The Nigerian stock market continued its bullish run this week as investor confidence pushed the market capitalisation of the Nigerian Exchange Limited (NGX) past the N70 trillion threshold for the first time. The impressive rally was driven by gains in heavyweight and mid-tier stocks, reaffirming investor optimism amid steady earnings performances across key sectors.
At the close of trading, the All-Share Index (ASI) surged by 1,721.29 points, or 1.57 per cent, to settle at 111,606.22 points. Similarly, the overall market capitalisation appreciated by a massive N1.085 trillion, finishing at N70.377 trillion.
The upward movement was powered by strong performances from large and medium capitalised stocks including Airtel Africa, Aradel Holdings, Okomu Oil, Nigerian Aviation Handling Company (NAHCO), and Lafarge Africa. These stocks enjoyed significant buying pressure as investors responded positively to their recent earnings and growth prospects.
Airtel Africa led the pack of gainers, climbing by the maximum allowable 10 per cent to close at N2,372.50 per share. Omatek Ventures was not far behind with a 9.23 per cent increase, ending the day at 71 kobo. Cornerstone Insurance also impressed, recording an 8.63 per cent rise to close at N3.40.
NAHCO gained 8.39 per cent to close at N80.75, while University Press advanced by 6.47 per cent to settle at N5.10 per share. These gains reflect positive sentiment in both industrial and service-oriented stocks, showing the market’s broad-based appreciation.
Afrinvest Limited, one of the country’s leading investment and research firms, projected that this positive momentum will likely extend into the next trading session. The firm noted, “We expect the positive momentum to carry into the next trading session, as investors continue to evaluate upside potential in tickers with sturdy earnings performances.”
Investor sentiment remained strong, as seen in the market breadth, which closed positive with 36 stocks gaining against 21 losers. This suggests that the market rally was supported by widespread investor participation, rather than gains in a handful of stocks alone.
On the flip side, some stocks faced downward pressure. McNichols topped the list of losers, shedding 9.80 per cent to close at N2.21. CWG followed closely with a 9.50 per cent drop to end at N9.05. Champion Breweries lost 7.38 per cent to close at N6.90, while Red Star Express and Jaiz Bank declined by 4.62 per cent and 4.46 per cent respectively, closing at N6.40 and N3.21 per share.
Despite the losses in a few counters, overall market activity remained robust. The total volume of shares traded increased by 1.13 per cent to 409.571 million units, valued at N9.870 billion, exchanged in 7,739 deals.
Custodian Investment led in terms of volume and value, trading 37.589 million shares worth N752.119 million. Fidelity Bank followed with identical figures, while Veritas Kapital Assurance recorded a volume of 33.005 million shares valued at N34.105 million. Zenith Bank also featured prominently, trading 27.432 million shares worth N1.328 billion. Access Holdings was not left out, with 23.692 million shares changing hands, valued at N519.556 million.
The performance of the NGX so far in 2025 suggests that Nigerian equities are attracting renewed investor interest. This is particularly evident in sectors like telecommunications, banking, insurance, aviation, and industrials. As companies continue to release their Q1 and Q2 earnings reports, analysts expect market activity to remain upbeat, especially if the results confirm ongoing recovery and growth.
The sustained rally has also highlighted growing investor confidence in the macroeconomic environment. With inflation and foreign exchange concerns gradually being addressed by recent policy reforms, local and foreign investors are increasingly looking to Nigerian equities as a viable avenue for capital appreciation.
However, analysts warn that risks remain, especially in terms of policy consistency, global oil prices, and external economic shocks. Investors are therefore advised to continue applying due diligence and diversify their portfolios across sectors.
