Nigeria’s equity market closed October with a flourish, extending a rally that has been in motion since April. The Nigerian Exchange Limited (NGX) All-Share Index (ASI) opened the month at 142,713.1 points and ended at 154,126.4, representing an approximate 8% rise.
According to reports, the index has already accumulated year-to-date returns approaching 50% for 2025.
Strong third-quarter corporate earnings, improved investor sentiment, and broad‐based participation helped lift trading volumes past 12 billion shares during the month.
READ ALSO: How 10 Most Capitalised Stocks Control over 60% of NGX Market Cap
Against that backdrop, here are the ten stocks that delivered the highest monthly gains in October, rewarding their shareholders handsomely.
10. Vitafoam Nigeria Plc – +17.79 %
Vitafoam closed October at N94.00, up from an opening price of N79.80. Over 32 million shares were traded. The company reported a pretax profit of N7.3 billion for the three months ended September 2025—nearly double the N3.6 billion posted a year earlier—and a full-year pretax profit of N21.2 billion. The stock has soared some 308.70% so far in 2025.
9. PZ Cussons Nigeria Plc – +20.29 %
PZ Cussons began the month at N34.50 and ended at N41.50, with trading of roughly 110 million shares (more than double the September volume).
READ ALSO: How Lack of Facility, Manpower Drained Nigerian Airlines $5bn on Overseas Maintenance in 5 Years
The company swung from a loss of N5.22 billion to a pretax profit of N21.54 billion for the period ended 31 August 2025, as revenue climbed 48% to N59 billion. Year-to-date the stock is up 70.78%.
8. Wema Bank Plc – +20.29%
Wema Bank opened October at N17.70 and closed at N20.45, with over 372 million shares traded. Despite a weak September (-26.09 %), the bank rebounded strongly. Its unaudited nine-month results showed pretax profit of N146.44 billion—up 141.6% from N60.6 billion in the same period last year—while interest income rose 72.65% to N396.95 billion. Its YTD advance stands at 129.31%.
7. SFS Real Estate Investment Trust – +20.83%
The REIT opened at N346.55 and closed at N418.75, trading over 491,000 units—its third straight month of gains. For the quarter ended September, net income rose to N252.8 million from N208.5 million, buoyed by stronger fixed-income and rental earnings. YTD gain: 133.35%.
6. MTN Nigeria Communications Plc – +22.96 %
MTN Nigeria’s share price rose from N425 to N520 in October, with more than 59 million shares traded. Gains were especially strong in the second (10.82%) and fourth (8.56%) trading weeks.
READ ALSO: NDLEA Uncovers Colos Factory in Lagos, Arrests Music Artist in Nationwide Drug Raids
The company reported a pretax profit of N1.12 trillion for nine months ended September 2025—reversing a prior-year loss of N713.6 billion—and revenue reached N3.73 trillion with data services contributing 53%. Year-to-date return: 160.05%.
5. Dangote Cement Plc – +25.69 %
The share price increased from N525.10 to N660.00 as about 60 million shares changed hands. Except for a slight dip in the final week, the stock recorded steady weekly gains. For the nine months ended September 2025, pretax profit jumped 156.2% to N1.04 trillion while revenue rose 23.2% to N3.15 trillion, underpinned by local sales of N2.18 trillion and volumes of 13.2 million tonnes. YTD gain: 37.84%.
4. Aradel Holdings Plc – +27.15 %
Aradel, the only oil & gas company in the top ten, opened at N615 and closed at N782, with over 79 million shares traded. Its sharper rally came in the fourth week (25.2% gain). For nine months ended September, it posted pretax profit of N300.7 billion (up from N191.5 billion) on revenue of N538.8 billion (up 43%), aided by 25% increase in crude output and 41% growth in gas production. YTD gain: 30.77%.
3. Sovereign Trust Insurance Plc – +30.00 %
The insurance firm started the month at N3.00, ended at N3.90 after trading 387 million shares. The second week alone added more than 16%. For the quarter ended September 2025, revenue rose 20% to N40.1 billion and pretax profit stood at N301.6 million. YTD gain: 248.21%.
2. Eunisell Interlinked Plc – +49.37%
Eunisell climbed from N39.50 to N59.00 during October, with roughly 14 million shares traded. The stock advanced every week, breaking above N57 in the penultimate week and holding firm above N59 at month-end. For the year ended September 2025, it posted revenue of N445 million (up from N360.5 million) and pretax profit of N115.3 million. YTD gain: 206.18%.
1. Aso Savings and Loans Plc – +106.00%
Topping the list, Aso Savings and Loans more than doubled in October, opening at N0.50 and closing at N1.03, with 137 million shares traded. Momentum accelerated in the last two weeks as the price broke above the N1.00 mark. In its Q2 ended June 2025, the company reported interest income of N479.3 million and pretax profit of N20.9 million. YTD return: 106%.
Market Observations & Outlook
The broad‐based nature of the October rally—spanning banking, telecoms, manufacturing, insurance, REITs and oil & gas—suggests that investors are rewarding companies posting robust third-quarter results. The NGX ASI is already on track for one of its strongest years since 2020. Research by Cordros Securities projected full-year returns in excess of 50%.
READ ALSO: Nestle Nigeria Records 33% Revenue Growth in Nine Months
Key tailwinds cited include tighter macro-economic policy, improving foreign-exchange liquidity, strong earnings performance and rotation into equities from fixed-income amid attractive risk–return dynamics.
However, as always, investors should remain mindful of risks—valuations are elevated in some cases, global macro uncertainty remains, and profit-taking could emerge as the year draws to a close.
