The non-oil sector contributed 96.56% to total GDP in Q3 2025, an increase from 95.95% in Q2 2025, but lower than 96.62% recorded in Q3 2024. Conversely, the Oil sector’s contribution dropped by 15.19% to 3.44% in Q3 2025, down from 4.05% in the preceding quarter, despite improvement in crude oil production.
Furthermore, in terms of growth, the Oil sector dipped by 14.62% points, recording a growth rate of 5.84% in
Q3 2025, compared to 20.46% in Q2 2025, while the non-oil sector recorded real GDP growth of 3.91%, up by 0.27% points compared to 3.64% in Q2 2025.
The country’s crude oil production averaged 1.64mbpd in Q3, 2025, which was higher than the daily average crude oil production of 1.47mbpd
recorded in the same quarter of 2024, but 0.04mbpd lower than the Q2’2025 production volume of 1.64mbpd.
Agricultural Sector Growth Strengthened Despite Rising Insecurity
Agricultural sector posted a real growth rate of 3.79% in Q3 2025, an improvement of 97bps from 2.82%
growth recorded in Q2 2025. Also, the sector’s performance expanded by 1.23% points when compared to Q3 2024, when it grew by 2.55%. The growth in the sector can be attributed to the harvest season, as well as improved mechanization, Export restriction for some raw products and encouragement of local production further boosted the sector’s growth. In addition, the sector contribution to the GDP increased, stood at 31.21% in Q3 2025, which was 505bps higher than 26.17% recorded in Q2 2025.
