Investors’ Return on Nigerian Stock Market Appreciated to N27.82trn in Nine Months

Kayode Tokede

The average investors’ return on the stock market section of the Nigerian Exchange Limited (NGX) appreciated to N27.82 trillion, driven by federal government’s foreign exchange, among other reforms that have boosted confidence.

Measuring the performance by market capitalisation revealed the stock market opened for trading in 2025 at N62.763 trillion, gained 44.3per cent or N27.82 trillion to close September 30, 2025 at N90.581 trillion.

In September 2025, the market capitalisation added 2.04per cent or N1.81 trillion from N88.769 trillion – it closed for trading in August 2025 from N90.581 trillion.

 Also, the NGX All-Share Index (NGX ASI) closed nine months of 2025 at 142,710.48 basis points, about 38.65 per cent or 39,784.08 basis points from 102,926.40 basis points the stock market had closed for trading in 2024.

Analysts have attributed the stock market 38.65 per cent investors average return to stability in the foreign exchange market, companies recovering from foreign exchange losses, market liquidity, capital inflow, dominance of domestic investors, increasing portfolio investment, Central Bank of Nigeria (CBN)’s banking sector recapitalisation and insurance sector reforms which have played a critical role in overall stock market performance in the period under review.

So far in 2025, the stock market has seen Monetary Policy Committee of the CBN reducing Monetary Policy Rate to 27 per cent, marking the first cut since the COVID-19 pandemic in 2020;  inflation rate moving to 20.12  per cent as of August 2025; companies announcing  impressive corporate earnings and  half year ended 2025 interim dividend payout to shareholders;  listing by introduction of Legend Internet Plc and listed banks announcing the outcome of fresh capital raising on the  Exchange.

Also, the yield on Nigerian Treasury Bills (NTB) has dropped to 15 per cent as of September 17, 2025 from 18.00 per cent.

In the nine months under review, several stocks listed on the NGX have recorded strong month to date appreciation, reflecting heightened foreign investor confidence driven by improved macroeconomic indicators and robust corporate earnings.

Capital market analysts noted the corporate earnings reports of H1 2025, among other factors, encouraged investors seeking high returns in a volatile macro environment.

The Managing Director, Globalview Capital Limited, Mr. Aruna Kebira, in a chat with THISDAY, noted the stock market in the nine months of 2025 witnessed the tanking of inflation figures and CBN cutting interest rate to 27 per cent from 27.50 per cent.

“Those parameters alone gave the capital market investors a moment of respite in the nine months of 2025.

“The yields in the money market are not looking as attractive as they were in 2024, making discerning investors in search of better yields to consider the capital market as their investment destination.

“In the last MPC, the MPR was reduced, including other metrics. This is sending positive signals that as the inflation figure and money market yields are downward looking, the MPC would have a reason to tinker the MPR further downward. Which is not always fixed income friendly.

“If the various issuers demonstrate a performance higher than the corresponding period of 2024 and declare an impressive interim dividend, the stock market will move to appreciate their prices.