The Nigerian equities market continued its upward trajectory last week, recording a robust gain of N1.43 trillion on the back of heightened investor interest, especially in the banking sector. Key drivers of the bullish momentum were Zenith Bank Plc, Access Holdings Plc, and Fidelity Bank Plc, which led trading activity both in volume and value terms.
According to the Nigerian Exchange Limited (NGX) weekly market report, the All-Share Index (ASI) appreciated by 1.57 per cent, closing at 119,995.76 points, compared to 118,138.79 points recorded in the previous week. In the same vein, the market capitalisation rose by 1.92 per cent, increasing from N74.528 trillion to N75.962 trillion — reflecting a total gain of N1.43 trillion within five trading sessions.
Investor activity was upbeat during the week, as a total of 3.903 billion shares valued at N102.221 billion were traded in 114,484 deals, representing an increase in volume but a slight drop in value compared to the 3.566 billion shares worth N115.403 billion traded in 99,960 deals the week before.
The financial services industry dominated trading, accounting for 2.030 billion shares worth N41.934 billion in 42,959 deals. This amounted to 52.02 per cent of the total volume and 41.02 per cent of total value, underlining the sector’s central role in the market rally.
Trailing behind was the services industry, with 396.590 million shares valued at N4.596 billion in 8,105 deals, while the agriculture sector followed closely, posting 385.704 million shares worth N14.469 billion in 10,515 deals.
Among individual stocks, Fidelity Bank Plc, Access Holdings Plc, and Zenith Bank Plc were the top performers, jointly accounting for 864.681 million shares valued at N25.955 billion across 15,136 deals. These three banking giants contributed 22.16 per cent and 25.39 per cent to total equity turnover in volume and value, respectively, highlighting investor confidence in the banking sector.
Activity also picked up in the Exchange Traded Products (ETPs) segment. A total of 71,070 units worth N50.203 million were traded in 220 deals, a notable increase from the previous week’s 31,960 units valued at N5.800 million across 144 deals.
The bonds market was similarly active, recording 143,857 units valued at N134.173 million traded in 44 deals, compared to 106,836 units worth N104.905 million in 58 deals from the previous week.
Market sentiment remained positive throughout the week, with 78 equities appreciating in price, an increase from the 55 gainers recorded earlier. In contrast, the number of decliners dropped to 27, from 42 a week earlier. Meanwhile, 43 equities closed flat, fewer than the 51 recorded in the previous week.
Sectoral performance showed broad-based gains, with all indices closing in green territory except for the Oil and Gas Index, which dipped by 2.23 per cent as investors booked profits on select energy stocks. This marked the only sectoral decline in an otherwise bullish market environment.
In a major development, the NGX saw the listing of TSL SPV Plc’s N5 billion 21% Series 1 Senior Guaranteed Fixed Rate Infrastructure Bonds due 2035, part of a larger N50 billion bond issuance programme. The listing took place on Wednesday, 25 June 2025, and marked a significant addition to the debt market.
Separately, The source also reported an increase of N1.875 trillion in market capitalisation last week, largely attributed to strong buying in banking stocks, including Champion Breweries Plc, alongside Access Holdings and Zenith Bank.
With investor sentiment remaining upbeat and banking stocks driving the charge, analysts expect the positive momentum to continue in the near term, particularly if macroeconomic conditions remain stable and corporate earnings continue to support valuations.
