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The Nigerian Exchange Limited (NGX) extended its bullish run in H1 2025, adding ₦22.14tn to its market capitalisation to close at ₦85.46tn by July 28, reflecting growing investor confidence amid improving macroeconomic conditions and strong corporate earnings.
The market capitalisation rose from ₦62.92tn on January 2 to ₦85.46tn, a 35.78% increase. Simultaneously, the NGX All-Share Index (ASI) climbed from 103,180.14 points to 135,166.51, delivering a year-to-date return of 31.02% to investors.
Month-by-Month Performance
January set a strong tone, with capitalisation reaching ₦64.79tn by February 3. Despite a pullback in March, the market regained momentum by late May, hitting ₦70.51tn and maintaining its upward trend through June. By July 28, the ASI stood at 135,166.51, and market capitalisation had surged past ₦85tn.
Weekly Market Snapshot
In the week ending July 28, the NGX gained ₦1.81tn in market value, driven by robust earnings reports and increased demand for banking and consumer goods stocks. The ASI appreciated by 2.18%, closing at 134,452.93 points.
A total of 3.69 billion shares worth ₦112.26bn were traded in 138,250 deals. Financial services led the volume chart, accounting for 2.13 billion shares valued at ₦47.3bn. Access Holdings, UBA, and Japaul Gold collectively traded 745.39 million shares worth ₦19.46bn.
The industrial goods sector led weekly sectoral gains with a 4.66% increase, buoyed by cement stocks. Market breadth also improved, with 60 gainers against 43 losers, compared to 49 and 54, respectively, in the prior week.
Top gainers included The Initiates Plc (+60.82%), Academy Press (+33.00%), and Nigerian Enamelware (+32.68%). Leading laggards were Secure Electronic Technology (-23.97%), Omatek Ventures (-23.93%), and Meyer Plc (-21.43%).
July 28 Market Activity
The market opened the new week positively, adding ₦400bn in value as the ASI rose by 0.53% to 135,166.51. A total of 795.6 million shares worth ₦23.23bn were traded in 37,626 deals, reflecting an uptick in both volume and activity.
Academy Press topped the gainers’ list with a 9.99% increase, followed by Champion Breweries (+9.98%) and Tripple Gee (+9.97%). Livestock Feeds led the decliners with a 10% drop, while The Initiates Plc fell 9.98%.
Fidelity Bank recorded the highest trading volume with 123 million shares valued at ₦2.58bn. Zenith Bank and MTN Nigeria also posted significant trading values of ₦2.25bn and ₦1.66bn, respectively.
Sectoral Overview
The bullish momentum extended across most indices. The Consumer Goods Index rose by 1.29% (YTD: +69.49%), Insurance gained 2.54% (YTD: +28.23%), and the Industrial Index climbed 0.64%. The Premium and Main Board indices added 0.58% and 0.5%, respectively.
Analysts’ Perspective
Afrinvest analysts noted that the market rebounded strongly in Q2 after a muted Q1, driven by favourable earnings, FX stability, and signs of inflation moderation. While tight monetary policy initially diverted interest to fixed-income securities, the equities market regained traction in Q2, particularly in the banking and telecom sectors.
“We expect the bullish sentiment to continue into the second half of the year, supported by expected Q2 earnings, a more stable FX market, and continued CAPEX spending,” Afrinvest stated.
The firm projects a 30.4% gain for the NGX in its base-case 2025 forecast, driven by sustained capital raises in the banking sector, easing fixed-income yields, and the possibility of new listings.
Despite global headwinds, Afrinvest believes Nigeria’s macroeconomic landscape is entering a favourable cycle for equities.
“Provided current reforms stay on track, we see room for extended market appreciation in H2,” the firm concluded.
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