Trading activity on the Nigerian Exchange (NGX) in 2025 has been relatively subdued compared to the same period in 2024 as investors shop for cheap stocks.
By January 19, 2024, the NGX had recorded a trading volume of approximately 14.2 billion shares, valued at N208.4 billion.
In contrast, the corresponding period in 2025 has seen 8.6 billion shares traded, amounting to a value of N213.6 billion.
A key trend shaping the market this year is the heightened focus on cheap stocks, both in terms of share price and price-to-earnings ratio.
An analysis by BusinessDay reveals that the most actively traded stocks so far in 2025 are predominantly those categorized as cheap, reflecting investors’ growing preference for lower-risk stocks.
Apart from share price, cheap stocks can also be identified by their price-to-earnings ratio.
To identify the most active stocks, average trading volume serves as the primary benchmark.
Read also: Brokers reveal top stock picks for 2025
Wema Bank – 81.288 million
So far this year, Wema Bank has been the most active stock with an average trading volume of 81.288 million shares since the start of the year. The bulk of the stock’s trading volume came on Monday, January 20 when about 976 million shares were traded.
Year-to-date, Wema Bank has appreciated by 13.2 percent as of January 20, opening the year with a share price of N9.10, and reaching a year-high of N11.45 on January 8. Among banking stocks, only Jaiz Bank and Sterling Holdco have lower share prices than Wema Bank. The stock has a P/E ratio of 2.92x, indicative of how cheap the stock is.
Universal Insurance – 43.766 million
Universal Insurance, in 2024 was one of the most active equities listed on the NGX. The trend continued in 2025, as the stock has recorded an average trading volume of 43.766 million shares.
In 2024, Universal Insurance appreciated by 154 percent, as the stock was one of the most actively traded equities in the market. This year, the equity has appreciated by 4.55 percent, trading at a share price of N0.69. After hitting an all-time high of N0.86 on January 6, market players have begun to affect price correction, leading to a slight dip in the share price.
AIICO Insurance – 41.135 million
After taking the crown as the most profitable insurer listed on the NGX, it is no surprise that investors’ attention is drawn to AIICO Insurance. In 2024, insurance companies were some of the best performers in the market, with NGX Insurance Index being only the second-best performing index, behind the oil and gas index.
In 2025, AIICO Insurance has also turned out as one of the actively traded stocks with an average trading volume of 41.135 million shares. After a slow year, AIICO began to pick up the pace in December, appreciating by 19.2 percent in December 2024. The bullish trend continued into 2025, with the stock hitting an all-time high of N1.93 per share on January 9. AIICO has a P/E ratio of 3.4x, making it the cheapest insurance stock listed on the NGX.
Access Holdings – 26.812 million
After releasing the report on its N351 billion rights issue, there has been heightened interest in Access Holdings. The stock has recorded an average trading volume of 26.812 million shares as of January 20.
This year, Access Holdings has ranged in the equities market, with a meagre 1.05 percent appreciation year-to-date. However, in terms of intrinsic value, Access Holdings has a P/E ratio of 1.0x, making it by far the cheapest banking stock on the NGX as well as one of the cheapest stocks listed on the NGX.
FBN Holdings – 23.592 million
With an average trading volume of 23.592 million shares so far in 2025, FBN Holdings shows to be one of the most active stocks in the NGX. In 2025, FBN Holdings recorded a year-to-date appreciation of 3.92 percent, as the stock opened the year at N28.05 and is currently trading at N29.15.
The banking stock has a lowly P/E ratio of 1.7x, making it one of the cheapest banking stocks on the exchange.
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