NGX Market Performance 2025: A Year of Strong Returns and Rising Confidence

The Nigerian Exchange (NGX) achieved one of its best annual performances in history in 2025. A combination of strong economic reforms, rising investor confidence, and sector rallies drove exceptional gains in the stock market. The Nigerian equities market outperformed both the prior year and many global markets, reflecting increased investor confidence.

By the end of 2025, the NGX All-Share Index (ASI) closed at 155,613 points, marking a remarkable 51.19% increase compared to the beginning of the year. This rise made 2025 one of the highest annual returns in nearly two decades. The ASI started the year at approximately 102,926 points and experienced steady growth throughout the months before closing on a strong note.

The market capitalization surged by nearly 58%, finishing the year at N99.38 trillion, up from around N62.76 trillion at the end of 2024. This significant increase indicates that listed companies expanded in value as investors boosted their holdings in the market.

In contrast, during 2024, the All-Share Index had gained 37.65%, ending at 102,926 points, which was already a strong performance. The jump to over 51% in 2025 shows that the market accelerated its gains much more than in the previous year. In 2024, market capitalization increased by 38%, the first time it surpassed the N60 trillion mark after years of recovery, but the rise in 2025 was significantly higher.

Sector Performance Highlights

The NGX Consumer Goods Index emerged as the best-performing sector in 2025, delivering an impressive 129.57% return. This rally was largely driven by exceptional gains in several companies, including Guinness Nigeria, which surged by 398.08%, Vitafoam with a 300.00% year-over-year rise, Champion Breweries up 267.45%, Honeywell Flour advancing by 247.62%, and NASCON gaining 242.90%.

Large-capitalization stocks also played a significant role. Nigerian Breweries rose by 135.31%, Nestlé Nigeria gained 123.77%, Unilever Nigeria increased by 118.51%, and Cadbury Nigeria climbed by 178.60%. Gains from both small and large-cap stocks bolstered the sector’s remarkable performance, supported by effective cost restructuring, foreign exchange revaluation gains, improved operating margins, and renewed investor confidence.

The NGX Insurance Index ranked second among sectoral indices, posting a 65.64% gain and outperforming the broader market. This strong performance was primarily driven by renewed speculative interest in low-priced, high-beta stocks.

The top gainers in the insurance sector included Mutual Benefits Assurance, which gained 408.20%, Sovereign Trust Insurance with a 241.07% gain, and AIICO Insurance, up 165.03%. Additionally, NEM Insurance and AXA Mansard, which rose by 144.75% and 67.07% respectively, also contributed to the sector’s increase.

The NGX Industrial Goods Index gained 58.91%, slightly outperforming the All-Share Index. The sector’s gains were primarily driven by mid-capitalization stocks, rather than the dominant cement producers.

Beta Glass led the gainers with a 470.11% surge, followed by Berger Paints (up 140.00%), Austin Laz (up 133.52%), and Tripple Gee (up 115.61%). In contrast, cement majors posted more moderate gains due to cost pressures and slower volume growth affecting their performance.

The NGX Banking Index recorded a 39.77% gain, trailing the overall market despite strong performances from select banks. Gains were uneven, with mid-tier and niche players outperforming larger sector participants. Key contributors to the gains included Wema Bank (up 124.18%), Stanbic IBTC (up 73.61%), First HoldCo (up 70.77%), and GTCO (up 59.12%). However, modest gains from large-cap banks limited overall index performance, with Zenith Bank rising by 35.82%, UBA gaining 22.50%, and Sterling NG increasing by 25.89%, while Access Holdings ended the year lower, declining by 11.95%.

What Drove the 2025 Rally?

Several factors contributed to the remarkable performance of the NGX in 2025:

1. Macroeconomic reform and stability improved investor confidence throughout the year.
2. Lower inflation and more stable currency conditions enhanced corporate earnings.
3. Strong earnings from major listed companies, particularly in consumer goods and banking, encouraged sustained buying interest.

The increase from a 37.65% gain in 2024 to a 51.19% gain in 2025 reflects the NGX’s improving momentum.

Globally, most major markets delivered lower returns in 2025 than the NGX, with large U.S. and UK indices typically posting returns below 25%. This makes Nigeria’s performance particularly notable among emerging and frontier markets.

Analysts and market watchers are optimistic in the year 2026 that investors could experience continued growth from quality stocks, especially in sectors with strong fundamentals and pricing power.