Lagos, Nigeria 23 October 2025
Trading on the Nigerian Exchange (NGX) closed on a mixed note on Thursday as investors rotated portfolios following a spate of corporate disclosures and profit-taking across key blue-chip counters.
Top Gainers
PZ Cussons Nigeria Plc and TIP Plc topped the gainers’ chart, each advancing by 10% to close at ₦42.90 and ₦14.30 respectively. Market analysts attributed the surge in PZ’s shares to renewed investor interest after its strong quarterly performance and expectations of a dividend announcement. TIP’s rise, on the other hand, was linked to speculative positioning ahead of a possible corporate restructuring.
ASO Savings & Loans Plc gained 9.09% to close at ₦0.60, buoyed by retail demand following reports of potential recapitalisation in the microfinance space. CAP Plc appreciated by 8.82% to ₦74.00, driven by optimism in the industrial paints segment amid ongoing construction sector recovery. WAPCO (Lafarge Africa Plc) rounded off the top five, climbing 8.63% to ₦150.45 on renewed institutional demand and expectations of improved cement sales in Q4.
Top Losers
At the other end of the chart, John Holt Plc led the losers, falling 9.72% to ₦6.50 amid a lack of fresh catalysts following a recent rally. Multiverse Mining & Exploration Plc declined 9.71% to ₦12.55, with traders citing profit-taking after a sustained uptrend in previous sessions.
Stanbic IBTC Holdings Plc shed 9.15% to ₦107.20 as investors reacted to expectations of a tighter monetary stance by the Central Bank, which could pressure bank margins. Nigerian Breweries Plc dropped 7.83% to ₦70.00 following concerns over rising production costs and weaker consumer spending. UPDC Real Estate Investment Trust fell 7.55% to ₦7.35, reflecting thin liquidity and investor rotation away from property-linked assets.
Sectoral Performance
Performance across the five main sectoral indices was largely bearish, reflecting cautious sentiment ahead of major macroeconomic data releases.
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Banking Index: Fell sharply as investors engaged in profit-taking on Tier-1 names like Stanbic IBTC, UBA, and GTCO, following anticipation of a higher Cash Reserve Ratio (CRR) by the CBN.
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Oil & Gas Index: Also weakened, pressured by declines in Oando Plc, which lost 6.44%, amid global oil price volatility.
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Consumer Goods Index: Recorded mild losses as declines in Nigerian Breweries and Dangote Sugar offset gains in PZ Cussons and Cadbury.
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Industrial Goods Index: Emerged as the best-performing sector, buoyed by gains in WAPCO, BUA Cement, and Dangote Cement, reflecting renewed investor confidence in the nation’s infrastructure drive.
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Insurance Index: Ended mixed, with selloffs in Lasaco Assurance and Regency Alliance dragging the index, even as Royal Exchange Plc and Veritas Kapital posted modest gains.
Market analysts say Thursday’s performance reflects a market in transition — balancing optimism over corporate earnings against caution over regulatory tightening.
Despite the cautious mood, total market capitalisation stayed relatively stable, underscoring sustained investor interest in fundamentally strong stocks.
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