The Nigerian equities market sustained its bullish run for the tenth consecutive week, with the NGX All-Share Index (ASI) appreciating by 5.07 per cent to close at an all-time high of 141,263.05 points. This added N4.32 trillion to the market capitalisation, which settled at N89.37 trillion, driven by sustained interest in industrial, banking, and growth stocks.
Investor sentiment was buoyed by expectations of improved half-year earnings, interim dividends from major banks, and a broader reassessment of valuations across sectors. According to analysts at Cowry Asset Management, “we expect the bullish sentiment to persist in the near term, supported by undervaluation of the Nigerian market relative to African peers, improving macro fundamentals, and the expectation of interim dividend declarations by Tier-1 banks.”
Market activity improved markedly, with total volume traded rising by 31.6 per cent to 4.85 billion shares, while transaction value climbed by 33.8 per cent to N149.76 billion. The number of deals also rose by 26.4 per cent to 174,267. This compares with 3.691 billion shares valued at N112.26 billion exchanged in 138,250 deals the previous week.
The Financial Services sector led the activity chart, accounting for 68.37 per cent and 40.79 per cent of the total volume and value respectively, as 3.31 billion shares worth N61.08 billion changed hands in 70,239 deals.
Consumer Goods followed with 326.46 million shares valued at N19.78 billion, while the Services sector posted 279.74 million shares worth N3.95 billion.
The rally was broad-based across sectors. The NGX Industrial Goods Index advanced 10.12 per cent, lifted by gains in Dangote Cement, BUA Cement, Lafarge Africa, CAP, Julius Berger, and UPDC. The Banking Index rose by 3.49 per cent, supported by UBA, Zenith Bank, Fidelity Bank, and Wema Bank. The Consumer Goods Index climbed 2.72 percent on the back of strong performances by UACN, Dangote Sugar, NASCON, Cadbury, and Guinness.
However, the Insurance and Oil & Gas indices closed lower, shedding 1.22 per cent and 0.48 per cent respectively, due to losses in Lasaco, Guinea Insurance, SUNU Assurance, Eterna, and Oando.
UACN Plc emerged as the week’s top gainer, appreciating by 115.9 per cent to close at N88.30 from N40.90. Other major gainers included Academy Press (+78.3 per cent), ABC Transport (+65.8 per cent), Eunisell (+62.2 per cent), Lafarge Africa (+61.1 per cent), Mecure Industries (+41.52 per cent ), and MTN Nigeria (+20.00 per cent).
On the downside, Abbey Mortgage Bank Plc led the laggards with a 34.13 per cent drop to N5.27. Others were FTN Cocoa Processors (-20.30 per cent), NAHCO (-15.13 per cent), Cornerstone Insurance (-15.99 per cent), and Nigerian Exchange Group (-12.28 per cent).
Despite the strong performance, market breadth slightly moderated with 54 gainers and 49 losers, compared to 60 and 43 respectively in the previous week. Forty-three equities closed flat.
In corporate developments, Seplat Energy Plc listed an additional 11.5 million ordinary shares on August 1, 2025, under its employee share-based compensation scheme, raising its total issued shares to 599.94 million. Meanwhile, MRS Oil Nigeria Plc was officially delisted from the Exchange on July 28, 2025, following regulatory approvals and fulfilment of all delisting requirements.
With the year-to-date return on the NGX now at 37.25 per cent, analysts at Cowry Asset Management noted that “investors should continue to tilt their portfolios toward fundamentally strong stocks with consistent earnings power and potential for dividend income, especially in the banking, cement, and fast-moving consumer goods (FMCG) sectors.”
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