October 2025 was a strong month for the Nigerian stock market. On average, the value of all listed companies increased by 8%, with investors buying and selling over 12 billion shares across the market during the month. In other words, the market was abuzz, and more people put their money to work, with prices rising across the board.
Using official NGX data, we examined how listed Nigerian stocks performed in October and ranked them based on which stocks provided the most significant returns to investors. Here’s a list of the top 10 Nigerian stocks that made the most money for investors in October.
10. Vitafoam Nigeria Plc
Vitafoam rounded out October’s top 10 performers with a solid 17.8% gain. The stock started the month at ₦79.80 and finished at ₦94 per share, with over 32 million shares traded — proof that investors were actively buying the stock.
After a quiet start, the price picked up pace in the third week, climbing 7.4%, and continued to rise in the fourth, adding another 8%.
The surge comes on the back of strong earnings: the company posted a ₦7.3 billion profit before tax for the three months ending September 2025, almost double what it made a year ago. Full-year pre-tax profit jumped to ₦21.2 billion, thanks to booming sales. No wonder Vitafoam shares have already soared over 300% in 2025; October was just another step in that upward trend.
9. PZ Cussons Nigeria Plc
PZ Cussons rewarded investors with a 20.3% gain in October. The stock started the month at ₦34.50 and closed at ₦41.50, with over 110 million shares traded, more than double the activity seen in September, indicating significant investor interest.
It hovered over 20% in the first week, cooled off slightly in the middle of the month, then finished strong.
The jump follows a remarkable turnaround in earnings, with PZ Cussons swinging from a ₦5.22 billion loss to a ₦21.5 billion profit year-on-year, with revenue up 48% to ₦59 billion, boosted by higher sales, gains from asset sales, and lower interest costs.
8. Wema Bank Plc
Wema Bank bounced back in October, climbing 20.3%. The stock started at ₦17.70 and ended the month at ₦20.45, with over 372 million shares traded — a significant turnaround after a rough September, during which it dropped by more than 12%.
Most of the month saw steady gains, but the fourth week gave the most considerable boost, pushing the price past ₦20.
The rally reflects Wema’s strong performance on the books: in nine months, pretax profit jumped 142% to ₦146.4 billion, while interest income rose 73% to ₦397 billion, thanks to increased lending and improved returns.
7. SFS REIT
SFS REIT delivered a 20.8% gain in October. The trust started the month at ₦346.55 and closed at ₦418.75, with over 491,000 units traded.
October marked its third straight month of growth after a flat July, making it one of the most consistent performers on the market.
The strong run mirrors its solid earnings: net income for the quarter ended September rose to ₦252.8 million from ₦208.5 million, thanks to steady rental income and fixed-income returns.
So far this year, SFS REIT has been a winner for investors, up 133% in 2025, and October just kept the momentum going.
6. MTN Nigeria
MTN Nigeria rewarded investors with a 23% gain in October. The stock climbed from ₦425 at the start of the month to ₦520, trading steadily higher each week, with over 59 million shares changing hands. The biggest jumps came in the second week (+10.8%) and the fourth week (+8.6%).
The surge reflects MTN’s impressive turnaround: the telecom giant posted a ₦1.12 trillion pre-tax profit for the nine months ending September 2025, bouncing back from a ₦713.6 billion loss the year before. Revenue reached ₦3.73 trillion, with data services alone contributing over half (₦1.97 trillion) to the total.
5. Dangote Cement Plc
Dangote Cement came in fifth, giving investors a 25.7% gain in October. The stock climbed from ₦525 to ₦660, with about 60 million shares traded. The price rose steadily each week, peaking at around ₦665, before dipping slightly in the final week.
The rally mirrors strong performance on the books: pretax profit for the nine months ending September jumped 156% to ₦1.04 trillion, driven by booming Nigerian operations. Revenue also increased by 23% to ₦3.15 trillion, with local sales reaching ₦2.18 trillion and volumes reaching 13.2 million tonnes.
4. Aradel Holdings Plc
Aradel Holdings took fourth place, giving investors a 27.2% return in October — the only oil and gas company in the top ten. The stock rose from ₦615 to ₦782, with over 79 million shares traded. Most of the gains came in the fourth week, which saw a 25% jump.
The surge follows solid company results: for the nine months ending September, pre-tax profit climbed 57% to ₦300.7 billion, while revenue jumped 43% to ₦538.8 billion due to higher crude and gas production.
3. Sovereign Trust Insurance Plc
Sovereign Trust Insurance rewarded investors with a 30% gain in October — the only insurer in the top ten. The stock jumped from ₦3.00 to ₦3.90, with 387 million shares traded. It posted weekly gains for most of the month, with the second week alone adding over 16%.
The boost comes after solid results: revenue for the quarter ending September rose 20% to ₦40.1 billion, while pre-tax profit hit ₦301.6 million.
2. Eunisell Interlinked Plc
Eunisell Interlinked took second place, surging 49.4% in October. The stock jumped from ₦39.50 to ₦59.00, with about 14 million shares traded. It gained every week, breaking ₦57 in the second-to-last week and holding steady above ₦59 by the end of the month.
The rally mirrors its strong results: for the financial year ending September, revenue rose to ₦445 million from ₦360.5 million, while pretax profit hit ₦115.3 million.
It’s been a stellar year for Eunisell, already up 206% in 2025, and October just added more fuel to the fire.
1. Aso Savings and Loans Plc
Aso Savings and Loans topped October’s list, doubling investors’ money with a 106% gain. The stock jumped from ₦0.50 to ₦1.03, with 137 million shares traded. Most of the action came in the last two weeks, when the price broke above ₦1.00 and held firm to close the month at ₦1.03.
The rally reflects solid results: in its second quarter ending June 2025, Aso Savings reported ₦479 million in interest income and a ₦20.9 million pre-tax profit.
It’s been a phenomenal year; the stock has already climbed 106% in 2025, and October just crowned it the market leader.
Bottom line
October 2025 showed that some stocks were serious money-makers. Whether it was established giants like MTN and Dangote Cement or fast-risers like Eunisell and Aso Savings, investors who picked the right stocks were generously rewarded. It also shows that keeping an eye on earnings, sector trends, and consistent performers can pay off, even in a market that can feel unpredictable.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Past performance of any stock or investment does not guarantee future results. Always do your own research or consult a professional before making investment decisions.
