October 3, 2025/InvestmentOne Report 

The Nigerian equities market had increased by 1.72% MoM in September 2025, a slowdown from its previous month s gains which saw NGXASI increase by 16.75%. The tepid positive performance was largely driven by the bullish sentiment in BUAFOODS (+1312.38pts), BUACEMENT (+509.98pts), GUINNESS (+216.82pts), TRANSCORP (+216.49pts) and STANBIC (+214.16pts) which overcame the declines in MTNN (-448.58pts), UBA (-342.30pts), WAPCO (-144.95pts), WEMABANK (-141.69pts) and OANDO (-118.72pts). 

Looking ahead, we retain an optimistic view on equities in October, underpinned by expectations of stronger earnings momentum in the consumer goods, industrial, and agricultural sectors. Recent macro data suggest that foreign exchange markets are stabilizing, aided by improved central bank liquidity and stronger reserve buffers, which has tempered volatility and provided corporates with a firmer basis for planning. This relative stability is already feeding into sentiment and should translate into improved top-line resilience across FX-sensitive businesses. 

Kindly find HERE, our report, covering our analysis and considerations.