The Nigerian Exchange (NGX) on Thursday, July 10, 2025, recorded a historic surge as equities investors’ wealth jumped by a staggering ₦1.76 trillion. This bullish rally pushed the market capitalisation to an unprecedented ₦78.73 trillion, reinforcing the NGX’s position as one of Africa’s most vibrant financial hubs.

According to trading data, the market index advanced by 2.01%, gaining 2,457.13 basis points to close at a new all-time high of 124,446.80. This impressive rally followed the listing of Guaranty Trust Holding Company (GTCO) Plc’s public offer of 2.29 billion ordinary shares at ₦70.00 per unit—a move that attracted strong market participation and capital inflows.

The listing, market analysts say, was a major catalyst for Thursday’s market surge, adding not just to GTCO’s valuation but also contributing significantly to the total market capitalisation growth. It also marks one of the most successful public offers in the banking sector this year.



Trading activity on the NGX saw a marked improvement, with volume and value of transactions climbing by 44.05% and 77.62% respectively, compared to the previous session.

Top performing stocks by volume included:

ACCESSCORP: 13.62% of total trade volume

AIICO Insurance: 6.41%

JAPAULGOLD: 5.79%

UBA: 5.04%

FCMB: 4.95%


ACCESSCORP also led in terms of transaction value, accounting for 14.38% of all trades on the NGX floor.


The equities rally was widespread across sectors, with all five major indices closing in positive territory:

Insurance sector: +3.96%

Banking sector: +3.86%

Consumer goods: +1.15%

Industrial goods: +0.25%

Oil and gas: +0.04%

In terms of individual stock performance, FTNCOCOA, HMCALL, UBA, UPDC, CAVERTON, and CONHALLPLC all appreciated by 10.00%—the maximum daily allowable gain on the NGX. Other notable gainers included REDSTAREX (+9.99%), ABCTRANS (+9.97%), CAP (+9.96%), and AIICO (+9.95%).

Meanwhile, NEIMETH led the pack of losers, shedding -9.91%. Other decliners were LEGENDINT (-9.88%), CADBURY (-6.22%), LIVESTOCK (-5.67%), VFDGROUP (-2.86%), and DANGSUGAR (-0.19%).


The sustained market rally is a clear indication of growing investor optimism despite macroeconomic headwinds such as inflation, foreign exchange volatility, and subsidy reforms. Analysts attribute the positive sentiment to the increasing listing of high-performing stocks, effective regulatory oversight, and a renewed focus on capital market reforms by the Federal Government and the Securities and Exchange Commission (SEC).

Speaking on the market trend, Lagos-based equity analyst Michael Owolabi noted:

“Investors are seeking yield and stability, and the NGX is offering both through quality listings, dividend-paying stocks, and sector-wide performance. With inflation-adjusted returns now positive for some equities, we expect sustained interest in key counters.”



As the NGX continues its bullish run, market watchers expect more capital inflows in Q3, particularly from institutional investors looking to hedge against inflation and naira depreciation. The NGX is also gearing up for additional listings in fintech, renewable energy, and industrial sectors—segments that are forecast to drive medium to long-term value.

If current momentum is sustained, the NGX may surpass the ₦80 trillion market capitalisation threshold before year-end, further bolstering Nigeria’s capital market stature both regionally and globally.