Economy
Analysis: Insurance, Industrial Goods, Banking Stocks Boost NGX in Q3 2025
By Adedapo Adesanya
The insurance, industrial goods, and banking sectors showed strong resilience at the Nigerian Exchange (NGX) Limited in the third quarter of the year, while the consumer goods sector lagged behind with a negative showing in the review period.
According to the Q3 2025 Sector Performance Summary released by Bamboo, the insurance sector emerged as the top performer, recording a robust 61.50 per cent quarterly growth, followed by industrial goods sector, which posted a strong 43.80 per cent gain, and the banking sector advanced 39.46 per cent over the second quarter.
According to an infographic seen by Business Post, insurance sector gains were driven by impressive rallies from Mutual Benefits Assurance (+248.2 per cent) and AIICO Insurance (+120 per cent).
The sector’s surge underscores renewed investor confidence, buoyed by improved underwriting results, recapitalisation efforts, and growing demand for risk coverage amid Nigeria’s increasingly volatile business environment.
However, it was not all rosy during the period as NEM Insurance dropped by 9.9 per cent and Cornerstone Insurance slid 6.6 per cent. These indicated persistent competitive and operational pressures in parts of the industry.
In the industrial goods sector, the rally was buoyed by Beta Glass, which recorded a stellar 130 per cent rise and Enamelware Nigeria (+108.7 per cent).
Both of these firms benefited from increased demand for locally manufactured goods and currency-induced import substitution.
Conversely, Dangote Cement’s 20 per cent decline and Austin Laz with a 9.74 per cent fall weighed down the sector’s overall performance. Dangote’s drop signals subdued construction activity and rising input costs.
However, the sector’s double-digit growth points to Nigeria’s gradual industrial recovery, particularly as the government’s infrastructure push continues to attract investment inflows.
In the banking sector, the top gainers included Wema Bank (+162.6 per cent) and Stanbic IBTC (75.4 per cent), both benefitting from stronger balance sheets, digital banking adoption, and FX revaluation gains.
Other Tier-2 lenders like FCMB recorded gains (24.1 per cent) and Ecobank (27.0 per cent) also delivered steady growth, underlining broad-based resilience across the industry.
The banking sector’s rise to improved net interest margins following tighter monetary policy and increased investor appetite for financial stocks. The Central Bank of Nigeria (CBN) in September eased interest rates by 50 basis points to 27 per cent from 27.50 per cent after inflation moderated for five consecutive cycles.
In contrast, the consumer goods sector was the quarter’s weakest performer, sliding 2.90 per cent as inflationary pressures and weak consumer spending continued to erode profits.
Despite bright spots from Guinness Nigeria (108.9 per cent) and McNichols (56.5 per cent), the sector’s gains were offset by underperformers like Honeywell Flour Mills (2.33 per cent rise) and Vitafoam Nigeria (7.84 per cent slide).
Business Post reports that with inflation still hovering in double digits and household purchasing power under strain, many consumer goods companies are struggling to pass on higher costs to price-sensitive buyers.
Meanwhile, the oil and gas sector delivered a modest 5.5 per cent quarterly rise, reflecting a cautious rebound amid global price volatility.
The sector’s growth was anchored by rises in stocks of Aradel Holdings (160 per cent) and Eterna Plc (115 per cent), buoyed by improved local production and downstream expansion projects.
However, losses from Oando, which fell 12.1 per cent and Japaul Gold (-9 per cent) capped broader gains, as operational challenges and fluctuating crude prices continued to cloud the sector’s outlook.
The third quarter’s analysis showed that sectors tied to financial services and domestic manufacturing outperformed, while consumer-facing and oil-dependent industries faced ongoing macroeconomic headwinds.
The strong showing from insurance and banking signals renewed investor trust in Nigeria’s financial system backed by improving fiscal and monetary policies, while industrial goods’ rebound underscores the growing appeal of locally driven production.
Even as challenges persist, especially for consumer-facing industries, the gains across financial and industrial sectors provide a cautiously optimistic outlook for the remainder of the year.
By Adedapo Adesanya
Easing tensions between the US and Iran in the Middle East is expected to offer more respite to the Nigerian economy in the coming months.
Analysts at Comercio Partners noted in a report that there is an increased likelihood of a gradual moderation in inflation from July into the third quarter of 2026.
The analysts opined that the near-term outlook for inflation “has become less tilted to the upside” following the peace deal reached by the warring parties in the Middle East conflict and the sharp decline in global oil prices.
The report read in part: “May inflation data showed that price pressures remain sticky, but the near-term outlook has become less tilted to the upside following the peace deal and the sharp decline in global oil prices.
“Headline inflation rose to 15.93 per cent year-on-year from 15.69 per cent in April, while food inflation climbed to 16.96 per cent and core inflation increased to 16.82 per cent, suggesting that both food and underlying non-food price pressures remain elevated.
“However, the easing in crude oil prices below $85/bbl reduces the risk of a renewed energy-led inflation shock. This is important for Nigeria, where fuel, diesel, transport, logistics, and food distribution costs are key channels through which global energy prices feed into domestic inflation.
“If lower oil prices are sustained and domestic fuel prices remain stable or decline, pressure on transport and production costs should gradually ease.”
It noted that in June, inflation may remain sticky because the pass-through of lower oil prices to consumer prices is unlikely to be immediate.
It added that food prices remain elevated, and core inflation picked up month-on-month in May, indicating that underlying price pressures have not fully faded. According to the National Bureau of Statistics (NBS), the inflation rate on a month-on-month basis was 1.75 per cent, which was 0.39 per cent lower than the rate recorded in April 2026 (2.13 per cent).
“However, the balance of risks has shifted. The likelihood of another sharp energy-driven acceleration has reduced, while the probability of gradual moderation from July into Q3 has improved.”
The analysts said in the report that while the latest CPI data, “still supports a cautious tone across rates and fixed income, as annual headline, food, and core inflation all moved higher in May,” the decline in oil prices gives the Central Bank of Nigeria (CBN) “more room to maintain a wait-and-see stance rather than respond aggressively to external energy-price risks, provided domestic prices begin to reflect the easing in global crude markets.”
Economy
All On Invests $1m in Eja-Ice Nigeria Limited to Strengthen Cold-Chain Infrastructure in Off-Grid Markets
All On, an impact investing company focused on expanding access to renewable energy solutions in Nigeria, has announced a $1 million investment in Eja-Ice Nigeria Limited, a provider of solar-powered refrigeration and cold chain infrastructure.
The investment will support Eja-Ice’s manufacturing and operational scale-up as the company enters its next phase of growth. It is expected to enable the expansion of its cold-chain solutions and improve access to reliable cooling services for households, small businesses, and institutions operating in off-grid and weak-grid environments.
Access to dependable cold storage remains a significant constraint across Nigeria, particularly in coastal and rural communities where limited energy infrastructure contributes to post-harvest losses and income instability for small-scale agro-producers.
By delivering energy-efficient refrigeration systems, Eja-Ice is helping to address these challenges while supporting the preservation of perishable goods and strengthening local value chains.
“All On’s investment in Eja-Ice reflects our approach of supporting solutions that improve energy access while enhancing livelihoods, reducing costs, and enabling businesses to grow. Strengthening cold-chain infrastructure is an important step towards building more resilient local economies and expanding opportunities in underserved markets,” the chief executive of All On, Ms Caroline Eboumbou, commented on the investment.
Eja-Ice’s integrated cold-chain model allows for greater control over product design, operational efficiency, and service delivery, ensuring that its solutions are tailored to the needs of underserved markets. The company’s systems are already supporting micro enterprises, cooperatives, and community-level infrastructure, particularly in areas where reliable electricity remains limited.
Also commenting, the founder and chief executive of Eja-Ice Nigeria Limited, Mr Yusuf Bilesanmi, said, “This capital raise is a huge step forward in our vision to power homes and businesses with products designed, assembled, and optimised right here on the continent. It’s not just about access to electricity—it’s about dignity, productivity, and opportunity for the over 600 million people across sub-Saharan Africa who are still off-grid.”
Through this investment, All On continues to advance its mission of closing Nigeria’s energy access gap by supporting the renewable energy ecosystem and businesses that deliver sustainable, market-driven solutions.
By Aduragbemi Omiyale
Shares of First Holdco Plc worth N45.0 billion issued through a private placement have been listed on the Nigerian Exchange (NGX) Limited.
A circular issued by the Head of Issuer Regulation Department of the NGX Regulation Limited, Mr Godstime Iwenekhai, disclosed that the equities were admitted for trading at the stock market on Monday.
According to the notice, the additional shares brought for listing to rank pari passu with existing shares of the organisation were 1,021,334,544 units.
These stocks were sold to one of the company’s major shareholders at a unit price of N44.06, amounting to N45.0 billion.
The total issued and fully paid-up shares of First Holdco, as a result of this listing, are now 45,475,027,677 ordinary shares of 50 Kobo each.
“Trading licence holders are hereby notified that an additional 1,021,334,544 ordinary shares of 50 Kobo each of First Holdco Plc were on Monday, June 22, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares listed on NGX arose from the company’s private placement of 1,021,334,544 ordinary shares of 50 Kobo each at N44.06 per share.
“With the listing of the additional shares, the total issued and fully paid-up shares of First Holdco Plc have now increased to 45,475,027,677 ordinary shares of 50 Kobo each from 44,453,693,133 ordinary shares of 50 Kobo each,” the disclosure stated.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
Pingback: Africa’s Stock Markets Surge in Q3 2025: Nigeria, Kenya, and Morocco Lead Remarkable Recovery Amid Data Transparency Gaps - Serrari Group