November 5, 2025/CSL Research

October 2025 in retrospect

• The equities market recorded further improvement in October, building on the gains from the previous month, although investor sentiment remained mixed. The price rebound in several mid- to large-cap stocks observed in September was sustained through October, supported by the wave of corporate earnings releases during the period.
• Market breadth closed at 0.89x, up from 0.73x in Sep-25, with 50 advancers and 56 decliners compared to 43 gainers and 59 losers in Sep-25. Subsequently, the NGX All-Share Index was up by 8.00% month-on-month (m/m) to close at 154,123.62 points, bringing the year-to-date (ytd) return to +49.74%.
• Average daily volume in the month declined by 15.3% m/m to 522.42 million units, while average daily value increased by 20.7% m/m to ₦18.36 billion. This reflected increased bias towards mid and large-cap stocks.​
• In October, the further moderation in fixed-income yields encouraged a shift from risk-off instruments into the equities market, as investors sought higher returns. The influx of strong Q3 2025 earnings reports, particularly from blue-chip companies, along with corporate action announcements by several listed firms, also bolstered investor sentiment. These factors collectively contributed to the impressive month-on-month performance of the All-Share Index (ASI) during the period.

November 2025 market prospects

• As we enter November, the equities market is expected to maintain a cautiously optimistic tone, shaped by mixed investor sentiment and evolving macroeconomic conditions. While intermittent profit-taking may continue, particularly in stocks with strong year-to-date gains, renewed bargain-hunting and selective accumulation are likely to provide support. This trend should be most evident in fundamentally strong stocks, where recent price corrections have improved valuations and created attractive opportunities for medium- to long-term investors.
• We also anticipate sustained interest in companies that delivered robust 9M 2025 earnings, as investors continue to seek value. In addition, positive sentiment is expected to build around stocks with a strong dividend-paying history, as investors rebalance portfolios to position for potential corporate action announcements at relatively low entry prices.
• Despite the recent uptick in fixed-income yields, which appears temporary and partly driven by uncertainty following the U.S. President Trump’s comments on Nigeria, yields remain well below levels seen in previous months. With the Monetary Policy Committee (MPC) expected to meet before year-end, we anticipate a further reduction in the Monetary Policy Rate (MPR), which should reinforce the downward trend in yields, pointing to a potentially bullish outlook for the equities market. As yields decline, investors are likely to rotate into high-growth stocks, as the relative attractiveness of equities improves, driving renewed interest in risk assets

November 2025 Top 10 Stock Picks

Kindly click on the below link to download the October 2025 monthly stock picks report.

​CSL Nigeria Monthly Stock Picks – November 2025.pdf​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​