Investors in the Nigerian stock market recorded a remarkable gain of N1.811 trillion in September 2025, following ongoing monetary reforms introduced by the Central Bank of Nigeria (CBN). The reforms, particularly the recent adjustment of the Monetary Policy Rate (MPR), have strengthened investor confidence and sparked renewed appetite for equities.
Market analysts noted that the CBN’s decision to cut the MPR to 27% from 27.5% encouraged a shift from fixed-income assets to equities, as investors sought better returns in the capital market. This policy move triggered a significant reshuffling of portfolios, contributing to the rally in stocks.
A review of trading activity at the Nigerian Exchange Limited (NGX) revealed that market capitalisation, which tracks the total value of listed equities, expanded by over N1.811 trillion, climbing to N90.580 trillion in September from N88.769 trillion in August.
Similarly, the NGX All-Share Index (ASI) advanced by 1.7%, closing at 142,710.48 points, up from 140,295.50 points in August. The improved performance was largely driven by fresh investor interest in key large-cap stocks and bargain hunting in fundamentally strong equities. This rebound reflected a mix of profit-taking from earlier downturns and strategic positioning by investors ahead of both domestic and international market drivers.
Investor sentiment was shaped by a combination of corporate earnings expectations, sector-specific optimism, and broader macroeconomic signals, creating a measured yet positive trading atmosphere.
On the final trading day of September, the NGX closed on a positive note, with the ASI up by 0.23%, settling at 142,710.48 points, while market capitalisation increased by N445.2 billion to close at N90.58 trillion. The upward momentum was supported by sustained demand for stocks such as:
ARADEL (+9.82%)
Fidelity Bank (+5.26%)
Nigerian Breweries (+2.38%)
Transcorp (+8.48%)
Despite the gains, market breadth remained negative, with 31 stocks declining compared to 28 gainers, signaling a cautious mood among traders.
Looking ahead, analysts at InvestData Consulting Limited projected that the market is likely to maintain a cautious recovery path. They stressed that domestic factors such as inflation trends, exchange rate movements, and fiscal policies—alongside global cues including crude oil prices and international investor sentiment—will play critical roles in shaping the trajectory of the equities market in the coming weeks.
