The Nigerian Exchange Limited (NGX) ended the final trading week of October 2025 on a strong bullish note, recording a significant upswing in both trading volume and value, a development analysts describe as a positive indicator of renewed investor confidence and institutional re-entry into the market.
According to the NGX Weekly Market Report, a total of 7.479 billion shares valued at ₦145.429 billion were traded in 159,487 deals during the week ended October 31, 2025, representing a sharp increase from 3.695 billion shares worth ₦129.889 billion recorded the previous week in 148,077 deals.
The Financial Services Industry dominated market activity once again, accounting for 6.639 billion shares valued at ₦74.629 billion across 65,294 deals, contributing 88.77% and 51.32% to total equity turnover volume and value respectively. The Services Industry followed with 215.575 million shares worth ₦2.709 billion, while the Consumer Goods Industry recorded 125.931 million shares valued at ₦7.334 billion.
Among the most actively traded stocks were Cornerstone Insurance Plc, Wema Bank Plc, and Guaranty Trust Holding Company Plc (GTCO), which together accounted for 5.268 billion shares worth ₦48.964 billion in 9,663 deals, representing 70.43% of total trading volume and 33.67% of total market value.
However, the standout performer of the week was Chapel Hill Denham Securities Limited, which once again dominated the NGX Broker Performance Report. The firm executed a record-breaking 9.39 billion shares, representing 62.77% of total trading volume, and accounted for ₦47.1 billion in traded value, securing 16.19% of total market value and reinforcing its leadership position in Nigeria’s brokerage landscape.
Following Chapel Hill Denham were other major players such as CardinalStone Securities Limited, Afrinvest Securities Limited, Apel Asset Limited, APT Securities and Funds Limited, EFG Hermes Nigeria Limited, Stanbic IBTC Stockbrokers Limited, Meristem Stockbrokers Limited, Morgan Capital Securities Limited, and CSL Stockbrokers Limited.
Together, these top 10 brokers were responsible for 80.99% of total trading volume and 67.73% of total market value, reflecting the concentrated strength and efficiency of Nigeria’s top brokerage institutions.
Expert Reactions: Confidence and Liquidity Return to the Market
Market experts and analysts have hailed the week’s performance as a strong signal that liquidity and investor sentiment are rebounding on the Nigerian Exchange, especially as Q4 earnings season and macroeconomic adjustments begin to stabilize the market environment.
A capital market analyst and Managing Partner at Sigma Investments, noted that the surge in trading activity “reflects a combination of institutional repositioning and the renewed participation of retail investors driven by confidence in fiscal and monetary reforms.”
He explained that Chapel Hill Denham’s dominance was not accidental but indicative of a broader structural shift. “The firm’s scale of execution and research-based advisory model show the growing sophistication of Nigeria’s brokerage landscape. Institutional investors are clearly trusting brokers that offer both analytics and execution strength,” he said.
Similarly, an investment strategist at Horizon Capital Partners, described the report as “a bullish sign for the equities market.” According to the statement, “When you see turnover doubling week-on-week and concentrated among key financial players, it means liquidity is deepening and confidence is returning. This is essential for market stability heading into year-end.”
Mr. Chijioke Okeke, Head of Equities Trading at a Lagos-based investment bank, added that the significant activity in the Financial Services and Consumer Goods sectors shows investors’ increasing appetite for banking and fast-moving consumer goods (FMCG) stocks — sectors often seen as safe havens in volatile markets. “Wema Bank and GTCO’s strong showing in volume and value suggests renewed optimism in the financial sector’s profitability outlook,” he said.
Experts agree that if the trend continues, the NGX may close 2025 with one of its strongest quarterly performances in recent years, especially as global investors re-evaluate frontier market opportunities amid a shifting global interest rate environment.
Market Outlook
With total market turnover rising sharply and major brokerage firms deepening their dominance, analysts predict sustained momentum through November. The performance underscores Nigeria’s resilient financial ecosystem and highlights the NGX’s role as a critical platform for capital formation in Africa’s largest economy.
As Chapel Hill Denham continues to set the pace in execution, liquidity, and institutional participation, market watchers expect competition among top-tier brokers to intensify, fostering greater transparency, efficiency, and innovation across the Nigerian capital market.
The Nigerian Exchange recorded ₦145.43 billion in weekly trades as Chapel Hill Denham led with 62.77% market share. Experts say the surge signals renewed investor confidence and institutional liquidity returning to Nigeria’s equities market.
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