Amid CBN reforms, Stock market investors earn ₦1.8tn in September as market cap hits ₦90.58tn...

Investors in the Nigerian Exchange Limited (NGX) gained ₦1.811 trillion in September 2025 as renewed confidence swept through the equities market on the back of the Central Bank of Nigeria’s (CBN) monetary reforms.

Market capitalisation rose from ₦88.769 trillion in August to ₦90.580 trillion at the end of September, while the NGX All Share Index (ASI) appreciated by 1.7 per cent, climbing from 140,295.50 points to 142,710.48 points.

The apex bank’s decision to reduce the Monetary Policy Rate (MPR) from 27.5 per cent to 27 per cent spurred investors to rebalance portfolios, shifting focus from fixed-income securities to equities.

On Tuesday, the ASI advanced by 0.23 per cent to close at 142,710.48 points, with market capitalisation adding ₦445.2 billion to finish at ₦90.58 trillion.

The rally was driven by strong demand for large-cap stocks including ARADEL (+9.82%), Fidelity Bank (+5.26%), Nigerian Breweries (+2.38%) and Transcorp (+8.48%).

Despite the bullish trend, market breadth closed negative, as 31 stocks declined compared with 28 that recorded gains.

Market watchers described September’s rebound as a cautious recovery shaped by both local and global factors.

Analysts at InvestData Consulting Limited said: “Looking ahead, the equities market appears poised for a cautious continuation of the recovery. Macro-economic factors such as domestic inflation trends, exchange rate volatility, and policy developments will remain critical in shaping market sentiment, alongside global cues such as crude oil prices and international risk appetite.”

The September performance reveals a renewed belief in equities as a viable investment option amid CBN’s reforms.

However, analysts warned that sustained stability in inflation, exchange rates, and broader macroeconomic fundamentals will determine whether the rally can be maintained in the final quarter of the year.