Nigeria’s equities market continued its bullish momentum on Thursday, gaining N479 billion in market capitalisation as investor confidence strengthened on the back of ongoing economic reforms and improving macroeconomic indicators.
At the close of trading, the All-Share Index of the Nigerian Exchange (NGX) rose by 753.65 points, or 0.49 per cent, to settle at 154,489.90 points. The market capitalisation also climbed to N98.1 trillion from N97.6 trillion recorded in the previous session.
This marked a 4.14 per cent increase week-to-date, reflecting renewed interest in blue-chip stocks across key sectors. Analysts say the rally is being sustained by positive market sentiment around government reforms, stable foreign exchange supply, and stronger policy coordination between fiscal and monetary authorities.
Market data showed that investors traded a total of 926.91 million shares valued at N26.94 billion in 30,685 deals. This represented a 57 per cent increase in trading volume, a 12 per cent rise in turnover, and an 8 per cent increase in the number of deals compared to the previous session.
Out of 130 listed equities that participated in the day’s trading, 34 closed in the green while 37 recorded losses.
PZ Cussons Nigeria led the gainers’ chart with a 10 per cent rise to close at N42.90 per share, followed by The Initiates Plc, which also gained 10 per cent to close at N14.30. Aso Savings and Loans appreciated by 9.09 per cent to N0.60, while CAP Plc climbed 8.82 per cent to N74.00 per share. Lafarge Africa Plc (WAPCO) also advanced by 8.63 per cent to N150.45, driven by renewed investor appetite for industrial stocks.
On the losers’ side, John Holt Plc topped the chart, declining by 9.72 per cent to N6.50 per share. Multiverse Mining and Exploration dropped by 9.71 per cent to N12.55, while Stanbic IBTC Holdings and Nigerian Breweries fell by 9.15 per cent and 7.83 per cent, closing at N107.20 and N70.00 per share, respectively.
In terms of trading activity, Japaul Gold and Ventures Plc dominated with 436.04 million shares worth N1.09 billion. Fidelity Bank followed with 77.3 million shares valued at N1.53 billion, while Lafarge WAPCO traded 46.4 million shares worth N6.98 billion. Access Holdings exchanged 32.6 million shares valued at N804.76 million, and NASCON Allied Industries also featured prominently with 17.9 million shares worth N1.99 billion.
The top five stocks by value were Lafarge WAPCO (N6.98bn), Seplat Energy (N2.31bn), NASCON (N1.99bn), Presco Plc (N1.75bn), and Aradel Holdings (N1.62bn).
Sectoral performance was mixed, with the Industrial Index leading gains with a 3.09 per cent increase. The Premium Index also rose 1.67 per cent, and the Oil and Gas Index appreciated by 1.13 per cent. However, the Main Board Index dipped slightly by 0.17 per cent.
Analysts attributed the sustained rally to the positive impact of ongoing reforms such as the liberalisation of the naira, removal of fuel subsidies, and the implementation of the new Investments and Securities Act 2025. They noted that these measures have restored confidence in the Nigerian market and encouraged both local and foreign participation.
At the Financial Times Africa Summit 2025 in London, the Group Managing Director and Chief Executive Officer of the NGX Group, Temi Popoola, said the renewed strength in the market is a direct outcome of the government’s reform agenda.
“The strength we’ve seen in the market has been driven largely by reforms, from the president’s economic agenda to decisive actions by the Central Bank of Nigeria, the Securities and Exchange Commission, PENCOM, and other regulators,” Popoola stated.
Similarly, the Director-General of the Securities and Exchange Commission, Emomotimi Agama, said the new Investments and Securities Act has improved transparency and governance in the market.
“Robust regulation has been central to restoring market integrity and investor trust. This clarity is essential for building long-term capital formation in Nigeria,” Agama explained.
With a year-to-date gain of 50.1 per cent, the NGX remains one of the world’s best-performing stock markets, reflecting growing optimism that the country’s policy realignment is beginning to yield results.
Analysts predict that if reform momentum is maintained, Nigeria’s capital market could attract more long-term investments and play a stronger role in financing economic growth and private sector expansion.
