Investors in the Nigerian stock market smiled to the bank in September 2025, earning a total of ₦1.811 trillion amid renewed confidence triggered by the ongoing monetary reforms of the Central Bank of Nigeria (CBN).

Naija News understands that the recent decision by the apex bank to cut the Monetary Policy Rate (MPR) to 27% from 27.5% further boosted appetite for equities, prompting investors to reshuffle portfolios away from fixed income into stocks.

An analysis of trading figures from the Nigerian Exchange Limited (NGX) showed that market capitalisation, which measures the total value of listed investments, surged to ₦90.580 trillion in September from ₦88.769 trillion in August, a jump of over ₦1.811 trillion.

Similarly, the NGX All Share Index (ASI) gained 1.7%, rising from 140,295.50 points in August to close September at 142,710.48 points.

Market activity in September was largely supported by renewed buying interest in large-cap stocks, following weeks of profit-taking from earlier dips. Traders also positioned themselves for potential market-moving events both at home and abroad.

On Tuesday, the NGX ASI advanced by 0.23%, closing at 142,710.48 points, while market capitalisation added ₦445.2 billion to end the session at ₦90.58 trillion.

The rally was fueled by strong demand for stocks such as ARADEL (+9.82%), Fidelity Bank (+5.26%), Nigerian Breweries (+2.38%), and Transcorp (+8.48%).

Despite the gains, the market breadth closed negative, as 31 stocks declined against 28 gainers.

According to Vanguard, analysts say the September rebound reflected a mix of optimism and caution. Investor sentiment was largely influenced by expectations of corporate earnings, sector-specific strength, and broader macroeconomic signals.

Analysts at InvestData Consulting Limited noted that while recovery is ongoing, caution remains necessary: “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 performance of the NGX in September signals investors’ renewed belief in equities as a viable investment option, following the CBN’s monetary reforms.

Analysts, however, caution that continued stability in macroeconomic fundamentals will determine if the rally can be sustained.