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
The Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
In the competitive world of online trading, finding a trading brokerage partner that balances reliability, technological innovation, and accessible conditions is essential. Headway broker has emerged as a significant player, currently serving over 4 million users globally.
In this article, we take a detailed look at what makes this broker for trading a notable option for both novice and experienced traders.
Headway Regulatory Foundation and Safety
Safety is the cornerstone of any trading relationship. Headway broker operates under the regulation and licensing of the Financial Sector Conduct Authority (FSCA). This regulatory oversight ensures that the broker adheres to strictly defined standards for transparency and operational conduct, providing traders with an added layer of security and confidence when managing their portfolios.
Trading Platforms and Instruments
Efficiency in trading Forex and other markets is driven by the tools at your disposal. Headway provides a robust technological trading ecosystem:
Industry-Standard Platforms: The broker fully supports MetaTrader 4 (MT4) and MetaTrader 5 (MT5), the most widely used platforms for technical analysis and automated trading.
Proprietary Mobile App: For traders who prioritize mobility, Headway offers its own custom-built trading app. It is readily available for download on both Google Play and the App Store, allowing for seamless account management and trading on the go.
Diverse Market Access: Traders have a wide range of opportunities with access to over 300 trading instruments, ensuring plenty of choice for different strategies and asset classes.
Trading Account Types Offered by Headway
Headway broker understands that every trader enters the market with a different level of experience:
Three Account Tiers: To ensure inclusivity, the broker offers three distinct types of accounts (Cent, Standard and Pro), tailored to suit different levels of expertise and capital requirements.
Demo Account: For those looking to refine their skills without financial risk, Headway provides a comprehensive demo trading account. This is the perfect environment to practice strategies, understand how the platform works, and gain confidence before transitioning to live trading.
Customer Support and Incentives
Headway supports its user base with comprehensive resources and financial incentives:
24/7 Technical Support: Market fluctuations happen at any time. Headway provides round-the-clock technical support for the traders, ensuring that help is always available whenever a question or issue arises.
150$ No Deposit Bonus: To help new traders get started, Headway offers a $150 no deposit bonus. This is an excellent way to test the broker’s execution speed and trading environment with zero initial risk.
IB Partnership Program: Beyond individual trading, Headway fosters growth through its Introducing Broker (IB) partnership program. This allows partners to build their business and earn commissions by referring new traders to the platform.
Conclusion
With its combination of FSCA regulation, a vast range of instruments, and modern platforms like MT4, MT5, and its own proprietary app, Headway FX broker provides a comprehensive environment for modern traders. Whether you are using the demo account to hone your skills or taking advantage of the 150 no deposit welcome bonus, this broker offers the stability and tools needed for your trading journey.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
Pingback: Africa’s Stock Markets Surge in Q3 2025: Nigeria, Kenya, and Morocco Lead Remarkable Recovery Amid Data Transparency Gaps - Serrari Group