The Nigerian stock market recorded a massive bull’s run in the first three trading days of the last quarter of 2025.

Combined with bullish trading on the final day of the third quarter, investors in the Nigerian Exchange Limited raked in about N1.17 trillion in the four trading days last week.

The market capitalization, which measures the total value of equities on the Exchange, closed at N91.135 trillion, up from N89.960 trillion the previous week.

Similarly, another major stock market gauge, the NGX All Share Index, went up by 1.02% to close at 143,584.04 points from 142,133.03 points the previous week.

This positive movement was buoyed by significant gains recorded in BUA Cement, which garnered 5.4%, MTN (1.2%), GTCO (3.1%), Transcorp (3.1%), Transport (3.4%), and Aradel (16.1%). Consequently, the Month-to-Date and Year-to-Date returns settled at 0.6% and 39.5%, respectively.

Trading activities were mixed, with trading volume increasing by 9.4% Week on Week, while trading value declined by 76.6% W/W. Sector performance was also mixed: the Oil & Gas Index gained 5.7%, Industrial Goods Index 1.7%, Banking Index 1.2%, and Consumer Goods Index 0.1%, while the Insurance Index nosedived by -2.0%.

Commenting on the market performance and outlook, analysts at Cordros provided a cautionary view, saying: “This week, we expect investors to trade cautiously in the absence of clear catalysts to drive market performance. However, we do not rule out reactions to sector and company-specific developments, which could influence the market’s direction.”

Commenting as well, analysts at InvestData Consulting Limited noted the positioning ahead of the earnings season, stating: “Position taking and portfolio rebalancing on the Exchange continued ahead of the Q3 earnings reporting season. Buying interests across some major sectors of the market and into fundamentally sound stocks as bargain hunters continued to cash in on the current recovery in preparation of expected historic move in this month and last quarter of 2025 as the nation economy remains on the path of growth and stable recovery.”

On the market outlook, the analysts added: “We expect mixed sentiment to continue on bargain hunting and portfolio repositioning ahead of Q3 corporate earnings reports in the face of sector rotation, with all eyes are on the consumer price index for the month of September, as Stanbic IBTC reports on Purchasing Managers Index, PMI, revealed increase in output as cost pressure eases.”