The Nigerian stock market recorded a robust 18.95% return in the third quarter of 2025, largely driven by the strong performance of heavyweight stocks collectively known as SWOOTs (Stocks Worth Over One Trillion Naira).
According to market data reviewed by Nairametrics Intelligence, 9 out of the 22 SWOOTs gained more than 20% in Q3, while another 16 advanced between 15% and 20%. In total, 17 of these large-cap companies closed the quarter in positive territory, underscoring widespread investor confidence in Nigeria’s biggest corporates.
SWOOTs and Their Market Influence
SWOOTs refer to listed companies whose market capitalization exceeds N1 trillion, a distinction that includes banking giants, telecom leaders, consumer goods firms, and industrial powerhouses.
Given their sheer size and liquidity, movements in SWOOT stocks often determine the broader market trajectory. Thus, their bullish performance in Q3 2025 was instrumental in lifting the Nigerian Exchange All-Share Index (NGX ASI) to its third-best quarterly performance since 2020.
Ranking the Top 10 Best-Performing SWOOTs in Q3 2025
This report ranks the top 10 best-performing SWOOTs for Q3 2025 based on share price appreciation, with each company maintaining a market capitalization above N1 trillion as of September 30, 2025.
Below is the first profile in the series — Aradel Holdings Plc, the only oil and gas firm to make the top 10 list.
Aradel Holdings Plc (Rank 10): Resilient Gains Despite Industry Headwinds
Quarterly Return: 19.53%
Market Capitalization (as of Sept 30): N2.67 trillion
Outstanding Shares: 4,344,844,360
Q3 Opening Price: N514.50
Q3 Closing Price: N615.00
Aradel Holdings Plc ranked 10th among SWOOTs in Q3, delivering a 19.53% return despite mixed momentum in the oil and gas sector.
The stock’s performance was largely powered by a 20.59% surge in September, which offset earlier volatility. Over the quarter, 195.7 million shares were traded on the Nigerian Exchange (NGX), reflecting steady investor demand.
Strong Financials Support Share Price Recovery
In its H1 2025 financial results, Aradel reported:
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Revenue: N368.07 billion (↑ 37.18% YoY from N268.3 billion in H1 2024)
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Crude Oil Sales: N232.7 billion (↑ from N171.1 billion)
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Refined Products: N116.4 billion (↑ 42.57%)
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Gas Sales: N18.8 billion (↑ 21.74%)
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Pre-Tax Profit: N191.3 billion (↑ 17.89%)
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Administrative Expenses: N53.1 billion
The figures highlight Aradel’s resilient performance amid operational and macroeconomic challenges, maintaining profitability through a diversified energy portfolio that includes crude, refined, and gas product streams.
Year-to-Date Performance and Market Outlook
Year-to-date, Aradel Holdings shares are up 8.71%, having recovered strongly from a 16% decline in Q1 2025. Analysts note that the company’s growth trajectory and strong fundamentals could support further upside, provided crude prices remain stable and refining operations continue expanding.
“Aradel’s consistent earnings growth and diversified operations provide a buffer against sector volatility,” said a Lagos-based equity analyst. “Its September rebound may signal renewed investor confidence in energy SWOOTs.”
Market Context
The broader SWOOT rally reflects growing investor confidence in Nigeria’s large-cap equities, particularly in banking, industrials, and telecoms. The strong Q3 performance contrasts with earlier market caution driven by inflationary pressure and interest rate adjustments.
With Q4 underway, investors will be watching for sustained momentum in high-cap stocks as corporate earnings roll in.
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