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The stock market section of the Nigerian Exchange Limited (NGX) gained N3.4 trillion in one week, driven by investor anticipation of a strong half-year (H1) ended June 2025 corporate earnings by listed companies.
The NGX All-Share Index (ASI) surged past the 131,000 psychological mark for the first time, to close at 131,585.66 basis points or 4.31 per cent week-on-week (W-o-W) gain from 126,149.59 basis points it opened for trading.
As a result, the NGX ASI month-to-date (MtD) and year-to-date(YtD) returns improved to +9.7 per cent and +27.8 per cent, respectively.
Also, market capitalisation rose 4.3 per cent to N83.241 trillion as of July 18, 2025 from N79.803 trillion it opened for trading.
Meanwhile, sectoral performance was mixed, with the Index Industrial Goods index gained 19.2 per cent, posting the most significant gain, followed by advances in the NGX Banking Index that appreciated by 5.36 per cent and NGX Consumer Goods index that rose by 1.34 per cent.
On the flip side, the NGX Insurance index declined by 3.6per cent and NGX Oil/Gas Index declined by 0.76 per cent.
The rally was driven by strong demand for cement bellwether that include Dangote Cement that gained 15.5 per cent and BUA Cement that advanced by 31.3 per cent.
Also, investor sentiment, as measured by market breadth closed positive as 49 stocks gained, 54 lost, while 44 remained unchanged.
Eunisell Interlinked led the gainers table by 32.59 per cent to close at N17.90, per share. BUA Cement followed with a gain of 31.28 per cent to close at N123.40, while Associated Bus Company went up by 28.41 per cent to close to N5.65, per share.
On the other side, Academy Press led the decliners table by 24.32 per cent to close at N7.00, per share. RT Briscoe followed with a loss of 22.73 per cent to close at N3.40, while Cutix declined by 19.57 per cent to close at N3.70, per share.
The Nigerian equities market has been on bullish run, buoyed by improved investors sentiment and enhanced funds inflow. The market defied prevailing macro headwinds, as the moderation in headline inflation rekindled buying interest across key sectors, notably in blue-chip stocks within the banking, industrial, and consumer goods spaces.
Speaking on stock market performance for this week, analysts at Cordros Research said, “We expect investors’ broad-based sentiment to be shaped by the outcome of the upcoming MPC meeting, as participants evaluate its impact on yields and equity valuations. However, pending the outcome of the meeting, we expect market activities to be in a lull, with some investors possibly booking profits from the extended rally.”
United Capital Plc said, “the equities market might continue in its upward trend leading to a slight gain in the ASI. This is hinged on investors positioning for Q2 earning season, favoring corporates with FX gains, cost control, clear growth trajectory, and those with potential for quality interim dividend payment.Similarly, while positive sentiment may persist, it is likely to be tempered by profit taking activities and NT-Bills market auction.
“We advise investors to cherry pick fundamentally sound stocks with potential for impressive half year performance and interim dividend payment.” Afrinvest Limited stated that this week, we expect continued investor interest in the equities market, driven by the kick-off of the corporate earnings season.”
Looking ahead, Cowry Assets Management Limited said, “Market sentiment is expected to remain mixed as investors await the outcome of the July MPC meeting. The reversal in food and core inflation readings could encourage a policy hold, although market direction remains delicately poised between a short-term pullback and further upside.
“From a technical standpoint, the NGX ASI remains in overbought territory, with the Relative Strength Index (RSI) at 92.41, suggesting a potential correction. Nonetheless, the index continues to trade above the T-line and both the 50-day EMA and 50-day SMA, indicating underlying strength.”
Cowry Assets added, “we maintain a cautious optimism and recommend that investors focus on fundamentally sound stocks, especially as Q2 earnings season approaches. Amid the prevailing markup phase and pockets of sectoral rotation, strategic stock selection and disciplined entry levels will be key to maximizing returns while managing downside risk.”